Caason Investments Pty Limited v Cao (No 4) [2020] FCA 1246

Caason Investments Pty Limited v Cao (No 4) [2020] FCA 1246

Applicants advanced overstated and disproportionate claims based on inadequate material and were only partially successful; thus, Caason should pay half of Scheme Administrator's party/party costs for the interlocutory application, party/party costs for Variation Letter Costs Claim to the Funder, and scheme administration costs are approved from settlement funds.

Jurisdiction
Australia
Judgment Date
27 August 2020
Procedural Posture
Class Action (securities) / Post Settlement, Interlocutory Costs Applications
Outcome
Costs orders made against First Applicant and approval of scheme administration costs.
Legal Topics
['costs' 'settlement Distribution' 'scheme Administration' 'variation Letter Costs Claim']
['commercial Law' 'corporate Insolvency' 'class Actions'] ['costs' 'settlement Distribution' 'scheme Administration' 'variation Letter Costs Claim']

Case Brief

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Procedural Posture

Class Action (securities) / Post Settlement, Interlocutory Costs Applications

Legal Issues

  1. 1 ["Whether applicants should pay Scheme Administrator's costs for interlocutory applications" 'Entitlement to costs regarding Variation Letter Costs Claim' 'Approval of further scheme administration costs']

Ratio Decidendi

Applicants advanced overstated and disproportionate claims based on inadequate material and were only partially successful; thus, Caason should pay half of Scheme Administrator's party/party costs for the interlocutory application, party/party costs for Variation Letter Costs Claim to the Funder, and scheme administration costs are approved from settlement funds.

Court Disposition

Costs orders made against First Applicant and approval of scheme administration costs.

Orders

  • ["First Applicant to pay Scheme Administrator's costs for interlocutory application dated 1 March 2019 fixed at $17,969.62, to be paid into Scheme Funds." 'First Applicant to pay International Litigation Partners No. 3 Pte Ltd and International Litigation Partners No. 3 Ltd party/party costs associated with...