News
Credit Code Relief Extension
Since 2013, ASIC has provided temporary relief, excluding litigation funding arrangements from the application of the National Credit Code (Schedule 1 to the National Consumer Credit Protection Act 2009 (Cth)), with the current relief set to expire on 31 January 2026.
As part of our ongoing commitment to engaging with policymakers and legislators to help shape the legal and regulatory framework for litigation funding in Australia, the Association of Litigation Funders of Australia (AALF) proactively approached ASIC in August 2025 to highlight the importance of extending this relief. Our letter to ASIC can be found here.
Our correspondence emphasised the continued need for regulatory certainty and the importance of maintaining the relief to ensure the effective operation of litigation funding in Australia.
Following AALF’s correspondence, ASIC has now opened a consultation process inviting feedback from all stakeholders on a proposal to extend the Credit Code Relief until 31 March 2030.
This extension would provide continued stability in the sector and certainty for those seeking access to justice through litigation funding arrangements. AALF supports the proposed extension until 31 March 2030.
Submissions to ASIC are being accepted here.
As part of our ongoing commitment to engaging with policymakers and legislators to help shape the legal and regulatory framework for litigation funding in Australia, the Association of Litigation Funders of Australia (AALF) proactively approached ASIC in August 2025 to highlight the importance of extending this relief. Our letter to ASIC can be found here.
Our correspondence emphasised the continued need for regulatory certainty and the importance of maintaining the relief to ensure the effective operation of litigation funding in Australia.
Following AALF’s correspondence, ASIC has now opened a consultation process inviting feedback from all stakeholders on a proposal to extend the Credit Code Relief until 31 March 2030.
This extension would provide continued stability in the sector and certainty for those seeking access to justice through litigation funding arrangements. AALF supports the proposed extension until 31 March 2030.
Submissions to ASIC are being accepted here.
Welcome to Winward Litigation Finance as a Funder Member
The Association of Litigation Funders of Australia is pleased to announce Winward Litigation Finance as its newest Funder Member.
Winward provides dispute resolution finance and works with claimants, intermediaries and lawyers to assess risk. Winward is funded by Rocade Capital, a litigation finance company backed by one of the world’s leading investment managers.
The Winward ethos is that there is always a need for a litigation funder to be a reliable and responsive business partner, staying mindful of the interests of the funded party. The team believes that a funder must tread a fine line between the role of lawyer and asset manager and, whilst avoiding becoming a backseat driver, it should be prepared to add value alongside its financial commitment. It cannot derail the litigation process that it has agreed to fund, but it needs to manage its investment proactively. Striking the right balance is part of the challenge and involves the exercise of commercial judgment that only comes with experience.
We look forward to working with Jeremy Marshall and the Winward Litigation Finance team.
Winward provides dispute resolution finance and works with claimants, intermediaries and lawyers to assess risk. Winward is funded by Rocade Capital, a litigation finance company backed by one of the world’s leading investment managers.
The Winward ethos is that there is always a need for a litigation funder to be a reliable and responsive business partner, staying mindful of the interests of the funded party. The team believes that a funder must tread a fine line between the role of lawyer and asset manager and, whilst avoiding becoming a backseat driver, it should be prepared to add value alongside its financial commitment. It cannot derail the litigation process that it has agreed to fund, but it needs to manage its investment proactively. Striking the right balance is part of the challenge and involves the exercise of commercial judgment that only comes with experience.
We look forward to working with Jeremy Marshall and the Winward Litigation Finance team.
Welcome to The Media Specialist as an Associate Member
The Association of Litigation Funders of Australia is pleased to announce The Media Specialist as its newest Associate Member.
The Media Specialist is a senior-led communications firm dedicated exclusively to litigation communications and class action PR.
They work alongside plaintiff firms and barristers to align media strategy with legal milestones, build claimant pipelines, and protect reputations throughout the lifecycle of complex disputes. Their focus areas include:
We look forward to working with Louise Greene and the Media Specialist team.
The Media Specialist is a senior-led communications firm dedicated exclusively to litigation communications and class action PR.
They work alongside plaintiff firms and barristers to align media strategy with legal milestones, build claimant pipelines, and protect reputations throughout the lifecycle of complex disputes. Their focus areas include:
- Class action communications
- Issues and crisis management around high-stakes litigation
- Lawyer and expert positioning with tier-one business and mainstream media
- Media training and interview preparation for principals and case studies
We look forward to working with Louise Greene and the Media Specialist team.
