News
ALFA Submissions to Treasury | Continuous Disclosure Laws
On 1 November 2023, ALFA was advised that Treasury was seeking views from interested parties to assist in conducting a review of the operation of the amendments made to the Continuous Disclosure Regime by the Treasury Laws Amendment (2021 Measures No.1) Act 2021 (Amending Act). The 2021 Amendments required plaintiffs to prove that companies and their officers acted with ‘knowledge, recklessness or negligence’ to be successful in a civil penalty proceeding for breaches of continuous disclosure laws.
The public consultation period was open for submission for 4 weeks. On 1 December 2023, ALFA made submissions to Treasury. These submissions can be accessed here.
The public consultation period was open for submission for 4 weeks. On 1 December 2023, ALFA made submissions to Treasury. These submissions can be accessed here.
The Future of Class Actions in Australia Conference
THE FUTURE OF CLASS ACTIONS IN AUSTRALIA - Half Day Conference
ALFA is pleased to invite you to a half-day conference on the Future of Class Actions in Australia.
We are pleased to bring you keynote addresses by the Hon Justice Lee on developments in Common Funder Orders, Group Cost Orders and Contingency Fees and the Hon Justice Derrington AM on the recommendations contained in the 2019 ALRC report.
The conference will also address the following topics:
We are pleased to bring you keynote addresses by the Hon Justice Lee on developments in Common Funder Orders, Group Cost Orders and Contingency Fees and the Hon Justice Derrington AM on the recommendations contained in the 2019 ALRC report.
The conference will also address the following topics:
- The changing landscape of claim types now and in the future – wage underpayment claims, ESG claims, Privacy Claims, IP claims and Cyber/Data Breach claims
- The future of court approval and settlement administration/distribution (including the use of technology)
- Ideas for reducing the costs of class actions including developments in multiplicity and the use of contradictors.
ALFA Welcomes MA Financial Group as a Member
ALFA is thrilled to announce that MA Financial Group Limited is the newest Associate Member of ALFA.
MA Financial Group provides funding solutions for law firms, including disbursement funding, refinancing for existing disbursement borrowings, settlement advance funding and family law funding.
MA Financial's funding business is backed by ASX-listed financial services group, MA Financial Group Limited (ASX: MAF).
ALFA looks forward to working alongside MA Financial Group Limited.
MA Financial Group provides funding solutions for law firms, including disbursement funding, refinancing for existing disbursement borrowings, settlement advance funding and family law funding.
MA Financial's funding business is backed by ASX-listed financial services group, MA Financial Group Limited (ASX: MAF).
ALFA looks forward to working alongside MA Financial Group Limited.
ALFA, KordaMentha and Foley's List | Commercial Law Conference
The Association of Litigation Funders of Australia is delighted to be partnering with Foley's List Pty Ltd and KordaMentha for a Commercial Law CPD Conference on 1 March 2024. This will be an insightful full-day conference with 5 CPD points up for grabs, with an opportunity to network and unwind at the after-conference drinks.
If you are interested in attending this conference, please get in touch with Foley's List and subscribe to the mailing list for details as they are announced: http://eepurl.com/gSF5EL
We look forward to seeing you there!
If you are interested in attending this conference, please get in touch with Foley's List and subscribe to the mailing list for details as they are announced: http://eepurl.com/gSF5EL
We look forward to seeing you there!
ALFA Appoints New Company Secretary
The Association of Litigation Funders of Australia is delighted to announce that Maya Shallita of Balance Legal Capital has been appointed as Company Secretary. ALFA thanks Kim May for all of her hard work over the years and looks forward to the valuable contribution Maya will make.
ALFA Welcomes Law In Order as a Member
ALFA is thrilled to announce that Law In Order is the newest Associate Member of ALFA. Law In Order has been part of the Australian legal community for over 20 years.
As a single-source provider, their lawyers, paralegals, consultants and project managers offer end-to-end support for class actions, commercial litigation and insolvencies.
ALFA looks forward to working alongside Law In Order.
As a single-source provider, their lawyers, paralegals, consultants and project managers offer end-to-end support for class actions, commercial litigation and insolvencies.
