Oasis Fund Management Limited and Royal Bank of Scotland NV & Ors [2012] NSWSC 532

Oasis Fund Management Limited and Royal Bank of Scotland NV & Ors [2012] NSWSC 532

The settlement of $19.5 million is fair and reasonable because it represents a satisfactory compromise in light of the complexity, cost, likely duration, and risks of further litigation, and is in the best interests of the group members, the majority of whom are elderly and rely on these funds.

Parties
First Plaintiff: Oasis Fund Management Limited; Second Plaintiff: Oasis Asset Management Limited; Third Plaintiff: Mervyn Douglas Michell; Fourth Plaintiff: Harold Keith Manns; First Defendant: ABN AMRO Bank NV (now Royal Bank of Scotland NV); Second Defendant: Deon Joubert
Jurisdiction
Australia
Judgment Date
21 May 2012
Procedural Posture
Representative Proceedings / Settlement Approval
Outcome
Settlement approved under s 173 Civil Procedure Act 2005 (NSW)
Legal Topics
Representative Proceedings, Class Action Settlements, Court Approval of Settlements
Equity Civil Procedure Representative Proceedings Class Action Settlements Court Approval of Settlements

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Parties

Oasis Fund Management Limited

First Plaintiff

Oasis Asset Management Limited

Second Plaintiff

Mervyn Douglas Michell

Third Plaintiff

Harold Keith Manns

Fourth Plaintiff

ABN AMRO Bank NV (now Royal Bank of Scotland NV)

First Defendant

Deon Joubert

Second Defendant

Procedural Posture

Representative Proceedings / Settlement Approval

Legal Issues

  1. 1 Whether the proposed settlement is fair and reasonable in the interests of group members under s 173 Civil Procedure Act 2005 (NSW)
  2. 2 Whether the settlement should be approved by the Court in representative proceedings

Ratio Decidendi

The settlement of $19.5 million is fair and reasonable because it represents a satisfactory compromise in light of the complexity, cost, likely duration, and risks of further litigation, and is in the best interests of the group members, the majority of whom are elderly and rely on these funds.

Court Disposition

Settlement approved under s 173 Civil Procedure Act 2005 (NSW)

Orders

  • Settlement of proceedings for $19,500,000 approved.
  • Plaintiffs to receive $3,470,607.83 for legal costs.