AALF Annual Members' Drink Function
Australians back class actions to level the legal playing field and hold big
business and Government to account
The Association of Litigation Funders of Australia is pleased to publish this very important Media Release and YouGov White Paper.
In the first poll of its type in Australia, the YouGov survey has shown Australians overwhelmingly support class actions and litigation funding as a way to improve access to justice and hold big business and Governments to account.
A significant amount of work has gone into these documents and AALF thanks:
1. YouGov;
2. it's Funder and Associate Members ;
3. the entire AALF Board; and
4. Nick Owens of Sefiani
for their time, wisdom and expertise in pulling this together.
We hope you agree that this will be a useful tool for everyone operating in this very important industry. To date, the consumer perspective has largely been missing from the debate around class actions and litigation funding. YouGov's research adds an important new dimension - revealing widespread public support for class actions - which we hope contributes to a more informed public discussion.
In the first poll of its type in Australia, the YouGov survey has shown Australians overwhelmingly support class actions and litigation funding as a way to improve access to justice and hold big business and Governments to account.
A significant amount of work has gone into these documents and AALF thanks:
1. YouGov;
2. it's Funder and Associate Members ;
3. the entire AALF Board; and
4. Nick Owens of Sefiani
for their time, wisdom and expertise in pulling this together.
We hope you agree that this will be a useful tool for everyone operating in this very important industry. To date, the consumer perspective has largely been missing from the debate around class actions and litigation funding. YouGov's research adds an important new dimension - revealing widespread public support for class actions - which we hope contributes to a more informed public discussion.
AALF Template Insolvency Litigation Funding Agreement
The Association of Litigation Funders of Australia is excited to advise that AALF, with the incredible support of Frances Dreyer and the team at Johnson Winter Slattery, has now completed the AALF Template Insolvency Litigation Funding Agreement and that it is now ready for use.
The template LFA was created to optimise efficiency for lawyers and insolvency practitioners involved in funded insolvency litigation and we are confident that this document will do exactly that!
A very big thank you to all of our members, with special thanks to Frances Dreyer of Johnson Winter Slattery, Doug Hayter of Ironbark Funding, Heather Collins GAICD of Court House Capital, Stuart Price of CASL, Lisa Brentnall, John Walker of CASL, Michelle Silvers of Court House Capital and Kelly Trenfield of FTI Consulting for all of their time, expertise and hard work in getting this agreement together! It was a monumental task that has taken a few years to complete.
The AALF Board is very proud of this initiative and we look forward to setting up roundtables and webinars with our members and friends to discuss the document with you. Please get in touch if you would like us to come and speak with your team about this.
The template LFA was created to optimise efficiency for lawyers and insolvency practitioners involved in funded insolvency litigation and we are confident that this document will do exactly that!
A very big thank you to all of our members, with special thanks to Frances Dreyer of Johnson Winter Slattery, Doug Hayter of Ironbark Funding, Heather Collins GAICD of Court House Capital, Stuart Price of CASL, Lisa Brentnall, John Walker of CASL, Michelle Silvers of Court House Capital and Kelly Trenfield of FTI Consulting for all of their time, expertise and hard work in getting this agreement together! It was a monumental task that has taken a few years to complete.
The AALF Board is very proud of this initiative and we look forward to setting up roundtables and webinars with our members and friends to discuss the document with you. Please get in touch if you would like us to come and speak with your team about this.
AALF Branches into Western Australia
The Association of Litigation Funders of Australia is excited to host its inaugural event in Western Australia!
We are pleased to be working with Funder Member Hartwell Funds to bring you a special event as part of The Law Society of Western Australia's WA Law Week 2025 program: Access to Justice Through Litigation Funding.
We invite members of the extended legal and insolvency sectors to join industry leaders for an insightful panel discussion on how litigation funding helps level the legal playing field, enabling claimants to pursue rightful outcomes despite financial barriers.
Attendance is complimentary and light refreshments will be provided.
For further information, please contact Sophia Kailis or register using the following link: https://www.eventbrite.com.au/e/access-to-justice-through-litigation-funding-tickets-1344946263479
We are pleased to be working with Funder Member Hartwell Funds to bring you a special event as part of The Law Society of Western Australia's WA Law Week 2025 program: Access to Justice Through Litigation Funding.
We invite members of the extended legal and insolvency sectors to join industry leaders for an insightful panel discussion on how litigation funding helps level the legal playing field, enabling claimants to pursue rightful outcomes despite financial barriers.
Attendance is complimentary and light refreshments will be provided.
