Shine Lawyers has withdrawn an application to increase its payout from a class action against EML Payments, which has settled for $37.2 million.
The contingency fee rate sought by Shine Lawyers in its bid to vary a group costs order in a class action against EML Payments has been revealed as the percentage profit it initially proposed to a judge, who took an ax to it three years ago.
Shine Lawyers has come under fire from a judge, after the firm filed an application to materially vary a 24.5 per cent group costs order in a settled shareholder class action against EML Payments.
Payments processing company EML has agreed to pay $37.3 million to settle a shareholder class action over its alleged failure to disclose Ireland central bank’s concerns with its anti-money laundering compliance.
A class action against online trading platform IG Markets over alleged risky contracts for difference has dropped its conflicted remuneration claims after the court heard it was struggling to find a sample group member.
A judge has approved a $180 million settlement in a stolen wages class action but has criticised the plaintiff’s law firm for the costs incurred in the case and raised doubts about the value of litigation funding.
Payments processing company EML has won more time to respond to a new pleading in a shareholder class action over its alleged failure to disclose Ireland central bank’s concerns with its anti-money laundering compliance.
Class action settlements leaped in value last year, with three settlements topping the $200 million mark.
Funder LLS has urged the court to approve its 20 per cent cut of a $202 million settlement in a stolen wages class action, saying that reducing the “bottom end” rate could deter investments in public interest class actions.
The Commonwealth says funder LLS should not be allowed a 20 per cent cut of a stolen wages class action settlement of up to $202 million, arguing it could produce an “excessive deduction”.