ALRC report, Integrity, Fairness and Efficiency—An Inquiry into Class Action Proceedings and Third-Party Litigation Funders
The Attorney-General for Australia has tabled in Parliament the Australian Law Reform Commission (ALRC) report, Integrity, Fairness and Efficiency—An Inquiry into Class Action Proceedings and Third-Party Litigation Funders.
The Terms of Reference for this Inquiry asked the ALRC to consider two overarching issues of the class action regime: the integrity of third-party funded class actions and the efficacy of the class action system.
The ALRC conducted over 60 consultations with stakeholders and received over 75 submissions to advance report and its 24 recommendations for reform. The recommendations aim to promote fairness and efficiency in class action proceedings; protect litigants from disproportionate costs; and assure the integrity of the civil justice system, and include recommendations to:
The ALRC also suggested a Government review of statutory enforcement regimes for regulators so to facilitate effective and consistent statutory redress schemes—to fill gaps and create an alternative to some class action proceedings.
Additionally the ALRC also recommended a Government review of the legal and economic impact of the operation, enforcement and effect of federal statutory continuous disclosure obligations and those relating to misleading and deceptive conduct. This recommendation recognises that further investigation of the interaction between the substantive law that supports shareholder class actions and the class action regime is warranted.
You can access the report here.