For further information, please contact Sophia Kailis or register using the following link: https://www.eventbrite.com.au/e/access-to-justice-through-litigation-funding-tickets-1344946263479
Welcome to Resolve Forensic as an Associate Member
The Association of Litigation Funders of Australia is pleased to announce Resolve Forensic as its newest Associate Member.
Resolve Forensic are expert Sydney based forensic accountants who offer services across forensic accounting, financial investigations, quantification of loss and damage, preparation and settlement of insurance claims, consulting for commercial disputes, business valuation and expert accounting opinion.
We look forward to working with Hugo Loneragan, Phil Hersey and the entire Resolve Forensic team.
Resolve Forensic are expert Sydney based forensic accountants who offer services across forensic accounting, financial investigations, quantification of loss and damage, preparation and settlement of insurance claims, consulting for commercial disputes, business valuation and expert accounting opinion.
We look forward to working with Hugo Loneragan, Phil Hersey and the entire Resolve Forensic team.
Social Justice Dinner - Justice and Equity Centre
The Association of Litigation Funders of Australia was pleased to host a table at the annual Social Justice Dinner hosted by the Justice and Equity Centre (formerly known as the Public Interest Advocacy Centre) last week.
Thank you to the Justice and Equity Centre for hosting us. It was a great evening, with a focus on the advocacy required for those in need to achieve social justice within the broader community.
AALF looks forward to attending again next year, and hearing more insightful speakers share their views.
Thank you to the Justice and Equity Centre for hosting us. It was a great evening, with a focus on the advocacy required for those in need to achieve social justice within the broader community.
AALF looks forward to attending again next year, and hearing more insightful speakers share their views.
|
|
|
AALF / AON / ACICA Webinar - Funding and Insurance Trends in Asia Pacific
Join us for this expert-led webinar, hosted in collaboration with Aon and the Australian Centre for International Commercial Arbitration (ACICA), as we explore key trends shaping the legal and insurance landscape.
In this session, we’ll explore:
Our moderators for the webinar are Anita Vivekananda and Cathryn Neo, FCIArb FSIArb of Aon.
Our experienced panellists for the webinar are Pip Murphy of The Association of Litigation Funders of Australia, Diana Bowman of Australian Centre for International Commercial Arbitration (ACICA), Matt Lee of Lindsay Francis & Mangan, Kione Johnson of Shine Lawyers and Tom McDonald of Fortress Investment Group.
This complementary webinar will be held on Tuesday, 25 March 2025, 11am – 12:30pm (AEST).
Please register your attendance here
A timely event and one not to be missed!
In this session, we’ll explore:
- Trends in Litigation Funding;
- Regulatory Changes & Contingency Fees; and
- Insurance Strategies for Risk Management.
Our moderators for the webinar are Anita Vivekananda and Cathryn Neo, FCIArb FSIArb of Aon.
Our experienced panellists for the webinar are Pip Murphy of The Association of Litigation Funders of Australia, Diana Bowman of Australian Centre for International Commercial Arbitration (ACICA), Matt Lee of Lindsay Francis & Mangan, Kione Johnson of Shine Lawyers and Tom McDonald of Fortress Investment Group.
This complementary webinar will be held on Tuesday, 25 March 2025, 11am – 12:30pm (AEST).
Please register your attendance here
A timely event and one not to be missed!
The Blue Sky Decision | AALF Submissions to the High Court as Interveners
AALF are pleased to have made submissions to the High Court seeking leave to intervene in the matter of Kain v R&B Investments Pty Ltd as trustee for the R&B Pension Fund & Ors (known as the Blue Sky decision).
AALF is in a unique position to provide assistance to the Court, by reason of the expertise and experience of its members. The submissions are in support of the court’s statutory powers to make Common Fund Orders at an early stage of representative proceedings, and to make Solicitors’ Common Fund Order.
These proceedings have great potential to significantly impact the way in which class actions are funded in Australia for the foreseeable future.
Our Chairman, John Walker, has written in support of the submissions by way of an Affidavit.
The full submissions can be accessed here
AALF is in a unique position to provide assistance to the Court, by reason of the expertise and experience of its members. The submissions are in support of the court’s statutory powers to make Common Fund Orders at an early stage of representative proceedings, and to make Solicitors’ Common Fund Order.
These proceedings have great potential to significantly impact the way in which class actions are funded in Australia for the foreseeable future.
Our Chairman, John Walker, has written in support of the submissions by way of an Affidavit.
The full submissions can be accessed here
Welcome to Vie Legal Insurance as an Associate Member
The Association of Litigation Funders of Australia is pleased to announce Vie Legal Insurance as its newest Associate Member.
