Clurname Pty Ltd v Commonwealth Bank of Australia (No 1) [2015] FCA 153

Clurname Pty Ltd v Commonwealth Bank of Australia (No 1) [2015] FCA 153

Given that appropriate notice has been provided to all group members and objections considered, and given the evidence that no settlement can be achieved without the class amendment order, the court grants leave to amend the class definition to exclude institutional investors and settled investors, subject to undertakings that excluded parties will have 30 days within which limitation periods will not run against them and that funding arrangements will not prejudice their interests.

Jurisdiction
Australia
Judgment Date
02 March 2015
Procedural Posture
Representative Proceeding / Interlocutory Application for Amendment of Group Definition Prior to Settlement Approval
Outcome
Application granted; leave to amend group definition subject to undertakings.
Legal Topics
['representative Proceedings Under Pt Iva' 'amendment of Group Definition' 'settlement Process in Group Proceedings']
['practice and Procedure' 'class Actions'] ['representative Proceedings Under Pt Iva' 'amendment of Group Definition' 'settlement Process in Group Proceedings']

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Procedural Posture

Representative Proceeding / Interlocutory Application for Amendment of Group Definition Prior to Settlement Approval

Legal Issues

  1. 1 ['Whether to grant an order amending the group definition in a representative proceeding to exclude institutional investors and settled investors' 'Whether notice and procedural fairness requirements were satisfied in the context of narrowing the group definition' 'How to address conflicts of interest between subclasses within a representative proceeding']

Ratio Decidendi

Given that appropriate notice has been provided to all group members and objections considered, and given the evidence that no settlement can be achieved without the class amendment order, the court grants leave to amend the class definition to exclude institutional investors and settled investors, subject to undertakings that excluded parties will have 30 days within which limitation periods will not run against them and that funding arrangements will not prejudice their interests.

Court Disposition

Application granted; leave to amend group definition subject to undertakings.

Orders

  • ['Parties to bring in Short Minutes of Order giving effect to these reasons as soon as practicable.' 'Principal parties to obtain undertakings (i) from the litigation funder ILP relieving excluded group members of contingent funding liabilities and (ii) from the Commonwealth Bank that time does not run for...