ALFA looks forward to working alongside Law In Order.
ALFA Supports the Public Interest Advocacy Centre
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Thank you to Public Interest Advocacy Centre for hosting another fabulous annual dinner, and raising substantial funds to support the great work PIAC does!
Thanks also to The Association of Litigation Funders of Australia members that joined the ALFA table and contributed to a very enjoyable evening! Kim May, Andrew Sutherland of Cornwalls, Tom Bennett-Mitrovski of Epiq, Maya Shallita, Patrick Crisp of Balance Legal Capital LLP, Peter Chapman, John Temple-Cole (寇世臣) of KordaMentha, Sara Deady, Matt Fehon AM and Heather Matheson of McGrathNicol. |
ALFA Welcomes Hartwell Funds as a Member
ALFA is thrilled to welcome Hartwell Funds as a new Funder Member.
Hartwell Funds is a Western Australian dispute funder with a Board comprised of reputable Western Australian businesspersons with particular experience in the areas of corporate finance and law.
Hartwell’s mission is to pair claimants with investors to facilitate resources for those claimants to pursue claims where it otherwise would not have been possible.
ALFA looks forward to working alongside Hartwell Funds.
Hartwell Funds is a Western Australian dispute funder with a Board comprised of reputable Western Australian businesspersons with particular experience in the areas of corporate finance and law.
Hartwell’s mission is to pair claimants with investors to facilitate resources for those claimants to pursue claims where it otherwise would not have been possible.
ALFA looks forward to working alongside Hartwell Funds.
Corporations Amendment (Litigation Funding) Regulations
2022
Following the commencement of Corporations Amendment (Litigation Funding) Regulations 2022 on 10 December 2022, litigation funding schemes are exempt from the managed investment scheme Australian financial services licensing product and disclosure and anti-hawking regimes in the Corporations Act 2001.
ASIC has extended the relief outlined below because these are not covered by the new regulations. The relief, which was due to expire on 31 January 2023, has been extended for three years until 31 January 2026.
1. ASIC Credit (Litigation Funding-Exclusion) Instrument 2020/37 provides relief from the application of the National Credit Code in Schedule 1 to the National Consumer Credit Protection Act 2009 to litigation funding arrangements and proof of debt arrangements; and
2. ASIC Corporations (Conditional Costs Schemes) Instrument 2020/38 provides relief from the requirements in Chapters 5C (managed investment schemes) and 7 (financial services licensing and disclosure) of the Corporations Act 2001 to litigation funding arrangements where the members wholly or substantially fund their legal costs under a conditional costs agreement.
The existing relief was due to expire on 31 January 2023. Relief has been extended by ASIC Corporations and Credit (Amendment and Repeal) Instrument 2022/1032.
ASIC has also revoked the now redundant relief for registered litigation funding schemes in ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 and ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787
ASIC has extended the relief outlined below because these are not covered by the new regulations. The relief, which was due to expire on 31 January 2023, has been extended for three years until 31 January 2026.
1. ASIC Credit (Litigation Funding-Exclusion) Instrument 2020/37 provides relief from the application of the National Credit Code in Schedule 1 to the National Consumer Credit Protection Act 2009 to litigation funding arrangements and proof of debt arrangements; and
2. ASIC Corporations (Conditional Costs Schemes) Instrument 2020/38 provides relief from the requirements in Chapters 5C (managed investment schemes) and 7 (financial services licensing and disclosure) of the Corporations Act 2001 to litigation funding arrangements where the members wholly or substantially fund their legal costs under a conditional costs agreement.
The existing relief was due to expire on 31 January 2023. Relief has been extended by ASIC Corporations and Credit (Amendment and Repeal) Instrument 2022/1032.
ASIC has also revoked the now redundant relief for registered litigation funding schemes in ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 and ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787
ALFA In Person and Virtual Class Action Conferences
"Dusting Off the ALRC Report"
ALFA is hosting two class action conferences on 15 November 2022 in Sydney and 25 November 2022 in Melbourne. Keynote speakers are The Honourable Justice Lee (Sydney) and the Honourable Justice Murphy (Melbourne). Topics include:
1. Case Management & Settlement Approval
2. GCO, CFO & Contingency Fees - where are we now and where are we going?
3. MIS and AFSL Regulation - ting landscape
Invitations will be sent out shortly but in the meantime, please see the Save the Date here.