Vie Legal Insurance are specialists who bridge the gap between legal professionals, litigants, and insurance providers. Their expertise lies in understanding the intricacies of ATE Insurance—policies that protect litigants from the financial risks of litigation.
We look forward to working with Sarah Hawksworth, Natalie Bowcutt and the entire Vie Legal Insurance team.
Vie Legal Insurance are specialists who bridge the gap between legal professionals, litigants, and insurance providers. Their expertise lies in understanding the intricacies of ATE Insurance—policies that protect litigants from the financial risks of litigation.
We look forward to working with Sarah Hawksworth, Natalie Bowcutt and the entire Vie Legal Insurance team.
Welcome to HKA Global as an Associate Member
The Association of Litigation Funders of Australia is pleased to announce HKA Global as its newest Associate Member.
HKA Global is the leading global consultancy in risk mitigation, dispute resolution, expert witness, and litigation support services.
HKA Global uses multi-disciplinary expertise to provide a comprehensive set of specialist services, including expert, claims, and advisory services for the capital projects and infrastructure sector, as well as forensic accounting and commercial damages services for all types of contracts, including commercial and investment treaty disputes.
We look forward to working with the entire HKA Global team.
HKA Global is the leading global consultancy in risk mitigation, dispute resolution, expert witness, and litigation support services.
HKA Global uses multi-disciplinary expertise to provide a comprehensive set of specialist services, including expert, claims, and advisory services for the capital projects and infrastructure sector, as well as forensic accounting and commercial damages services for all types of contracts, including commercial and investment treaty disputes.
We look forward to working with the entire HKA Global team.
AALF Responds to the Samuel Griffith Society and Menzies Research
Centre on Class Action Reform
The Association of Litigation Funders of Australia has published a paper setting out its response to the recent papers released by the SGS and the Menzies Research Centre. In addition, AALF also suggests the type of changes to the class action system which should be considered if there is a serious interest in creating a more level playing field for victims of corporate wrongdoing. In summary, AALF makes the following points:
Point 1 – The proposal by SGS to abolish Victoria’s statutory Group Costs Order (GCO) regime is unsound. It will limit access to justice for cases where litigation funding is not available.
Point 2 – Litigation funders should continue to be regulated by ASIC, the ACCC and the Court. Contrary to suggestions from the SGS and the Menzies Research Centre, all Australian jurisdictions require disclosure of litigation funding agreements at the outset of class action matters. Requiring litigation funders to hold an Australian Financial Services Licence (AFSL) and regulating class actions as “Managed Investment Schemes” (MIS) will curtail the amount of third party funding available to support meritorious disputes and allow corporate interests to tie claimants up in protracted and costly procedural disputes.
Point 3 – Returns to class members (whether as a percentage of the overall “settlement” or a dollar amount) are constrained by the amount a corporation has available to pay claims, including insurance. If a corporation does not have funds to pay the full value of the claim, then the settlement (as a percentage of the overall costs) is likely to be far lower than it should be. The solution to this is mandatory insurance disclosure at an early stage of the proceedings to prevent insurers using unfair tactical manoeuvring to stymie just claims.
Point 4 – In appropriate cases, the legal costs of class members as well as the cost of litigation funding should be passed on to those who commit the wrong, not those who suffer the harm.
Point 5 – Australia should follow the United Kingdom by introducing rules requiring parties to large scale litigation to seek approval as to the recoverable portion of their case budgets.
A copy of AALF's paper can be accessed here.
A copy of AALF's Media Release can be accessed here.
Point 1 – The proposal by SGS to abolish Victoria’s statutory Group Costs Order (GCO) regime is unsound. It will limit access to justice for cases where litigation funding is not available.
Point 2 – Litigation funders should continue to be regulated by ASIC, the ACCC and the Court. Contrary to suggestions from the SGS and the Menzies Research Centre, all Australian jurisdictions require disclosure of litigation funding agreements at the outset of class action matters. Requiring litigation funders to hold an Australian Financial Services Licence (AFSL) and regulating class actions as “Managed Investment Schemes” (MIS) will curtail the amount of third party funding available to support meritorious disputes and allow corporate interests to tie claimants up in protracted and costly procedural disputes.
Point 3 – Returns to class members (whether as a percentage of the overall “settlement” or a dollar amount) are constrained by the amount a corporation has available to pay claims, including insurance. If a corporation does not have funds to pay the full value of the claim, then the settlement (as a percentage of the overall costs) is likely to be far lower than it should be. The solution to this is mandatory insurance disclosure at an early stage of the proceedings to prevent insurers using unfair tactical manoeuvring to stymie just claims.
