The High Court has agreed to rule on whether common fund orders can ever be made in class actions, including so-called solicitors’ common fund orders allowing lawyers to earn a cut of any settlement.
If it takes up the Federal Court’s ruling in favour of solicitors seeking to earn a cut from a class action, the High Court will be asked to overrule its 2019 decision against common fund orders.
The High Court has been asked to overturn a Full Court decision finding lawyers can take a cut from a class action settlement under a solicitorsâ common fund order and to finally settle the question of whether the court has the power to issue common fund orders at all.
Lawyers are allowed to take a cut from a class action settlement or judgment under a so-called solicitorsâ common fund order, the Full Federal Court has ruled, saying they are a permissive use of the courtâs power.
Hearing arguments Tuesday on whether lawyers should be permitted to earn contingency fees in Federal Court class actions, judges on a Full Court bench appeared to lean in favour of allowing so-called solicitors’ common fund orders, rejecting claims they are “unjust”.Â
A judge has resigned before delivering judgment in litigation that went to trial in 2020, and the colleague assigned the unenviable task of issuing a ruling has taken a swipe at his departing peer, noting the absence of medical or other evidence to explain her “unwillingness” to see the case through.
Logistics company GetSwift and its directors have dropped their challenge to a judgment that found the company breached its continuous disclosure obligations with its “PR-driven” approach to ASX statements.
Shareholders bringing a class action against Quintis have lost their bid for Ernst & Young to hand over documents from two meetings with a director of the sandalwood supplier, after a judge found they did not get âwithin a bullâs roarâ of showing the accounting firm’s discovery was inadequate.
Insurance Australia Group is investigating the underwriter behind an allegedly unauthorised trade credit policy issued to Greensill Capital, according to a defence by the insurer in a $43 million case brought by a Credit Suisse supply chain fund left heavily exposed after Greensill’s collapse.
Five major banks including JPMorgan, Citibank and UBS have denied all wrongdoing in a class action accusing them of entering a cartel agreement to rig foreign exchange rates and argue the claims were brought out of time or are barred by settlements in overseas proceedings.