Reilly v Australia and New Zealand Banking Group Limited (No 5) [2023] FCA 896

Reilly v Australia and New Zealand Banking Group Limited (No 5) [2023] FCA 896

The Court approved the settlement and Settlement Distribution Scheme under s 33V, finding them fair, reasonable, and just for group members; deductions for legal costs, administration costs, adverse costs insurance premiums, and reimbursement payments were allowed as appropriate; a minor variation was made to legal costs, excluding a hold back sum; limited non-publication orders were granted to protect confidential information.

Parties
First Applicant: Tracey Reilly; Second Applicant: Catherine Galli; First Respondent: Australia and New Zealand Banking Group Limited (ACN 005 357 522); Second Respondent: Zurich Australia Limited (ABN 92 000 010 195); Third Respondent: OnePath General Insurance Pty Limited (ACN 072 892 365); Fourth Respondent: QBE Insurance (Australia) Limited (ACN 003 191 035)
Jurisdiction
Australia
Judgment Date
23 June 2023
Procedural Posture
Representative Proceeding / Settlement Approval Application
Outcome
Settlement approved; proceedings dismissed against all respondents with bar to further claims; orders for deductions and confidentiality granted.
Legal Topics
Class Actions, Settlement Approval, Consumer Credit Insurance, Misleading and Deceptive Conduct, Unconscionable Conduct, Financial Product Advice, Statutory Limitation Periods
Commercial Law Corporations Law Consumer Protection Class Actions Settlement Approval Consumer Credit Insurance Misleading and Deceptive Conduct Unconscionable Conduct +2 more

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Parties

Tracey Reilly

First Applicant

Catherine Galli

Second Applicant

Australia and New Zealand Banking Group Limited (ACN 005 357 522)

First Respondent

Zurich Australia Limited (ABN 92 000 010 195)

Second Respondent

OnePath General Insurance Pty Limited (ACN 072 892 365)

Third Respondent

QBE Insurance (Australia) Limited (ACN 003 191 035)

Fourth Respondent

Procedural Posture

Representative Proceeding / Settlement Approval Application

Legal Issues

  1. 1 Is the proposed settlement fair and reasonable under s 33V of the Federal Court of Australia Act 1976 (Cth)?
  2. 2 Is the proposed Settlement Distribution Scheme just, including the application of the Loss Assessment Formula?
  3. 3 Are deductions for legal costs and expenses, including a success fee, adverse costs insurance, and reimbursement payments, permissible?

Ratio Decidendi

The Court approved the settlement and Settlement Distribution Scheme under s 33V, finding them fair, reasonable, and just for group members; deductions for legal costs, administration costs, adverse costs insurance premiums, and reimbursement payments were allowed as appropriate; a minor variation was made to legal costs, excluding a hold back sum; limited non-publication orders were granted to protect confidential information.

Court Disposition

Settlement approved; proceedings dismissed against all respondents with bar to further claims; orders for deductions and confidentiality granted.

Orders

  • Settlement of the proceeding approved as per the Settlement Deeds and Settlement Distribution Scheme.
  • Applicants authorised to enter into the Settlement Deeds on behalf of Bound Group Members.