LCM | High Court refuses to hear GPC’s challenge to enforceability of funder’s class action agreements

In a decision that has significant implications for the Australian litigation funding industry, Piper Alderman partners Greg Whyte and Lillian Rizio have successfully defended a challenge to the validity of LCM’s funding arrangements in the Gladstone Fisheries class action. The High Court refused to hear Gladstone Ports Corporation’s appeal, preserving the Court of Appeal’s finding that the funding agreement could not be challenged on public policy grounds. More from Piper Alderman.

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Australian funding arrangements no longer considered managed investment schemes

The Full Court of Australia has ruled that litigation funding arrangements should not be considered managed investment schemes. In a judgment dated 16 June 2022, the Full Court of Australia  has sided with LCM in its appeal of the decision of the primary judge in Stanwell Corporation Limited v LCM Funding Pty Ltd. As a result, litigation funding arrangements in Australia will no longer be considered managed investment schemes, and litigation funders will be relieved from the burden of a “legislative and regulatory regime characterised by uncertainty, inconvenience and the potential for mischief by class action respondents.”

Funder News

ALFA opens up membership base

The Association of Litigation Funders of Australia (ALFA) has announced that it is opening up its membership base to include Honorary and Associate Members. Firms that have already jumped on board include the Banton Group, Cornwalls, Epiq, Johnson, Winter & Slattery, Korda Mentha, Mayweathers, McGrath Nicol, Piper Alderman and William Roberts Lawyers.

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