The federal government said Friday it would consider the implications of an appeals court’s finding that the managed investment scheme structure was unsuited to class actions, a ruling it said was a victory for ordinary Australians and a vindication for Labor.
The ruling by the Full Federal Court that funded class actions are not managed investment schemes marks the end of an ill-considered regime enacted by the Morrison government to rein in class actions, but the debate over regulation of litigation funders is not over yet.
In a significant victory for litigation funders, the Full Federal Court has found that funded class actions are not managed investment schemes subject to regulatory oversight, gutting the legal basis for reforms enacted by the Morrison government in 2020.
A judge has given his approval to the takeover of Crown Resorts by US private equity group Blackstone.
Mayfair Groupās James Mawhinney has given an undertaking to not contact group members in a class action against a trustee of the collapsed IPO Wealth fund after allegedly urging investors, through a PR firm, to reject a settlement offer.
Investors in Mayfair Groupās collapsed IPO Wealth Fund stand to recoup āa lot lessā than their alleged $67 million in losses from a settlement in a class action alleging the fundās trustee misled the unit holders — but they will take home 75 per cent of the resolution sum, a court has heard.
A judge overseeing a class action against retirement home provider Aveo Group has appointed an amicus curiae for what is believed to be the first time to assist the court in a fight over the wording of an opt out notice describing a ānovelā funding model.Ā
A litigation funder challenging a decision underpinning recently enacted rules that require class actions to be registered as managed investment schemes told an appeals court Wednesday the decision was plainly wrong and the regime unworkable.
An Australian designer of a trendy neoprene handbag sold at high-end department stores has lost an appeal which challenged a judgeās finding that its flagship bag was not a work of artistic craftsmanship.
The trustee of Mayfair Group’s collapsed IPO Wealth Fund has reached an in-principle settlement in a class action alleging it misled investors, who lost $86 million when the fund was wound up.