The 30-year Evolution of Class Actions in Australia
Despite being in operation for three decades, the outlook for class actions in Australia remains uncertain. However, it is evident that class actions have made a significant impact on various stakeholders, including claimants, lawyers, litigation funders, and corporate entities in Australia.
This article examines notable milestones in the development of Australia’s class action regime and explores the influential factors that have shaped its evolution.
A Growing Trend in International Arbitration
In the challenging economic conditions and rising interest rates predicted for 2023, it is expected that more debtors may resist or refuse payment. In such a scenario, having an enforcement team becomes even more crucial for judgment or award creditors seeking to collect what is owed to them. The expertise and financial capabilities of an enforcement team, such as MHN, can greatly assist in pursuing enforcement campaigns and securing payment.
$50M Settlement in ‘Stolen Generations’ Class Action Approved by New South Wales Supreme Court
The recent approval of a historic settlement worth over $50 million by the NSW Supreme Court is expected to benefit thousands of family members and descendants of the Northern Territory stolen generations. The settlement, which was initially reached in September of the previous year, has now received official court approval.
According to estimates provided by the firm involved, between 4,000 and 6,000 Northern Territory members of the stolen generations are eligible to register for the claim.
Review: Third Party Litigation Funding in Australia
The Australian third-party litigation funding market is considered one of the most sophisticated in the world. Initially used primarily in insolvency-related legal claims, litigation funding has expanded to cover a broader range of civil and commercial disputes and arbitrations since the early 2000s. However, the market in Australia remains relatively underutilized.