Balance granted an Australian Financial Services Licence

Balance Legal Capital has been granted an Australian Financial Services Licence (AFSL) by the Australian Securities & Investments Commission (ASIC) effective from 21 April 2021. They are the first non-Australian litigation funder to be granted an AFSL since new rules introduced by the Australian Government in 2020 required litigation funders to carry an AFSL. Balance is therefore well-positioned to continue to fund new class actions in Australia. Read more.

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In the News

Toyota faces $2 billion class action as 260,000 Aussies affected by ‘defective’ vehicles

Car giant Toyota is appealing an Australian class action ruling that could see more than 260,000 consumers receive damages totalling an eye-watering $2 billion. The Federal Court ruled against Toyota in a landmark judgment in April. Toyota will be challenging the “factual and legal basis for the award of damages. Commenced in 2019 with the backing of Balance Legal Capital, the class action centres on faulty diesel particulate filters used in the affected vehicles.

New Fundings

Balance backs new collective claim against Apple

Balance Legal Capital is backing a proposed £768 million collective claim in the UK against Apple Inc. and its subsidiaries in relation to automatic iOS updates which included a throttling feature that led to unexpected shutdowns or poor device performance. The claim is being filed with the Competition Appeal Tribunal on an opt-out basis. Law firm Charles Lyndon is representing the proposed class representative. 

In the News

Toyota could pay more than $2 billion to customers in class action over faulty DPFs

Toyota could end up paying more than $2 billion to customers as part of an Australian class action that challenged the auto giant over faulty diesel particulate filters in some of its top-selling cars. In a Federal Court judgement handed down last week, Justice Michael Lee found Toyota customers purchased vehicles with defects and as a result, the value of their cars was reduced by 17.5 per cent on the average retail price, or more than $7,000 per car. Balance Legal Capital is funding the claim.

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