Lawyers’ fees and funding premiums under the spotlight — GPT, Storm and Vioxx settlement decisions discussed
By Moira Saville, Peta Stevenson and Hugh Atkin
On 21 June 2013, the Federal Court delivered judgment on the application for approval of the class action commenced by Modtech Engineering against GPT Management Holdings. Justice Gordon approved the overall settlement amount, but refused to approve the sum of more than $9m claimed for Slater & Gordon’s fees and reduced the total premium payable to the litigation funder on the basis that the proposed sum exceeded the amount to which the funder was contractually entitled.
This article summarises the main features of her Honour’s decision and then discusses the increased scrutiny to which class action settlements have been exposed both in the GPT decision and also the Full Federal Court’s rejection of the settlement of the Storm Financial class action against Macquarie.
On 20 June 2013, Justice Gordon heard an application for approval of the settlement of the class action commenced by Modtech Engineering against GPT Management Holdings…
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.
News from King & Wood Mallesons
News from The Lawyer
Briefings from King & Wood Mallesons
Principals and contractors need to be aware that in not registering security interests under the PPSA 2009, they may risk serious consequences.
The New Companies Ordinance (NCO) will come into effect on 3 March 2014. It includes changes that affect the way documents may be executed.
Analysis from The Lawyer
Shanghai’s ground-breaking Pilot Free Trade Zone could mark the beginning of the long-awaited liberalisation of China’s legal services sector.
Hong Kong IPO activity is hotting up again, but UK legal stalwarts are looking over their shoulders as US rivals make up ground fast