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Litigation funder Regency Funding has sought leave to intervene as a major player in one of two challenges to the courts' powers to issue common fund orders in class actions, but it might have a fight on its hands.
Shareholders in a class action against Sirtex have secured an order forcing the life sciences company to notify them of any plan that would see its $128 million in liquid assets drop below $80 million.
A judge has rejected an application by biotech company Sirtex Medical to limit a class action to shareholders who register as group members in the next month, saying a class-closure order could dramatically cut down on the size of the class.
Shareholders in a class action against Sirtex Medical have lost a bid for an order preventing the life sciences company from quietly moving $128 million in cash assets out of the country after its $1.9 billion takeover by a Chinese private equity company comes into effect Thursday, but the battle over the money will likely continue.
Concerns that the proposed acquisition of Sirtex Medical by a Chinese private equity firm would leave the company with insufficient funds to cover a settlement or judgement in a class action were eased Wednesday, after a barrister said the takeover would leave the company with just under $1 billion in assets.