Suncorp is set to pay $33 million to settle an Australian class action brought by superannuation members in 2019 over conflicted remuneration paid to financial advisers. The class action was brought by William Roberts Lawyers in June 2019 with the backing of LCM, who are set to receive $14 million inclusive of costs.
LCM chief executive Patrick Moloney says the collapse of Silicon Valley Bank poses a “tremendous opportunity” for more lawsuits, as the firm readies itself to profit on an uptick in bankruptcies as the global economy hits a slump.
William Panlilio of LCM describes recent trends in international arbitration towards requiring the disclosure of the existence of a litigation funding agreement and the identity of the lender, but warns parties to be alert to overbroad attempts at seeking disclosure of the underlying funding agreement.
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