HFPS Pty Limited (Trustee) v Tamaya Resources Limited (in Liq) (No 3) [2017] FCA 650

HFPS Pty Limited (Trustee) v Tamaya Resources Limited (in Liq) (No 3) [2017] FCA 650

The settlement, including the settlement sum and the settlement distribution scheme, is fair and reasonable and in the interests of the group members as a whole, taking into account litigation complexity, risks, return to group members, costs and funding structure, and absence of objections.

Jurisdiction
Australia
Judgment Date
13 June 2017
Procedural Posture
Representative Proceeding (class Action) / Settlement Approval Application
Outcome
Settlement approved
Legal Topics
['misleading or Deceptive Conduct' 'shareholder Class Actions' 'settlement Approval' 'litigation Funding' 'market Disclosure Obligations' 'audit Negligence']
['commercial Law' 'corporations Law' 'insolvency' 'procedural Law'] ['misleading or Deceptive Conduct' 'shareholder Class Actions' 'settlement Approval' 'litigation Funding' 'market Disclosure Obligations' 'audit Negligence']

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Procedural Posture

Representative Proceeding (class Action) / Settlement Approval Application

Legal Issues

  1. 1 ['Whether the settlement of the representative proceeding should be approved under s 33V of the Federal Court of Australia Act 1976 (Cth)' 'Whether the proposed settlement is fair and reasonable and in the interests of group members' 'Reasonableness of costs and disbursements of legal advisers' 'Reasonableness of fees and commission to be paid to litigation funder' 'Fairness of settlement distribution scheme and funding equalisation formula']

Ratio Decidendi

The settlement, including the settlement sum and the settlement distribution scheme, is fair and reasonable and in the interests of the group members as a whole, taking into account litigation complexity, risks, return to group members, costs and funding structure, and absence of objections.

Court Disposition

Settlement approved

Orders

  • ['Settlement of proceeding approved according to the Director Deed, Deloitte Deed, and Settlement Distribution Scheme.' "Plaintiffs' legal costs and disbursements up to $3,420,978 approved as reasonable." 'Reimbursement payments of $3,000 to First Plaintiff and $2,000 to Second Plaintiff approved.' 'Administrator...