The Australian Law Reform Commission has completed its inquiry into class action proceedings and third-party litigation funders, and its Final Report was tabled in Parliament in late January 2019.
Herbert Smith Freehills hosted a roundtable event in Melbourne yesterday with the President of the ALRC, the Honourable Justice Sarah Derrington of the Federal Court of Australia.
Attendees and members of HSF’s class action team joined with Justice Derrington in a lively discussion, sharing perspectives on a range of issues canvassed in the Final Report.
Key areas of focus were:
- the ALRC’s recommendation for a review of the current continuous disclosure regime;
- the approach taken by the ALRC in its recommendations regarding competing class actions and the regulation of litigation funding; and
- the ALRC’s recommendation to permit contingency fee arrangements in certain circumstances.
The discussion extended to reflections on current challenges in the Australian D&O insurance market and the dynamics of the global litigation funding market.
The Federal Attorney-General has stated that the Government will carefully consider the Report’s recommendations and engage with stakeholders to develop its response. It remains to be seen if any of the 24 recommendations will be implemented and when, particularly in view of the upcoming federal election.