King & Wood Mallesons

Asia-Pacific 100 position: 2

Federal Court rejects attempt to revive Bell Potter class action

By Wilson Antoon

The Federal Court recently rejected an attempt to reconstitute the Bell Potter class action as a representative proceeding, finding that the person proposed as representative applicant was not a group member and as such could not represent the class: Meaden v Bell Potter Securities Ltd (No 6) [2013] FCA 1176.

While the court found that it had the power to make an order reconstituting the class action, it could not exercise that power in circumstances where the proposed new representative applicant was never a group member in the class action. The attempt to reconstitute the class action illustrates the clear choice of plaintiff law firms and litigation funders for class actions as a vehicle for advancing related claims, over more traditional procedures such as multi-applicant proceedings.

In October 2010, Ms Meaden commenced the class action against Bell Potter on behalf of a group of the stockbroking firm’s clients who acquired shares in Progen Pharmaceuticals. The price of the shares collapsed after trials of the company’s drug were suspended. The proceedings alleged market manipulation and misleading or deceptive conduct…

If you are registered and logged in to the site, click on the link below to read the rest of the King & Wood Mallesons briefing. If not, please register or sign in with your details below.

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Analysis from The Lawyer

View more analysis from The Lawyer


Level 61, Governor Phillip Tower
1 Farrer Place
NSW 2000

Jurisdiction: PRC/Australia
No. of offices: 19
No. of qualified lawyers: 1,634