Its Eco Pty Ltd v BPS Financial Limited (Settlement Approval) [2025]

The Federal Court of Australia has approved a settlement in a representative proceeding involving allegations that BPS Financial and related entities misled consumers into purchasing Qoin Tokens, a form of cryptocurrency that later collapsed in value. The litigation funder, International Litigation Partners No. 13, was entitled to 40% of the token distribution as reimbursement for legal costs, with the Court ruling that Qoin Tokens are money within meaning of section 33V(2) Federal Court of Australia Act 1976 (Cth).