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Top 10 class action settlements of 2022
Top 10 Class Action Settlements 2023-01-06 3:23 pm By Sam Matthews

Class action settlement sums reached new highs last year, with the ten largest agreements totalling almost $1 billion, almost half of which was secured by one plaintiff law firm.

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Virgin’s insurers may be pulled into bond holders class action
Class Actions 2022-11-08 4:02 pm By Cindy Cameronne

Virgin Australia’s insurers may be dragged into a class action accusing the airline of failing to disclose its true financial position in a 2019 prospectus for a $324 million capital raising.

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‘Best that can be done’: Judge OK’s ‘modest’ $33M Suncorp settlement
Class Actions 2022-10-27 3:03 pm By Sam Matthews

A judge overseeing a class action against a unit of Suncorp Group has given his blessing to a settlement that will see only $14 million of its headline $33 million figure go to super members, despite finding the modest return was “far short of the maximum potential recovery” in the case.

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Virgin class action to appeal ‘nonsensical’ indemnity ruling
Class Actions 2022-09-28 11:40 pm By Sam Matthews

The applicant in an investor class action against Virgin Australia plans to appeal a judge’s decision requiring litigation funder Balance Legal Capital UK to give the airline an indemnity in order to bring the proceedings, saying the indemnity “substantially changes the risk calculus” for group members.

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Class action funder must indemnify Virgin despite ‘nonsensical’ agreement
Class Actions 2022-09-02 10:14 pm By Cindy Cameronne

A judge has ruled that a litigation funder for an investor class action against Virgin must give the airline an indemnity to bring proceedings despite finding a deed of company arrangement requiring the pay-out “didn’t make sense”.

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Virgin says funder’s $5M security in investor class action ‘unsatisfactory’
Class Actions 2022-08-08 2:10 pm By Cindy Cameronne

Virgin Airlines has argued a litigation funder’s indemnity for its legal costs is not enough for it to bring a class action on behalf of bond holders over a 2019 prospectus, claiming the airline expects to spend more than $5 million defending the proceedings.

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Judge accepts Linchpin directors’ penalty privilege claims in class action
Class Actions 2022-08-04 2:43 pm By Cindy Cameronne

A judge has allowed four ex-Linchpin directors facing possible fines by ASIC to put off filing evidence or amended defences in an investor class action after they claimed it would put them at risk of penalty in the corporate regulator’s proceedings.

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Quintis class action settlement takes hit as insurers win appeal
Insurance 2022-05-19 4:39 pm By Cindy Cameronne

Two insurers have won an appeal that blocks group members in a class action against sandalwood producer Quintis from receiving a further $11.25 million after a settlement was reached almost two years ago. 

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Woolworths employees shouldn’t be ‘cast adrift’ from class action, judge says
Class Actions 2022-05-12 3:43 pm By Christine Caulfield

Explaining his decision to reject a class action settlement that would have earned a law firm $1.75 million but provided nothing to 27,000 Woolworths employees, a judge has said the agreement created a conflict of interest between the solicitors and the workers they sought to set “adrift”.

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AFCA lacked impartiality in decision against IronFX, court rules
Financial Services 2022-03-17 10:16 pm By Cindy Cameronne

Online trading platform IronFX has won its action against the Australian Financial Complaints Authority over a finding it wrongfully caused an 83 year-old French resident to lose his life savings.

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