In the application of Harris Freidman Pty Limited [2014] NSWSC 511

In the application of Harris Freidman Pty Limited [2014] NSWSC 511

Harris Freidman Pty Limited, after deduction of their costs and expenses, would be justified to distribute the moneys held in accordance with the regime provided for by Clause 15 of the Litigation Funding Agreement, subject to two clarifications regarding the exclusion of costs from the First NSW Supreme Court Proceeding and calculation of 'asset recovery' according to Clause 15 priority.

Parties
First Plaintiff: Harris Freidman Pty Limited ACN 115 384 677; Second Plaintiff: Scott Maurice Freidman
Jurisdiction
Australia
Judgment Date
16 April 2014
Procedural Posture
Application for Judicial Advice / Equity Division, Determination of Application
Outcome
Judicial advice given; Harris Freidman justified to distribute settlement funds per Clause 15 of Litigation Funding Agreement, with clarifications.
Legal Topics
Judicial Advice, Trustee Obligations, Litigation Funding Agreement, Distribution of Settlement Proceeds
Trusts Equity Judicial Advice Trustee Obligations Litigation Funding Agreement Distribution of Settlement Proceeds

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Parties

Harris Freidman Pty Limited ACN 115 384 677

First Plaintiff

Scott Maurice Freidman

Second Plaintiff

Procedural Posture

Application for Judicial Advice / Equity Division, Determination of Application

Legal Issues

  1. 1 Whether Harris Freidman Pty Limited is justified in distributing settlement funds in accordance with Clause 15 of the Litigation Funding Agreement despite conflicting instructions.
  2. 2 Interpretation of Clause 15.1.1 regarding inclusion of certain costs.
  3. 3 Interpretation of 'all asset recovery' in Clauses 15.1.4 and 15.1.5 of the Litigation Funding Agreement.

Ratio Decidendi

Harris Freidman Pty Limited, after deduction of their costs and expenses, would be justified to distribute the moneys held in accordance with the regime provided for by Clause 15 of the Litigation Funding Agreement, subject to two clarifications regarding the exclusion of costs from the First NSW Supreme Court Proceeding and calculation of 'asset recovery' according to Clause 15 priority.

Court Disposition

Judicial advice given; Harris Freidman justified to distribute settlement funds per Clause 15 of Litigation Funding Agreement, with clarifications.

Orders

  • Harris Freidman to give AEI, 258 Nest, CAID, and the trustee of the Lackey Trust 21 days' notice of intended distribution of settlement funds.
  • Preservation of rights regarding assessment or taxation of legal fees and expenses incurred in relation to Federal Court proceedings.