Litigation funders come together to launch campaign to save class actions in Australia

Omni Bridgeway, Litigation Lending, ICP, CASL, Balance Legal Capital and Vannin Capital are all funders who have come together to launch Save Class Actions, a new campaign in Australia working against government intervention into people’s right to fund a class action. New laws proposed by the Morrison Government would have people’s legal funding in a class action capped at 30% of their final compensation.

The laws, which have yet to be passed by Parliament, are designed to give courts more power to oversee the distribution of class action proceeds between the litigation funder and plaintiffs, the government said in a statement.

“The proposed changes threaten the future viability of class actions in Australia…[and] will severely reduce the number of class actions, meaning people without the means to hold these groups to account will be silenced,” it states on their website.

 

 

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Litigation Funders Expect More Class Actions as Australia’s Government Relaxes Rules

Plans by Australia’s recently elected Labor government to reinstate a financial services licensing exemption for litigation funders could lead to an upswing in class action funding. Andrew Saker, chief executive of litigation funder Omni Bridgeway, one of the few funders to have an Australian Financial Services Licence, said the government’s proposed changes will create a more conducive environment for litigation funders to work in the class action environment.

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