Brett Cattle Company Pty Ltd v Minister for Agriculture (No 3) [2020] FCA 1628

Brett Cattle Company Pty Ltd v Minister for Agriculture (No 3) [2020] FCA 1628

The scheme administered by AFFF for litigation funding was a pre-existing scheme for the purposes of the Corporations Regulations, so entry into new funding agreements with group members after 22 August 2020 is exempt from the new financial licensing and managed investment scheme requirements. The notice accurately states this legal position and is approved for distribution.

Jurisdiction
Australia
Judgment Date
08 October 2020
Procedural Posture
Representative Proceedings (class Action) / Approval of Notice to Group Members Under S 33 X(5); Post Judgment Orders Regarding Notice, Reporting and Case Management
Outcome
Notice to group members approved; orders made for notice distribution, reporting, case management hearing, and liberty to apply.
Legal Topics
['class Action Procedure' 'litigation Funding' 'statutory Construction' 'transitional Regulation Exemptions']
['administrative Law' 'corporations Law' 'class Actions'] ['class Action Procedure' 'litigation Funding' 'statutory Construction' 'transitional Regulation Exemptions']

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Procedural Posture

Representative Proceedings (class Action) / Approval of Notice to Group Members Under S 33 X(5); Post Judgment Orders Regarding Notice, Reporting and Case Management

Legal Issues

  1. 1 ["Whether entry by group members into new funding agreements with Australian Farmers' Fighting Fund after 22 August 2020 falls within the regulatory exemption for pre-existing litigation funding schemes under reg 10.38.01 of the Corporations Regulations 2001 (Cth)" 'Whether the notice to group members correctly states the effect of litigation funding regulation changes effective from 22 August 2020']

Ratio Decidendi

The scheme administered by AFFF for litigation funding was a pre-existing scheme for the purposes of the Corporations Regulations, so entry into new funding agreements with group members after 22 August 2020 is exempt from the new financial licensing and managed investment scheme requirements. The notice accurately states this legal position and is approved for distribution.

Court Disposition

Notice to group members approved; orders made for notice distribution, reporting, case management hearing, and liberty to apply.

Orders

  • ['Pursuant to s 33X(5) of the Act, the form and content of the notice attached as Appendix A be approved for distribution to Group Members.' "Applicant to send the approved notice to specified organisations' mailing lists by 29 October 2020." 'Applicant to advertise the notice in specified newspapers by 29 October...