1. Case Management & Settlement Approval
2. GCO, CFO & Contingency Fees - where are we now and where are we going?
3. MIS and AFSL Regulation - ting landscape
Invitations will be sent out shortly but in the meantime, please see the Save the Date here.
ALFA to Host Panel of Members at the Resolution Institute
International Conference on 6 and 7 October 2022 in Sydney
ALFA, together with Funder Members Ironbark Funding and Southern Cross Litigation Finance and Associate Members Johnson Winter & Slattery and McGrath Nicol are pleased to be hosting a discussion at the 2022 Resolution Institute Conference on "Green Shoots or Floods? Insolvency Claims Post COVID and the Election".
Details of the event can be found here.
Details of the event can be found here.
ALFA's Submission to Treasury on the Draft Corporations
Amendment (Litigation Funding) Regulations 2022
On 30 September 2022 ALFA made submissions to Treasury on the Draft Corporations Amendment (Litigation Funding) Regulations 2022 (Draft Regulations). ALFA supports the introduction of the Draft Regulations and agrees with the Explanatory Statement that the current regulatory regime for litigation funding schemes is not fit for purpose. See the submissions here.
ALFA’s consensus position on the 24 recommendations for
reform in ALRC report: Integrity, Fairness and Efficiency – An
Inquiry into Class Action Proceedings and Third-Party
Litigation Funders
A few months into the Labor Federal Government’s term, there is renewed debate on the 24 reforms recommended by the Australian Law Reform Commission (ALRC) in its report Integrity, Fairness and Efficiency – An Inquiry into Class Action Proceedings and Third-Party Litigation Funders, tabled on 24 January 2019 (the ALRC Report). The ALRC Report can be accessed here.
ALFA has re-considered ALRC’s 24 recommendations for reform against the myriad of legislative, regulatory and judicial developments impacting class actions and litigation funding since the ALRC Report was issued. ALFA’s consensus position on each of the recommendations is set out here.
ALFA has re-considered ALRC’s 24 recommendations for reform against the myriad of legislative, regulatory and judicial developments impacting class actions and litigation funding since the ALRC Report was issued. ALFA’s consensus position on each of the recommendations is set out here.
ALFA's FAQ's on Class Actions and Litigation Funding
Please see our frequently asked questions and answers on class actions here and litigation funding here.
ALFA Makes Submissions to ASIC in relation to ASIC
Consultation Paper 345
On 5 July 2022 ALFA made submissions to ASIC requesting that it reconsider its decision not to remake ASIC Credit (Litigation Funding - Exclusion) Instrument 2020/37 and ASIC Corporations (Conditional Costs Schemes) Instrument 2020/38 when they expire on 31 January 2023.
On 8 July 2022, ASIC responded to these submissions stating that "[w]e are currently considering the implications of the LCM decision and the position expressed by the Assistant Treasurer on the regulatory regime. Clearly circumstances have changed since the release of CP 345 and ASIC will take these into consideration when making decisions whether to remake the relief you have referred to". Further, ASIC advised ALFA that it would engage with industry around these issues in due course. See the submissions here.
On 8 July 2022, ASIC responded to these submissions stating that "[w]e are currently considering the implications of the LCM decision and the position expressed by the Assistant Treasurer on the regulatory regime. Clearly circumstances have changed since the release of CP 345 and ASIC will take these into consideration when making decisions whether to remake the relief you have referred to". Further, ASIC advised ALFA that it would engage with industry around these issues in due course. See the submissions here.
ALFA Welcomes Changes to Its Membership Structure
ALFA is pleased to now accept Associate Members – open to any entity that has an interest or involvement in Litigation Funding and who agrees to comply with the Constitution and Rules. We are thrilled to welcome the Banton Group, Cornwalls, Epiq, Johnson, Winter & Slattery, Korda Mentha, Mayweathers, McGrath Nicol, Piper Alderman and William Roberts Lawyers as Associate Members. More details on Associate Membership, including application forms, can be obtained from Pip Murphy, CEO of ALFA or Kim May, Company Secretary of ALFA. See Media Release here.
