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.
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 found the lead applicant in a class action over an allegedly defective crop sprayer did not suffer any loss despite finding agricultural equipment manufacturer Hardi misled him and other farmers who bought the machine.
A court has handed CBRE indemnity costs for successfully defending a negligent land valuation lawsuit by defunct fund manager City Pacific after it had offered $600,000 to settle the case.
A judge who ordered the first ever group costs order in a class action has found that the costs of the application should be borne by the class action.
A barrister for CEO and founder of Euro Pacific Bank Peter Schiff has raised concerns that Nine has filed an unlawful defence in a defamation case over a 60 Minutes episode accusing the bank boss of tax evasion and helping figures in organised crime.
Alleged war criminal Ben Roberts-Smith has won a bid to call a troop commander known as Person 81 in his defamation trial against Fairfax Media, despite the media company’s objections.
The High Court has dismissed Crown Resorts’ bid for special leave to appeal in a $100 million dispute over GST assessments on commissions and rebates paid to tour operators that directed international VIP gamblers to two of its casinos.
Ernst & Young has settled all claims against it in a shareholder class action alleging the Big Four accounting firm and Pitcher Partners signed off on an overly rosy year-end financial report that failed to disclose risks and impairments associated with the law firm’s disastrous $1.2 billion acquisition of UK insurance claims company Quindell.
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.