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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
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.