Omni Bridgeway backs new Australian class action

Omni Bridgeway has agreed to fund a class action against Mesoblast Limited (ASX:MSB) on behalf of shareholders who acquired Mesoblast shares on the ASX and “over the counter” American Depositary Receipts (ADRs) between 22 February 2018 and 17 December 2020 (Claim Period).

Mesoblast shareholders who acquired shares and ADRs during the Claim Period may be entitled to compensation for losses arising out of Mesoblast’s alleged breaches of its continuous disclosure obligations and/or by Mesoblast engaging in misleading and deceptive conduct.

The class action will be run by law firm Phi Finney McDonald.

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The Superior Court of Quebec has released a decision rejecting a litigation funding agreement in the insolvency proceedings of Fortress Global Enterprises (TSX:FGE). The Court refused to approve the litigation funding agreement because it placed limits on Omni Bridgeway’s obligation to fund an eventual adverse costs award. Specifically, under the agreement, Omni had no obligation to pay adverse costs awards relating to costs incurred prior to the approval of the agreement or after its termination.

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Woodsford backs claim against Australian banking giant ANZ

Woodsford Litigation Funding is backing an Australian class action against banking giant ANZ on behalf of credit card holders who were charged interest by ANZ from 1 July 2010 to 31 December 2018. The class action, filed in the Federal Court of Australia, alleges that ANZ’s “interest-free” credit card contracts contained unfair terms and that ANZ engaged in unconscionable conduct causing loss and damage to ANZ credit card holders. The claim alleges that, during the eight-year period, ANZ charged interest to customers retrospectively on credit card purchases that previously had the benefit of an interest-free period, also known as Retrospective Interest. The claim further alleges that ANZ did not provide transparent instructions to its interest-free credit card customers of the method in which it charged Retrospective Interest and that customers had no way to determine the amount of Retrospective Interest they would pay.

Insights

European Class Actions: The Funder’s Dilemma

Jeremy Marshall, Anna-Maria Quinke and Maarten van Luyn of Omni Bridgeway present a concise summary of the group claims landscape across various European jurisdictions and share their prediction that collective actions throughout Europe will increase once the Representative Actions Directive (RAD) kicks in over the next two years.

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