A judge has approved the discontinuance of a class action against a Westpac subsidiary after the funder bowed out.
Sydney-based online broker International Capital Markets is facing a class action by inexperienced investors who allegedly lost $500 million in trading risky contracts for difference.
The firm and funder that ran a shareholder class action against Ardent Leisure over the 2016 Dreamworld tragedy are seeking deductions totalling more than half of the $26 million settlement reached in the case.
Three firms fighting for carriage of a $80 million class action against Star Entertainment say a group costs order would guard against ‘costs blowouts’ in the case and have urged a judge to ditch a no win, no fee proposal brought by fourth-to-file firm Shine Lawyers.
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.
UK-based Woodsford Litigation Funding has become the first overseas funder authorised to finance Australian class actions under recent laws cracking down on the litigation funding industry.
New laws aimed at regulating litigation funders are due to commence on Saturday, but Treasurer Josh Frydenberg is keeping a lid on four emails exchanged with the watchdog in the days leading up to the decision to bring in the sweeping changes.