Australian Law Reform Commission Releases Class Action and Litigation Funding Report
Courts Empowered, More Action Needed on Shareholder Claims and Contingency Fee for Class Action Lawyers to Increase Class Action Activity
The Australian Law Reform Commission Class Action and Litigation Funding Report recommends:
- A further inquiry aimed at the substantive law employed in shareholder class actions.
- Legalization of contingency fees for lawyers in class actions, but subject to court approval and supervision.
Greater powers for the supervision of litigation funding be given to the Federal Court, including being able to reject, vary, or amend the terms of litigation funding agreements.
- Greater powers for resolving competing class actions be given to the Federal Court and a single class action should be the preferred approach.
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