CLASS ACTIONS (CIVIL PROCEDURE) – AUSTRALIA

Newcrest pays $36m to settle class action

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Original article by Barry FitzGerald
The Australian – Page: 20 : 23-Feb-16

Gold producer Newcrest Mining has agreed to a $A36m out-of-court settlement in a class action over its disclosure standards. The case was scheduled to begin on 29 February 2016, but Newcrest has decided that a settlement is in the best interests of shareholders. Plaintiff law firm Slater & Gordon initiated a class action on behalf of shareholders with regard to Newcrest’s breach of continuous disclosure requirements in 2012 and 2013.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, SLATER AND GORDON LIMITED – ASX SGH, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

IOOF slapped with class action

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Original article by Adele Ferguson, Sarah Danckert
The Australian Financial Review – Page: 29 : 8-Oct-15

Australian-listed financial services group IOOF Holdings faces a shareholder class action over claims that staff in its research department failed to comply with disclosure requirements. The legal action has been launched by law firm Maurice Blackburn with financial backing from UK-based Harbour Litigation Funding. The class action will be open to investors who bought IOOF shares between December 2013 and June 2015.

CORPORATES
IOOF HOLDINGS LIMITED – ASX IFL, MAURICE BLACKBURN PTY LTD, HARBOUR LITIGATION FUNDING LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FAIRFAX MEDIA LIMITED – ASX FXJ, LONSEC LIMITED, MORNINGSTAR PTY LTD

Calls mount for reform to class-action protocol

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 33 : 21-Aug-15

Australian corporations paid out almost $A1 billion in class-action disputes in 2014-2015 as cases doubled, a trend that is likely to accelerate under the influence of litigation funders. Plaintiff firm Maurice Blackburn handled the most cases, recovering $A889 million in settlements. With major foreign players joining the pool of litigation funders, the Australian Government is considering changes to class-action rules, the Productivity Commission having already recommended a licensing scheme for the funders.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, KING AND WOOD MALLESONS, MAURICE BLACKBURN PTY LTD, SLATER AND GORDON LIMITED – ASX SGH, VOCATION LIMITED – ASX VET, ALLCO FINANCE GROUP LIMITED, JONES DAY, IMF BENTHAM LIMITED – ASX IMF, HERBERT SMITH FREEHILLS PTY LTD

Court ruling may alter class actions

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 32 : 7-Aug-15

International Litigation Funding Partners (ILFP) wants to finance the Allco Finance Group class action via a common fund arrangement. The Federal Court is scheduled to rule on the Singapore-based litigation funder’s application on 7 August 2015. John Emmerig, a partner at law firm Jones Day, expects a big increase in the volume of class actions and the amount of damages sought if ILFP’s application is granted.

CORPORATES
INTERNATIONAL LITIGATION FUNDING PARTNERS PTE LTD, ALLCO FINANCE GROUP LIMITED, FEDERAL COURT OF AUSTRALIA, HIGH COURT OF AUSTRALIA, SLATER AND GORDON LIMITED – ASX SGH, IMF BENTHAM LIMITED – ASX IMF, ALLENS, HERBERT SMITH FREEHILLS PTY LTD, UNIVERSITY OF NEW SOUTH WALES

CBA demands penalty interest

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Original article by James Eyers
The Australian Financial Review – Page: 18 : 8-Jul-15

The Federal Court is slated to rule on a proposed class action settlement concerning Willmott Forests and the Commonwealth Bank of Australia (CBA) on 23 July 2015. Some 3,500 investors have participated in the four-year class action against the fail management investment scheme operator and CBA. However, CBA has been criticised by Australian Greens senator Peter Whish-Wilson for requiring class action participants to pay penalty interest rates on their loans.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WILLMOTT FORESTS LIMITED, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, GREAT SOUTHERN LIMITED

ANZ banks big win in class action fees battle

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Original article by Katie Walsh, Clancy Yeates
The Australian Financial Review – Page: 17 & 22 : 9-Apr-15

