Class/Collective action

Highly critical report on Australian class action industry and litigation funding

The Australian Parliamentary Joint Committee on Corporations and Financial Services has produced a highly critical report on “Litigation funding and the regulation of the class action industry”. The report acknowledged the value of class actions and litigation funding, but stated: “While no witness in the inquiry proposed Australia abolish class actions or litigation funding, there was virtually unanimous agreement the current regulatory arrangements are too light touch and greater oversight of the industry is required. The only debate was about the extent and nature of that regulation.”