Updated ASIC Dollar Disclosure Relief Granted to ALFA
In November 2020, ALFA made an application to ASIC for conditional relief from the requirement to disclose the relevant information in dollar terms in the PDSs of registered litigation funding schemes. This application was made on behalf of ALFA Members, but it benefits the litigation funding industry more broadly. The existing relief was due to expire on 28 April 2022. Relief has been extended by ASIC Corporations (Amendment) Instrument 2022/264. See ASIC relief here.
Inquiry into the Corporations Amendment (Improving
Outcomes for Litigation Funding Participants) Bill 2021
On 16 December 2021, ALFA lodged its submissions to the Senate Economics Legislation Committee on the Inquiry into the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021. ALFA wrote in conclusion that "The Bill will not improve outcomes for prospective funded claimants in class actions and will
certainly not assist in facilitating fair and efficient capital markets, consumer protection, worker protection and other interactions requiring the rule of law to moderate misbehaviour by corporations, governments and other well-resourced organisations and individuals. In fact, if enacted into legislation, the Bill will have the opposite effect of denying consumers, workers, shareholders and citizens access to justice and compensation that was available to them prior to the introduction of the Bill". Read ALFA's submissions here.
certainly not assist in facilitating fair and efficient capital markets, consumer protection, worker protection and other interactions requiring the rule of law to moderate misbehaviour by corporations, governments and other well-resourced organisations and individuals. In fact, if enacted into legislation, the Bill will have the opposite effect of denying consumers, workers, shareholders and citizens access to justice and compensation that was available to them prior to the introduction of the Bill". Read ALFA's submissions here.
Exposure Draft of the Treasury Laws Amendment (Measures
for Consultation) Bill 2021 (the Bill)
On 30 September 2021, the Federal Government released the Bill and sought consultation within a seven day period following this date. ALFA wished to make submissions to the Government in respect of the Bill, but considered that this time period was wholly inadequate for that to occur. ALFA requested an extension of time to make further submissions which was refused. Despite this refusal, ALFA made submissions in relation to the Bill and provided it to Treasury on 15 October 2021. Read ALFA's submissions here.
Draft Bill to cap class action fees threatens access to justice
Federal Government plans to limit legal fees attached to class actions will threaten access to justice for millions of Australians. Read ALFA's Media Release here.
ASIC Dollar Disclosure Relief Granted to ALFA
In November 2020, ALFA made application to ASIC for conditional relief from the requirement to disclose the relevant information in dollar terms in the PDSs of registered litigation funding schemes. This application was made on behalf of ALFA Members, but it benefits the litigation funding industry more broadly. In April 2021, ASIC granted this relief for a period of 12 months. See ASIC relief here and as amended here.
ALFA Makes Submissions to Treasury and the A-G's
Department on Minimum Returns to Class Members
ALFA has lodged its submissions opposing the introduction of a statutory minimum return of the gross proceeds of a class action to group members, set at any graduated rate or taking a graduated return.
See the full submissions here.
See the full submissions here.
ALFA Appoints Two New Directors
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The Association of Litigation Funders of Australia is delighted to announce that Stephen Conrad of Litigation Lending and Doug Hayter of Ironbark Funding have been appointed directors. ALFA looks forward to the valuable contributions they will both make.
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ALFA Makes Submissions to the Te Aka Matua o te Ture NZ
Law Commission on behalf of its Members
Extensive, thorough and detailed consultation with diverse stakeholders is critical to the integrity of the process being undertaken by the NZ Law Commission, and to the recommendations expected to be made to the Minister of Justice in May 2022.
In recent times in Australia, we have seen an ad hoc, rushed, and unhelpful political focus on changes to class actions and litigation funding, resulting in regulation that is not fit for purpose and has unintended or unfavourable consequences for access to justice.
ALFA is supportive of the review being undertaken by the NZ Law Commission, the time frame within which this review is being conducted, and the extensive consultation process being undertaken. This comprehensive review will enable considered and careful changes to be made in New Zealand and ones that will be fit for purpose.
