ARTICLE · 19 AUGUST 2015

Common fund application in Allco class action dismissed by Federal Court

Colin Biggers & Paisley

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Allco Financial Group class action applicants fail in a bid to create a common fund for class action litigation funding.

AustraliaLitigation, Mediation & Arbitration

Patrick Monahan

In brief - Allco Financial Group class action applicants fail in bid to create common fund

The Federal Court has dismissed the applicants' application in the Allco Financial Group class action for creation of a "common fund". This means that potentially one of the most significant developments in class action litigation since the approval of class action litigation funding has been averted for now.

Funding agreement proposes broad resolution sum clauses

The Allco Financial Group class action is funded by International Litigation Funding Partners (ILFP) but was commenced as an open class action, that is investors were not required to sign a funding agreement with ILFP in order to be a group member. Only the applicants entered into a funding agreement with ILFP. The funding agreement contains broad clauses relating to the application of the "resolution sum", essentially:

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