A judge has signed off on a settlement that releases ANZ from two class actions by 7-Eleven franchisees that alleged the bank engaged in unconscionable conduct and breached responsible lending laws by providing loans to purchase outlets of the convenience store giant.
A litigation funder’s average rate of return on its investment in shareholder class actions was one of a number of factors weighed by a judge in approving a 25 per cent funding cut from the $42 million settlement in a class action against dairy cooperative Murray Goulburn.
The parties in two class actions against 7-Eleven brought on behalf of franchisees have agreed to delay an upcoming hearing by ten months, due to challenges with discovery, evidence and witness statements resulting from coronavirus-related restrictions.
Lamenting that he now has less flexibility to manage commission rates, a judge has called for legislative intervention to give courts authority to regulate funding arrangements at the outset of class actions, a power stripped from them by the High Court late last year.
Noting the challenge of searching for documentary evidence while employees are working from home, a judge overseeing two consumer class actions against ANZ and Westpac has directed the banks to hand over only a limited number of documents to the applicants, and given them extra time to do it.
A judge has given his blessing to a $49.7 million settlement of two class actions that alleged infant food maker Bellamy’s misled investors about its China growth strategy and declining market share in Australia.
A class action brought against 7-Eleven claims the convenience store chain ordered franchisees to purchase goods from supplier C-Store so that 7-Eleven could meet its obligation under a contract with the Metcash-owned supplier.
The High Court’s ruling Wednesday that judges have no power to issue a common fund order in the initial phases of a class action does not bind them after a settlement has been reached, a Federal Court judge said Friday.
Litigation funder Augusta Ventures has brought its promised appeal of a groundbreaking ruling that put it on the hook for paying security for costs in an employment class action over the classification of casual mine workers.