See the full submissions here.
In recent times in Australia, we have seen an ad hoc, rushed, and unhelpful political focus on changes to class actions and litigation funding, resulting in regulation that is not fit for purpose and has unintended or unfavourable consequences for access to justice.
ALFA is supportive of the review being undertaken by the NZ Law Commission, the time frame within which this review is being conducted, and the extensive consultation process being undertaken. This comprehensive review will enable considered and careful changes to be made in New Zealand and ones that will be fit for purpose.
See the full submissions here.
Government warned on watering-down of continuous
disclosure laws
ALFA agrees that the proposed easing of continuous disclosure laws for listed companies is a heavy-handed attempt to prevent class actions and will fail to bring down the high cost of insurance for directors.
“It now seems that, contrary to the Treasurer’s statements in March 2020 when introducing the temporary amendments to the continuous disclosure obligations, the pandemic has provided cover for a legislative agenda that will have the effect of permanently shifting the balance away from the interests of ordinary investors and well-regulated capital markets, and towards the narrow sectional interests of the corporate and insurance lobbies” ALFA is quoted in the AFR article here.
“It now seems that, contrary to the Treasurer’s statements in March 2020 when introducing the temporary amendments to the continuous disclosure obligations, the pandemic has provided cover for a legislative agenda that will have the effect of permanently shifting the balance away from the interests of ordinary investors and well-regulated capital markets, and towards the narrow sectional interests of the corporate and insurance lobbies” ALFA is quoted in the AFR article here.
ALFA Makes Submissions to the Senate Economics
Legislation Committee
ALFA is pleased to have made submissions to the Senate Economics Legislation Committee Inquiry into the Treasury Laws Amendment (2021 Measures No.1) Bill 2021 (TLB Bill).
The TLA Bill seeks to amend the continuous disclosure obligations and the misleading or deceptive conduct provisions of the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 to remove strict liability for companies and officers that fail to disclose market-sensitive information.
The proposed amendments would weaken the continuous disclosure regime in the interests of protecting corporate management and insurers and at the expense of the integrity of Australia’s capital markets and the interests of the millions of Australians who invest in shares directly and through their superannuation funds.
See the full submissions here.
The TLA Bill seeks to amend the continuous disclosure obligations and the misleading or deceptive conduct provisions of the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 to remove strict liability for companies and officers that fail to disclose market-sensitive information.
The proposed amendments would weaken the continuous disclosure regime in the interests of protecting corporate management and insurers and at the expense of the integrity of Australia’s capital markets and the interests of the millions of Australians who invest in shares directly and through their superannuation funds.
See the full submissions here.
Media Release - PJC Report and the Government's Response
On 21 December 2020, the Australian Parliamentary Joint Committee on Corporations and Financial Services (PJC) released its Final Report following its inquiry into class actions and litigation funding (Report). The PJC Report can be accessed via this link:
https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Litigationfunding/Report
Stakeholders expected the Report, which runs over 450 pages and contains 31 recommendations, to be comprehensively responded to by the Government within three (3) months of its release. Instead, we have seen an initial response prioritising permanent legislative changes to continuous disclosure laws, changes that do not facilitate access to justice, discourage wrongdoing or promote the efficient and effective use of court resources, topics which the PJC had identified as needing an increased focus.
ALFA supports access to justice but does not support the Government's attempts to water down Australia's securities law via the Treasury Laws Amendment (2021 Measures No.1) Bill 2021 (the bill). The Bill seeks to permanently amend the continuous disclosure and misleading and deceptive conduct provisions in the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 so that civil penalty proceedings commenced under those provisions must prove that an entity or officer acted with 'knowledge, recklessness or negligence' in respect of an alleged contravention. These changes, if made permanent, will make it more difficult for group members to secure quick and efficient access to justice.
ALFA wonders which of the remaining 30 recommendations will be addressed next. Will the Government look to implement the recommendations that support access to justice or those seeking to suppress class actions as a means of access to justice? Given the Government is yet to respond to the comprehensive Australian Law Reform Commission (ALRC) report into Class Action Proceedings and Third-Party Litigation Funders, which was tabled in Parliament on 24 January 2019, it is not difficult to guess the answer.
