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| About Class Actions. |
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Class or representative actions provide an avenue for persons that have suffered loss as a result of a widespread wrong. Effectively, class or representative actions are proceedings brought by one representative party on behalf of a group of people or entities that have suffered from a substantially similar wrong.
Actions of this type allow both persons and/or corporate entities to recover damages for their losses more efficiently and at a lower cost then if the action was commenced by each person or entity individually.
Class or representative actions are available in various scenarios, including: |
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Misleading and deceptive conduct by companies (and their directors) that causes loss to their shareholders and may include representations in regards to takeovers, representations in prospectuses and in failing to release appropriate information to the ASX; |
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Price fixing and market manipulation; |
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Manufacture and sale of defective products; |
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Breaches of credit legislation by financial organisations. |
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| Funding & Costs. |
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| In appropriate class or representative actions, it may be possible to obtain funding for the proceedings from a third party litigation funder such that there is no exposure to costs for the individuals or entities involved in bringing the action. |
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