Point 4 – In appropriate cases, the legal costs of class members as well as the cost of litigation funding should be passed on to those who commit the wrong, not those who suffer the harm.
Point 5 – Australia should follow the United Kingdom by introducing rules requiring parties to large scale litigation to seek approval as to the recoverable portion of their case budgets.
A copy of AALF's paper can be accessed here.
A copy of AALF's Media Release can be accessed here.
AALF Member Drinks Function 2024
The Association of Litigation Funders of Australia would like to thank all of its members who attended our annual member drinks function last week at TIVA Bar.
It was great to see all of our members, both those who have been with us for many years and those who have recently joined, be brought together under one roof. It was a lovely night to thank all of our members for their hard work and dedication to the legal finance industry, and we look forward to continuing to work with you all well into the future. The Board at AALF is grateful to have such an incredible group of members in our midst, and we hope you all enjoyed the night of celebrations as much as we did.
AALF also took this evening as an opportunity to say a special thank you to Stephen Conrad who has recently stepped down as a director of AALF. We are very grateful for your contribution to AALF over the years, and we wish you all the best for the future.
It was great to see all of our members, both those who have been with us for many years and those who have recently joined, be brought together under one roof. It was a lovely night to thank all of our members for their hard work and dedication to the legal finance industry, and we look forward to continuing to work with you all well into the future. The Board at AALF is grateful to have such an incredible group of members in our midst, and we hope you all enjoyed the night of celebrations as much as we did.
AALF also took this evening as an opportunity to say a special thank you to Stephen Conrad who has recently stepped down as a director of AALF. We are very grateful for your contribution to AALF over the years, and we wish you all the best for the future.
Welcome to Sapere as an Associate Member
The Association of Litigation Funders of Australia is pleased to announce Sapere as its newest Associate Member.
Sapere is a leading expert services firm in Australasia in the areas of economics, forensic accounting, valuations and public policy.
Sapere is currently providing expert witness and forensic accounting services to the litigation funding market.
We look forward to working with Sue Friend and the entire Sapere team.
Sapere is a leading expert services firm in Australasia in the areas of economics, forensic accounting, valuations and public policy.
Sapere is currently providing expert witness and forensic accounting services to the litigation funding market.
We look forward to working with Sue Friend and the entire Sapere team.
Welcome to Sedgwick as an Associate Member
The Association of Litigation Funders of Australia is pleased to announce Sedgwick as its newest Associate Member.
Sedgwick is a large global organisation with offices in 80 countries, including the US, Canada, Africa and the Middle East, Asia, Australia and NZ, Europe, Latin America, the Caribbean and the UK. Here in Australia, Sedgwick has offices in Sydney, Brisbane, Darwin, Melbourne, Adelaide, Canberra, Hobart and Perth.
The capacity in which Sedgwick operates in the litigation funding market is via the provision of Claims Administration Services and Expert Witness/Litigation Services for Class Actions, Mass Torts and Commercial Disputes.
We look forward to working with Amanda Hillier and Kimberley Daley and the entire Sedgwick team.
Sedgwick is a large global organisation with offices in 80 countries, including the US, Canada, Africa and the Middle East, Asia, Australia and NZ, Europe, Latin America, the Caribbean and the UK. Here in Australia, Sedgwick has offices in Sydney, Brisbane, Darwin, Melbourne, Adelaide, Canberra, Hobart and Perth.
The capacity in which Sedgwick operates in the litigation funding market is via the provision of Claims Administration Services and Expert Witness/Litigation Services for Class Actions, Mass Torts and Commercial Disputes.
We look forward to working with Amanda Hillier and Kimberley Daley and the entire Sedgwick team.
Welcome to Ebury as an Associate Member
The Association of Litigation Funders of Australia is excited to announce Ebury as its newest Associate Member.
Ebury is a fin-tech company specialising in international payments, collections, and foreign exchange services. Founded in London in 2009, the company has grown its global market presence to a network of 31 offices in 21 countries across Europe, Asia, North America, South America and Australia, servicing 50,000+ clients worldwide, with 1,600 employees. Ebury has offices in Brisbane, Sydney, Melbourne and Perth.
We look forward to working alongside Ben Pirrie, Rick Roache, James Swerling and the entire Ebury team.
