Ingram as trustee for the Ingram Superannuation Fund v Ardent Leisure Limited (Settlement Approval) [2024] FCA 836

Ingram as trustee for the Ingram Superannuation Fund v Ardent Leisure Limited (Settlement Approval) [2024] FCA 836

The Court is satisfied that the settlement, including proposed deductions and distribution scheme, is fair and reasonable in all the circumstances, complies with the requirements of s 33V of the Federal Court Act, and is justified by the risks, complexity, recovery prospects, and market conditions at the time, with due consideration having been given to fairness between group members and to the interests of late registrants and unregistered group members.

Jurisdiction
Australia
Judgment Date
30 July 2024
Procedural Posture
Representative Proceeding (securities Class Action) / Application for Approval of Settlement (s 33 V, Federal Court of Australia Act 1976 (cth))
Outcome
Settlement approved; representative proceeding dismissed with no order as to costs.
Legal Topics
['securities Litigation' 'representative Proceedings' 'settlement Approval' 'continuous Disclosure Obligations' 'misleading or Deceptive Conduct']
['commercial Law' 'corporations Law' 'class Actions'] ['securities Litigation' 'representative Proceedings' 'settlement Approval' 'continuous Disclosure Obligations' 'misleading or Deceptive Conduct']

Case Brief

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Procedural Posture

Representative Proceeding (securities Class Action) / Application for Approval of Settlement (s 33 V, Federal Court of Australia Act 1976 (cth))

Legal Issues

  1. 1 ['Whether proposed settlement is fair and reasonable under s 33V of the Federal Court of Australia Act 1976 (Cth)' "Whether certain deductions from the settlement sum should be allowed, specifically for legal costs, funder's commission, ATE insurance, lead applicant's payment, and administration costs" "Whether the deduction for funder's ATE insurance should be permitted in addition to the commission" 'Whether the scope of releases in the settlement deed is appropriate' 'How to treat claims of late-registered or unregistered group members']

Ratio Decidendi

The Court is satisfied that the settlement, including proposed deductions and distribution scheme, is fair and reasonable in all the circumstances, complies with the requirements of s 33V of the Federal Court Act, and is justified by the risks, complexity, recovery prospects, and market conditions at the time, with due consideration having been given to fairness between group members and to the interests of late registrants and unregistered group members.

Court Disposition

Settlement approved; representative proceeding dismissed with no order as to costs.

Orders

  • ['Settlement of representative proceedings approved under s 33V of the Federal Court of Australia Act 1976 (Cth) on the terms of the Deed of Settlement and Settlement Distribution Scheme.' 'Applicants authorised nunc pro tunc to give effect to the Deed of Settlement and related transactions on behalf of all group...