Law firm Maurice Blackburn may launch a High Court appeal against the Federal Court’s rejection of a class-action lawsuit against the ANZ Bank. The case centred on the question of whether bank fees were excessive, with more than 43,000 ANZ customers participating in the class action. Other major banks are subject to separate class actions over bank fees, with about 180,000 customers in all taking part

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MAURICE BLACKBURN PTY LTD, FEDERAL COURT OF AUSTRALIA, HIGH COURT OF AUSTRALIA, IMF BENTHAM LIMITED – ASX IMF, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, JONES DAY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BABCOCK AND BROWN LIMITED, KING AND WOOD MALLESONS

Lower test will add fuel to the fire for shareholder class actions

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Original article by John Emmering, Michael Legg
The Australian Financial Review – Page: 32 : 13-Mar-15

In most cases, shareholder class actions in Australia are based on alleging causation between losses incurred by shareholders and directors’ behaviour. Until now, Australian courts have required proof of individualised reliance. The Federal Court’s observations in the case against Babcock & Brown directors are likely to stimulate discussion of causality in class actions

CORPORATES
BABCOCK AND BROWN LIMITED, FEDERAL COURT OF AUSTRALIA, DOWNER EDI LIMITED – ASX DOW, ARASOR CORPORATION, UNIVERSITY OF NEW SOUTH WALES, JONES DAY

Last chance to join NAB action

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Original article by Georgia Wilkins
The Australian Financial Review – Page: 14 : 27-Jan-15

Some 40,000 people so far have agreed to participate in a class action against National Australia (NAB) over exception fees. The deadline for taking part in the class action is 27 January 2015, and NAB indicated in late 2014 that it will seek to negotiate a settlement. Nine other banks are involved in a broader class action lawsuit over their fees. It is estimated that the banks could face a total payout of up to $A240m if they lose the case

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, CITIGROUP PTY LTD, FEDERAL COURT OF AUSTRALIA, FINANCIAL REDRESS PTY LTD, IMF BENTHAM LIMITED – ASX IMF, MAURICE BLACKBURN PTY LTD

Class actions: firms warned

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 3 : 23-Jan-15

The Australian class actions market is likely to grow. Herbert Smith Freehills partner Jason Betts says the profitability of the funding model makes the sector attractive to foreign litigation funders. Andrew Watson, the head of class actions at Maurice Blackburn, expects more such suits on behalf of investors

CORPORATES
IMF BENTHAM LIMITED – ASX IMF, AUSNET SERVICES LIMITED – ASX AST, LITIGATION FUNDING PARTNERS, HERBERT SMITH FREEHILLS PTY LTD, ALLCO FINANCE GROUP LIMITED, MAURICE BLACKBURN PTY LTD, KING AND WOOD MALLESONS, HARBOUR LITIGATION FUNDING LIMITED, COMPREHENSIVE LEGAL FUNDING LLC, AUSTRALIA. PRODUCTIVITY COMMISSION

Provident ‘the fault of trustees’

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Original article by Kylar Loussikian
The Australian – Page: 17 : 8-Jan-15

A class action suit is being launched by law firm Slater & Gordon on behalf of investors who lost funds in the mid-2012 collapse of Provident Capital. It will be alleged that Australian Executor Trustees was not diligent enough in its supervision of the debentures business, and should have realised in late 2010 that were insufficient reserves to secure the loans written by Provident. The equity ratio in 2008-09 was just 6.43%, compared with the Australian Securities & Investments Commission’s stipulated minimum of 20%

CORPORATES
SLATER AND GORDON LIMITED – ASX SGH, PROVIDENT CAPITAL LIMITED, AUSTRALIAN EXECUTOR TRUSTEES LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN CAPITAL RESERVE LIMITED, FINCORP PTY LTD, MERIDIAN LAWYERS LIMITED