The Federal Court of Australia has granted relief to a company under section 1317S of the Corporations Act 2001 (Cth) ("Act") following declarations that it contravened two civil penalty provisions in relation to one of its...more
More Detail: Regulation of Litigation Funding in Class Actions
In 2009, the Full Court of the Federal Court of Australia, in Brookfield Multiplex Ltd v International Litigation Funding Partners Pty Ltd [2009] FCAFC 147,...more
On 4 November 2021, the Federal Court of Australia made orders by consent which require the Commonwealth Bank of Australia ("CBA") to permit the plaintiff shareholders to inspect and make copies of books and records that...more
Proposed Reforms -
The Draft Bill makes clear that 'a class action litigation funding scheme' is an MIS, in line with an earlier ruling of the Federal Court of Australia in Brookfield Multiplex Limited v International...more
REST and Statewide Superannuation become the first industry superannuation funds to be caught in the crosshairs of ASIC's "why not litigate" approach to enforcement.
The Australian Securities and Investments Commission...more
The Situation: Following a boom in class actions backed by litigation funders, the Australian Federal Government has introduced new regulations which classify litigation funding schemes as "managed investment schemes" and...more