See the full Media Release here.
ALFA Welcomes CASL
Mortgages
ALFA is pleased to welcome CASL as its newest member funder. We look forward to CASL's contribution to the association.
The Parliamentary Joint Committee Report into Class
Actions and Litigation Funding
Mortgages
The Parliamentary Joint Committee report on litigation funding and the regulation of the class action industry was handed down in December 2020. It recommends significant changes to the class action regime and the Federal Court’s control. Review the report here.
ALFA Appoints Two New Directors
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The Association of Litigation Funders of Australia is delighted to announce that Simon Burnett of Balance Legal Capital and Kevin O'Connor of Southern Cross Litigation Finance have been appointed directors. ALFA looks forward to the valuable contributions they will both make.
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ALFA Responds to the Parliamentary Inquiry into Class
Actions and Litigation Funding
The Association of Litigation Funders of Australia is pleased to have lodged its submissions to the Parliamentary Joint Committee on Corporations and Financial Services (57).
ALFA intends to engage openly with the Committee and has sought to provide helpful and detailed insights into litigation funding and class actions.
ALFA has also provided responses to the recent announcements by the Federal Government that:
(a) it will require litigation funders operating in Australia to hold an AFSL and to conduct Class Actions as a managed investment scheme; and
(b) it will temporarily amend the continuous disclosure provisions that apply to companies under the Corporations Act 2001.
https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Litigationfunding/Submissions
Thanks to all who contributed to these comprehensive submissions: Pip Murphy, John Walker, Neill Brennan, Tom McDonald, Kim May, Augusta Ventures (Australia), Balance Legal Capital LLP, Grosvenor Litigation Funding, International Litigation Partners, Investor Claim Partner Pty Ltd, Ironbark Funding, Litigation Lending Services Limited, Southern Cross Litigation Finance and Vannin Capital
ALFA intends to engage openly with the Committee and has sought to provide helpful and detailed insights into litigation funding and class actions.
ALFA has also provided responses to the recent announcements by the Federal Government that:
(a) it will require litigation funders operating in Australia to hold an AFSL and to conduct Class Actions as a managed investment scheme; and
(b) it will temporarily amend the continuous disclosure provisions that apply to companies under the Corporations Act 2001.
https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Litigationfunding/Submissions
Thanks to all who contributed to these comprehensive submissions: Pip Murphy, John Walker, Neill Brennan, Tom McDonald, Kim May, Augusta Ventures (Australia), Balance Legal Capital LLP, Grosvenor Litigation Funding, International Litigation Partners, Investor Claim Partner Pty Ltd, Ironbark Funding, Litigation Lending Services Limited, Southern Cross Litigation Finance and Vannin Capital
The Association of Litigation Funders of Australia is pleased to have lodged its submissions to the Parliamentary Joint Committee on Corporations and Financial Services (57).
ALFA intends to engage openly with the Committee and has sought to provide helpful and detailed insights into litigation funding and class actions.
ALFA has also provided responses to the recent announcements by the Federal Government that:
(a) it will require litigation funders operating in Australia to hold an AFSL and to conduct Class Actions as a managed investment scheme; and
(b) it will temporarily amend the continuous disclosure provisions that apply to companies under the Corporations Act 2001.
https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Litigationfunding/Submissions
Thanks to all who contributed to these comprehensive submissions: Pip Murphy, John Walker, Neill Brennan, Tom McDonald, Kim May, Augusta Ventures (Australia), Balance Legal Capital LLP, Grosvenor Litigation Funding, International Litigation Partners, Investor Claim Partner Pty Ltd, Ironbark Funding, Litigation Lending Services Limited, Southern Cross Litigation Finance and Vannin Capital
ALFA intends to engage openly with the Committee and has sought to provide helpful and detailed insights into litigation funding and class actions.
