On 21 December 2020, the Parliamentary Inquiry into Litigation Funding and the Regulation of the Class Action Industry released its report. An overview of the 31 recommendations – what they are and who they affect – are summarised in the diagram below.
The Inquiry focused on assessing whether the present level of regulation of the class action industry was impacting fair and equitable outcomes for group members.
As you can see, the majority of the recommendations relate to the tripartite relationship between litigation funders, plaintiff lawyers and group members. In addition, the recommendations also dealt with critical aspects of class action process and procedure.
In the new year, we will dissect how these recommendations might be effected and the impact it may have for you.
For a copy of the full report, please click here.