Ebury is a fin-tech company specialising in international payments, collections, and foreign exchange services. Founded in London in 2009, the company has grown its global market presence to a network of 31 offices in 21 countries across Europe, Asia, North America, South America and Australia, servicing 50,000+ clients worldwide, with 1,600 employees. Ebury has offices in Brisbane, Sydney, Melbourne and Perth.
We look forward to working alongside Ben Pirrie, Rick Roache, James Swerling and the entire Ebury team.
Commercial Disputes and Legal Finance Conference – Sydney 2024
The Association of Litigation Funders of Australia was thrilled to host its first-ever Commercial Disputes and Legal Finance conference at the Herbert Smith Freehills office on 13 August 2024. It was a fantastic turnout, with over 100 people in attendance in person and virtually!
The Hon. Chief Justice Bell, Chief Justice of the Supreme Court of New South Wales, gave the opening keynote speech, giving us some fantastic insights on the interaction between legal finance and the Court. His Honour’s speech can be found here.
Dr Felicity Bell, the Deputy Director of the Centre for the Future of the Legal Profession and a Senior Lecturer at UNSW Law & Justice, presented an insightful closing keynote speech about the impact of AI on litigation.
The first panel, moderated by Michelle Silvers of Court House Capital, consisted of the Hon. John Middleton AM KC of DLA Piper, Maurice Thompson of HFW & Tom McDonald of Fortress Investment Group (Legal Assets), speaking on legal finance as an alternative capital source.
The second panel, moderated by John Winter CAE GAICD of ARITA, consisted of Stuart Price of CASL, Kathy Sozou of McGrathNicol & Matt Kennedy of Mackay Chapman, focused on the insolvency landscape in 2024 and beyond.
The third panel, moderated by Tom McDonald of Fortress Investment Group (Legal Assets), consisted of Dawna Wright of FTI Consulting, Gitanjali Bajaj of DLA Piper and the Hon. Robert McDougall KC, talking about recent arbitration and legal finance developments.
The Hon. Chief Justice Bell, Chief Justice of the Supreme Court of New South Wales, gave the opening keynote speech, giving us some fantastic insights on the interaction between legal finance and the Court. His Honour’s speech can be found here.
Dr Felicity Bell, the Deputy Director of the Centre for the Future of the Legal Profession and a Senior Lecturer at UNSW Law & Justice, presented an insightful closing keynote speech about the impact of AI on litigation.
The first panel, moderated by Michelle Silvers of Court House Capital, consisted of the Hon. John Middleton AM KC of DLA Piper, Maurice Thompson of HFW & Tom McDonald of Fortress Investment Group (Legal Assets), speaking on legal finance as an alternative capital source.
The second panel, moderated by John Winter CAE GAICD of ARITA, consisted of Stuart Price of CASL, Kathy Sozou of McGrathNicol & Matt Kennedy of Mackay Chapman, focused on the insolvency landscape in 2024 and beyond.
The third panel, moderated by Tom McDonald of Fortress Investment Group (Legal Assets), consisted of Dawna Wright of FTI Consulting, Gitanjali Bajaj of DLA Piper and the Hon. Robert McDougall KC, talking about recent arbitration and legal finance developments.
The Association of Litigation Funders of Australia Appoints a New Director
|
It is with a heavy heart that we say goodbye to Stephen Conrad of Litigation Lending Services Limited, but with a happy heart we welcome Emma Colantonio as director of The Association of Litigation Funders of Australia.
Stephen Conrad has been a valued AALF team member since 2021 and he is a true gentleman and friend to all of us. Thank you, Stephen, for all of your time, interest and enthusiasm! Emma Colantonio is a Senior Investment Manager with Litigation Lending Services Limited. Emma holds both Bachelor of Laws and Bachelor of Business degrees from Western Sydney University. Emma was admitted to the legal profession in 2010 and has extensive experience from roles in both private practice, most recently as Senior Associate with MinterEllison, and in-house as senior legal counsel for one of Australia’s major banks. Commencing with Litigation Lending in 2021, Emma has specialist knowledge and experience in large complex litigation including in the areas of financial services disputes, regulatory investigations, consumer and commercial disputes and insolvency. |
|
Welcome to HFW as an Associate Member
The Association of Litigation Funders of Australia is excited to announce HFW as its newest Associate Member.
HFW is a leading global law firm in the aerospace, commodities, construction, energy, insurance, and shipping sectors with a proud history of 140 years in practice. HFW boasts a truly international network with more than 700 lawyers across the Americas, Europe, the Middle East, and Asia Pacific.
We look forward to working alongside Maurice Thompson and the entire HFW team.
