Clark v National Australia Bank Limited (No 2) [2020] FCA 652

Clark v National Australia Bank Limited (No 2) [2020] FCA 652

The class action settlement, although reflecting a significant compromise, was found to be fair and reasonable to group members under s 33V. That assessment was supported by the lack of significant objection among group members, the comprehensive evidence and submissions before the Court, and the care taken to ensure appropriate distributions, including for costs and compensation. The reasons also clarify that group members are bound by operation of statute upon approval (s 33ZB), not by the subsequent dismissal of proceedings, and that confidentiality orders are only justified to the extent of necessity in interest of justice. Dismissal of the proceeding is appropriately deferred until...

Parties
Applicant: Samantha Clark; First Respondent: National Australia Bank Limited; Second Respondent: MLC Limited (ACN 000 000 402)
Jurisdiction
Australia
Judgment Date
08 May 2020
Procedural Posture
Representative Proceeding / Class Action / Settlement Approval Post Mediation, Prior to Trial
Outcome
Settlement approved. Proceeding dismissed with no order as to costs, effective upon final distribution under the settlement.
Legal Topics
Representative Proceedings, Settlement Approval, Open Justice, Confidentiality Orders
Commercial Law Corporations Law Civil Procedure Representative Proceedings Settlement Approval Open Justice Confidentiality Orders

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Parties

Samantha Clark

Applicant

National Australia Bank Limited

First Respondent

MLC Limited (ACN 000 000 402)

Second Respondent

Procedural Posture

Representative Proceeding / Class Action / Settlement Approval Post Mediation, Prior to Trial

Legal Issues

  1. 1 Whether the proposed class action settlement is fair and reasonable to group members under s 33V of the Federal Court of Australia Act 1976 (Cth)
  2. 2 Whether proposed confidentiality orders should be granted under Pt VAA of the Act
  3. 3 Appropriateness of the timing and form of dismissal of the class action

Ratio Decidendi

The class action settlement, although reflecting a significant compromise, was found to be fair and reasonable to group members under s 33V. That assessment was supported by the lack of significant objection among group members, the comprehensive evidence and submissions before the Court, and the care taken to ensure appropriate distributions, including for costs and compensation. The reasons also clarify that group members are bound by operation of statute upon approval (s 33ZB), not by the subsequent dismissal of proceedings, and that confidentiality orders are only justified to the extent of necessity in interest of justice. Dismissal of the proceeding is appropriately deferred until...

Court Disposition

Settlement approved. Proceeding dismissed with no order as to costs, effective upon final distribution under the settlement.

Orders

  • Settlement approved pursuant to s 33V of the Federal Court of Australia Act 1976 (Cth) on the terms of the Settlement Deed and Distribution Scheme.
  • Group members bound by settlement (s 33ZB).