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Court to probe if 7-Eleven class action funder, law firm had deferred fee arrangement
Class Actions 2022-04-06 11:50 pm By Christine Caulfield

A marathon hearing of an application for court approval of a $98 million settlement in two 7-Eleven class actions has ended with a judge taking the rare step of signing off on the settlement amount while withholding approval of the legal costs and funding commission.

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$98M 7-Eleven class action settlement approved but costs, commission hang in the balance
Class Actions 2022-04-04 12:40 pm By Miklos Bolza

A judge has signed off on a $98 million settlement in two franchisee class actions against 7-Eleven, but has yet to reach a decision on $19.6 million in legal costs and a $25 million funding commission, which a court-appointed contradictor has urged him to reject.

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7-Eleven class action lawyer accused of retaliation, deliberate late billing
Class Actions 2022-03-30 9:39 pm By Cindy Cameronne

A solicitor running two franchisee class actions against 7-Eleven “retaliated” against a group member who objected to a $98 million settlement and issued a late $6.5 million legal bill to benefit a litigation funder, a court has heard.

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Contradictor backs $98M class action settlement given 7-Eleven’s ‘significant’ risk of losing at trial
Class Actions 2022-03-29 10:20 pm By Cindy Cameronne

A $98 million settlement reached in two franchisee class actions against 7-Eleven is “appropriate” given the likelihood that the convenience store giant would have lost at trial, according to a contradictor who urged the court to reject a $25 million cut sought by the funder that backed the litigation.

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7-Eleven class action funder’s commission should be cut by $10M, court told
Class Actions 2022-03-28 7:20 pm By Cindy Cameronne

Litigation funder Galactic should receive a $15 million commission for its work on two franchisee class actions against convenience store giant 7-Eleven, instead of the $25 million it has asked for, a court has heard.

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‘Grave concerns’ raised by contradictor about 7-Eleven class action lawyer’s comments
Class Actions 2022-03-15 3:42 pm By Miklos Bolza

The contradictor appointed to represent group members in an application for approval of a $98 million settlement of two franchisee class actions against 7-Eleven has raised “grave concerns” about criticism by the senior partner of the law firm running the proceedings.

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Westpac stalls on extradition of Forum Finance’s Bill Papas
White Collar 2022-03-10 5:17 pm By Miklos Bolza

Westpac has yet to commence extradition proceedings against Forum Finance director Bill Papas due to concerns that the alleged fraudster may face only contempt charges if he is brought back to Australia prematurely.

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Class action funder says perceived 7-Eleven ‘pressure’ relevant to $25M commission bid
Class Actions 2022-02-15 5:51 pm By Christine Caulfield

Evidence of anxiety felt by 7-Eleven franchisees leading class actions against the convenience store giant was relevant to whether the funder could earn a $25 million commission from the proceeds of a settlement, a court has heard.

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Forum Finance director can’t block receivers from selling waterfront homes
Restructuring & Insolvency 2022-02-09 5:43 pm By Christine Caulfield

Forum Finance director Vince Tesoriero has lost a battle to stop receivers from selling luxury properties in which he and Bill Papas hold a stake pending the outcome of Westpac’s fraud case against him.

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Forum director Tesoriero questions sale of Papas’ Sydney residence
Restructuring & Insolvency 2022-02-04 12:34 pm By Cat Fredenburgh

Forum Finance director Vince Tesoriero has raised concerns about the validity of the sale of a $4 million home in Sydney inner-West suburb Rozelle where company founder Bill Papas and his girlfriend lived, but a judge has indicated any attempt to block the sale would be “hopeless”.

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