A recent appeal in the Full Federal Court has provided clarification on the enforceability of class action waivers, allowing consumers to waive their right to be a group member through standard terms and conditions ..read more

Virgin Australia, which has been sued by investors who purchased unsecured notes in the airline based on statements in a 2019 prospectus for a capital raising, has been ordered to advise the lead applicant in the class action whether its has made a claim against its insurer for its costs and any liability in the class action, and whether its insurer has agreed to grant indemnity ..read more

Piper Alderman has for a sixth year contributed the Australian chapter of Litigation Funding 2022, published by Lexology Getting the Deal Through.  ..read more

Why has this landmark case seemingly settled for so little and does this show the true value of proper prospectus processes and due diligence regimes ..read more

The Full Federal Courts’ decision in Parkin v Boral Limited (Class Closure) [2022] FCAFC 47 (Parkin) confirms the courts’ power to issue pre-mediation (and settlement) soft class closure notices to group members. The decision hints at the (positive) appetite of the Federal Court in making future orders for class closure that facilitate a just outcome, simplifies the assessment of quantum prior to settlement, and reduces an element of risk in funded litigation ..read more

This article considers a recent decision of the Federal Court of Australia, awarding damages to class action claimants on an aggregate basis. Aggregate damages is a rare global award which covers all group members described or identified in the award. This was the first instance of aggregate damages being awarded to a funded litigant in Australia, and may spur a trend in representative claims brought on this basis ..read more

In the third decision delivered in a shareholder class action in Australia, Iluka Resources Limited (Iluka) has succeeded in its defence of a securities class action which alleged that it had: engaged in misleading or deceptive conduct; and breached its obligations under Australia’s continuous disclosure regime for failing to inform its shareholders of its inability to achieve its forecast sales and to provide reliable sales forecasts for the 2012 calendar year ..read more

The High Court has ruled in favour of shareholders in Walton & Anor v ACN 004 410 833 Ltd (formerly Arrium Limited) (in liq) & Ors. In a 3:2 decision, the majority permitted former shareholders of Arrium Ltd to examine the insolvent company’s officers under s 596A of the Corporations Act 2001 (‘CA’) for the purpose of potentially bringing a class action against the company’s managers ..read more

In the third decision delivered in a shareholder class action in Australia, Iluka Resources Limited (ASX: ILU), (Iluka) succeeded in its defence of a lawsuit which failed to prove that the shareholders’ direct reliance on Iluka’s conduct caused their losses ..read more

Piper Alderman partners Simon Morris and Martin del Gallego, with Millie Byrnes Howe, Chelsea Payne, Matthew Harris and Christina Athanasopoulos, have for a sixth year contributed the Australian chapter of Litigation Funding 2022, published by Lexology Getting the Deal Through.  ..read more