ALFA has also provided responses to the recent announcements by the Federal Government that:
(a) it will require litigation funders operating in Australia to hold an AFSL and to conduct Class Actions as a managed investment scheme; and
(b) it will temporarily amend the continuous disclosure provisions that apply to companies under the Corporations Act 2001.
https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Litigationfunding/Submissions
Thanks to all who contributed to these comprehensive submissions: Pip Murphy, John Walker, Neill Brennan, Tom McDonald, Kim May, Augusta Ventures (Australia), Balance Legal Capital LLP, Grosvenor Litigation Funding, International Litigation Partners, Investor Claim Partner Pty Ltd, Ironbark Funding, Litigation Lending Services Limited, Southern Cross Litigation Finance and Vannin Capital
Litigation Funding and the Australian Financial Services Licence
Media Release
Litigation Funding and the Australian Financial Services Licence
The Federal Government has announced today that it will require litigation funders operating in Australia to hold an Australian Financial Services Licence (AFSL) and to conduct class actions as a managed investment scheme.
The Association of Litigation Funders of Australia (ALFA) is surprised by this action particularly in light of the final recommendations of the Australian Law Reform Commission (ALRC), and the views of the Australian Securities and Investments Commission (ASIC), that the courts are best placed to regulate funders and to oversee and manage specific claims and the costs of those claims.
See the full Media Release:
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Lawyers Weekly Reports on the Sydney ALFA & Shine Conference
On 17 February 2020, Lawyers Weekly published a detailed summary of the insights and comments of Federal Court Justice Michael Lee at the recent ALFA conference in Sydney. We agree with the author when he says "...from Justice Lee's speech to the ALFA conference, much discussion will continually be raised ahead into the future of class actions, the questions regarding the Victorian contingency fee model, competition and the future of the common fund order"
https://www.lawyersweekly.com.au/biglaw/27487-more-questions-raised-for-the-future-of-class-actions?utm_source=LawyersWeekly&utm_campaign=17_02_20&utm_medium=email&utm_content=1&utm_emailID=
https://www.lawyersweekly.com.au/biglaw/27487-more-questions-raised-for-the-future-of-class-actions?utm_source=LawyersWeekly&utm_campaign=17_02_20&utm_medium=email&utm_content=1&utm_emailID=
ALFA Conference - Save the Date - February 2020
Common Fund Orders: CEO Comment in Insurance News
Following the decision of the High Court regarding the power of the Court to make Common Fund Orders, Chief Executive Officer of The Association of Litigation Funders of Australia, Pip Murphy provided comments on behalf of ALFA in the article below:
https://www.insurancenews.com.au/local/high-court-decision-disappointing-class-action-funders-say
https://www.insurancenews.com.au/local/high-court-decision-disappointing-class-action-funders-say
ALFA New Chief Executive Officer
The Association of Litigation Funders of Australia is delighted to announce that Pip Murphy has joined as its new Chief Executive Officer.
Pip is a former partner of global law firm Baker McKenzie and more recently was the Regional Managing Director, Australasia of Vannin Capital, a leading global dispute resolution funding firm.
Pip is a former partner of global law firm Baker McKenzie and more recently was the Regional Managing Director, Australasia of Vannin Capital, a leading global dispute resolution funding firm.
ALFA New Director
The Association of Litigation Funders of Australia is delighted to announce that Tom McDonald has joined the Board as a Director.
Tom is the Regional Managing Director, Australasia, of Vannin Capital, a leading global dispute resolution funding firm. Vannin is wholly owned by Fortress Investment Group and has offices in Australia, Europe and the Americas. Tom has overall responsibility for the Vannin’s investing activities in Australasia.
Prior to joining Vannin, Tom was a restructuring lawyer at Ashurst. Tom is a professional member of ARITA and holds a BA/LLB (hons) from the University of Queensland.
Tom is the Regional Managing Director, Australasia, of Vannin Capital, a leading global dispute resolution funding firm. Vannin is wholly owned by Fortress Investment Group and has offices in Australia, Europe and the Americas. Tom has overall responsibility for the Vannin’s investing activities in Australasia.
Prior to joining Vannin, Tom was a restructuring lawyer at Ashurst. Tom is a professional member of ARITA and holds a BA/LLB (hons) from the University of Queensland.