HFW is a leading global law firm in the aerospace, commodities, construction, energy, insurance, and shipping sectors with a proud history of 140 years in practice. HFW boasts a truly international network with more than 700 lawyers across the Americas, Europe, the Middle East, and Asia Pacific.
We look forward to working alongside Maurice Thompson and the entire HFW team.
Welcome to YIMBA as an Associate Member
We are excited to announce YIMBA as our newest Associate Member.
YIMBA is a 100% Indigenous owned, managed and controlled law firm that provides legal, commercial management and consulting services on infrastructure, construction, transport, mining, energy, resources, renewables, property, environment, planning, Indigenous Business, land access, native title, land claims, cultural heritage, RAPs, ESG and dispute resolution.
We look forward to working alongside Damien Barnes and the entire Yimba team.
YIMBA is a 100% Indigenous owned, managed and controlled law firm that provides legal, commercial management and consulting services on infrastructure, construction, transport, mining, energy, resources, renewables, property, environment, planning, Indigenous Business, land access, native title, land claims, cultural heritage, RAPs, ESG and dispute resolution.
We look forward to working alongside Damien Barnes and the entire Yimba team.
Welcome to Shine Lawyers as an Associate Member
We are pleased to announce that Shine Lawyers is the newest Associate Member.
Shine Lawyers is one of Australia's leading class action firms, who passionately fight to obtain justice for those who have been wronged. Their team includes some of Australia's most experienced class action experts and litigators, with over 200 years of combined industry experience.
We look forward to working alongside Vicky Antzoulatos, Craig Allsopp and the team at Shine Lawyers.
Shine Lawyers is one of Australia's leading class action firms, who passionately fight to obtain justice for those who have been wronged. Their team includes some of Australia's most experienced class action experts and litigators, with over 200 years of combined industry experience.
We look forward to working alongside Vicky Antzoulatos, Craig Allsopp and the team at Shine Lawyers.
Welcome to Mackay Chapman as an Associate Member
We are thrilled to announce Mackay Chapman as our newest Associate Member.
Mackay Chapman is a high-stakes regulatory, financial services, insolvency and complex disputes law firm.
We are looking forward to working alongside Dan Mackay, Michael Chapman, Matt Kennedy and the entire Mackay Chapman team.
Mackay Chapman is a high-stakes regulatory, financial services, insolvency and complex disputes law firm.
We are looking forward to working alongside Dan Mackay, Michael Chapman, Matt Kennedy and the entire Mackay Chapman team.
Welcome to Litica as an Associate Member
We are thrilled to announce that Litica is the newest Associate Member.
Litica has established itself as the UK's leading provider of commercial ATE insurance (cover for costs risks associated with litigation), through its panel of A rated insurers and has expanded into Australia, led by Managing Director (Asia Pacific), lawyer and former litigation investment manager, Philip Lomax. Litica's bespoke solutions are available for a range of clients, from individuals through to listed companies, law firms and litigation funders.
We look forward to working with the team at Litica.
Litica has established itself as the UK's leading provider of commercial ATE insurance (cover for costs risks associated with litigation), through its panel of A rated insurers and has expanded into Australia, led by Managing Director (Asia Pacific), lawyer and former litigation investment manager, Philip Lomax. Litica's bespoke solutions are available for a range of clients, from individuals through to listed companies, law firms and litigation funders.
We look forward to working with the team at Litica.
The Association of Litigation Funders of Australia Appoints Three New Directors
The Association of Litigation Funders of Australia is delighted to announce that Stuart Price of CASL, Michelle Silvers of Court House Capital and Sophia Kailis of Hartwell Funds have been appointed Directors. We look forward to the valuable contributions that Stuart, Michelle and Sophia will make.
|
|
|
Welcome to Aequitas Litigation Funding as a Member
We are thrilled to announce that Aequitas Litigation Funding is the newest Funder Member.
"Aequitas" is the Latin concept of justice, equality, conformity, symmetry, and fairness. The company was founded on the principle of fairness to all in our legal system and is dedicated to providing access to justice. Aequitas Litigation Funding is an innovative financier of litigation in Australia backed by Axiis Capital Pty Ltd, ACN 639 996 259 (AFSL 523464).
We look forward to working with the team at Aequitas Litigation Funding.
"Aequitas" is the Latin concept of justice, equality, conformity, symmetry, and fairness. The company was founded on the principle of fairness to all in our legal system and is dedicated to providing access to justice. Aequitas Litigation Funding is an innovative financier of litigation in Australia backed by Axiis Capital Pty Ltd, ACN 639 996 259 (AFSL 523464).
