Approved settlements in class actions since the regime was enacted are set to top $8 billion this year, according to a new report ranking the busiest litigation funders, which found most class action mega settlements were not funder backed.
Clive Palmer-owned Queensland Nickel Sales has lost its bid to bring a breach of trust lawsuit against the liquidators of Queensland Nickel to recoup $102 million transferred after the billionaire suffered a courtroom defeat last year.
Class action settlement totals skyrocketed to over $900 million last year, and one law firm negotiated the lion’s share, with $672 million in settlements under its belt.
Three Clive Palmer-owned companies have filed a breach of trust lawsuit against HWL Ebsworth, funder Vannin Capital and the liquidators of Queensland Nickel attempting to recoup $102 million transferred after the billionaire suffered a courtroom defeat earlier this year.
A Victoria Supreme Court judge weighing for the first time an application by a law firm for a percentage cut of recoveries in class actions has been told to reject the bid because group members would fare better under the firm’s current no win, no fee funding arrangement.
A judge has approved a “disappointing” $25 million settlement in long-running class action litigation over the collapse of electronics retailer Dick Smith with claims worth hundreds of millions of dollars.
A judge has found the lead applicant and funder in a discontinued class action against Pitcher Partners over its auditing of Slater & Gordon must pay the bill for the flurry of cross-claims brought in the proceeding, but has rejecting the accounting firm’s argument that its costs should be paid on an indemnity basis.
A judge has approved a $9.5 million settlement in a class action against McMillan Shakespeare as fair and reasonable, allowing a common fund order and a nearly 30 percent commission for the litigation funder despite previously raising “real concerns” about the small portion flowing to group members.
The funder behind a class action against McMillan Shakespeare has warned against the court beating it up like a ‘pinata’ in a settlement approval hearing in which the judge expressed “real concerns” about the portion of a $9.5 million settlement earmarked for group members.
There is a “reasonable chance” that two shareholder class actions against failed electronics retailer Dick Smith will settle by February of next year, group members have learned.