We look forward to working with the team at Aequitas Litigation Funding.
The Association of Litigation Funders of Australia Continues its Support of PIAC
The Association of Litigation Funders of Australia was pleased to support the Public Interest Advocacy Centre once again this year. On 7 March 2024, we hosted some fantastic guests, enjoyed the festivities and listened to some very inspiring speakers. The work that PIAC does in the area of justice and equity is quite extraordinary. Thank you for joining us Patrick Crisp, Mary Walker, Brit Ibanez, Eric Braun, Paul Forbes, Ryan Grant, Ben Pirrie and Annabel Livingston.
|
|
|
Submissions to Treasury | Continuous Disclosure Laws
On 1 November 2023, we were 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, we 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, we 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
The Association of Litigation Funders of Australia 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.
Welcome to MA Financial Group as a Member
We are thrilled to announce that MA Financial Group Limited is the newest Associate Member.
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).
We look 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).
We look forward to working alongside MA Financial Group Limited.
The Association of Litigation Funders of Australia, 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!
The Association of Litigation Funders of Australia Appoints a 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. We thank Kim May for all of her hard work over the years and looks forward to the valuable contribution Maya will make.
Welcome to Law In Order as a Member
We are thrilled to announce that Law In Order is the newest Associate Member. 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.
We 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.
We looks forward to working alongside Law In Order.
Support for the Public Interest Advocacy Centre
|
|
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 our 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. |
Welcome Hartwell Funds as a Member
We are 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.
We look 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.
We look 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
In Person and Virtual Class Action Conferences
"Dusting Off the ALRC Report"
We are 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.
Panel of Members at the Resolution Institute International Conference on 6 and 7
October 2022 in Sydney
The Association of Litigation Funders of Australia, 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.
Submission to Treasury on the Draft Corporations Amendment (Litigation
Funding) Regulations 2022
On 30 September 2022 we made submissions to Treasury on the Draft Corporations Amendment (Litigation Funding) Regulations 2022 (Draft Regulations). The Association of Litigation Funders of Australia 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.
The Association of Litigation Funders of Australia’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.
We have 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. Our consensus position on each of the recommendations is set out here.
We have 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. Our consensus position on each of the recommendations is set out here.
FAQ's on Class Actions and Litigation Funding
Please see our frequently asked questions and answers on class actions here and litigation funding here.
Submissions to ASIC in relation to ASIC Consultation Paper 345
On 5 July 2022 we 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 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 that it would engage with industry around these issues in due course. See the submissions here.
Changes to Membership Structure
We are 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 or Kim May, Company Secretary. See Media Release here.
Updated ASIC Dollar Disclosure Relief
In November 2020, we 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 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, we lodged submissions to the Senate Economics Legislation Committee on the Inquiry into the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021. The Association of Litigation Funders of Australia 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.
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. The Association of Litigation Funders of Australia 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. We requested an extension of time to make further submissions which was refused. Despite this refusal, we made submissions in relation to the Bill and provided it to Treasury on 15 October 2021. Read the 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 our Media Release here.
ASIC Dollar Disclosure Relief Granted
In November 2020, we 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 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.
Submissions to Treasury and the A-G's Department on Minimum Returns to Class
Members
The Association of Litigation Funders of Australia 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.
Two New Directors
|
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. We look forward to the valuable contributions they will both make.
|
|
|
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.
We are 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.
We are 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
The Association of Litigation Funders of Australia 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”
The Association of Litigation Funders of Australia 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”
The Association of Litigation Funders of Australia is quoted in the AFR article here.
Submissions to the Senate Economics Legislation Committee
We are 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.
We support 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.
We wonder 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.
Welcomes CASL
Mortgages
We are pleased to welcome CASL as our 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.
Two New Directors
|
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. We look forward to the valuable contributions they will both make.
|
Response 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).
We intend to engage openly with the Committee and has sought to provide helpful and detailed insights into litigation funding and class actions.
We have 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
We intend to engage openly with the Committee and has sought to provide helpful and detailed insights into litigation funding and class actions.
We have 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).
We intend to engage openly with the Committee and has sought to provide helpful and detailed insights into litigation funding and class actions.
We have 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
We intend to engage openly with the Committee and has sought to provide helpful and detailed insights into litigation funding and class actions.
We have 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 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 here.
|
|
|
Lawyers Weekly Reports on the Sydney 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 conference in Sydney.
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=
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 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
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.
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.