Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Wepar Nominees Pty Ltd v Schofield (No 2) [2014] FCA 225 Citation: Wepar Nominees Pty Ltd v Schofield (No 2) [2014] FCA 225
Parties: WEPAR NOMINEES PTY LTD ACN 008 108 709 and IAN MCLEOD SMITH v DONALD WAYNE SCHOFIELD, ROGER CLARKE and JAYNE ELIZABETH STEELE
File number: SAD 234 of 2012
Judge: BESANKO J
Date of judgment: 14 March 2014
Catchwords: PRACTICE AND PROCEDURE – representative proceeding – application for Court approval of settlement of representative proceeding under s 33V of the Federal Court Act 1976 (Cth) – whether notice of application given to group members – whether proposed settlement fair and reasonable – whether distribution of proposed settlement sum fair and reasonable – whether proposed settlement in the interests of the group members as well as interests of plaintiffs and defendants – where application not opposed by defendants – where closed group of 262 group members – where approximately 95% of group members in favour of settlement and no group members opposed settlement – where distribution to be made to litigation funder. Held: Settlement approved.
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) s 12DA Corporations Act 2001 (Cth) ss 710, 728, 729, 731, 733, 1041H, 1041I, 1317S, Part 5.3A Federal Court of Australia Act 1976 (Cth) ss 33V, 33X, 33ZB, 33ZF, Part IVA
Cases cited: Australian Securities and Investments Commission v Richards [2013] FCAFC 89 Courtney v Medtel Pty Limited (No 5) [2004] FCA 1406 Ingot Capital Investments Pty Ltd and Others v Macquarie Equity Capital Markets Ltd and Others (2008) 73 NSWLR 653 Lopez v Star World Enterprises Pty Ltd [1999] FCA 104 P Dawson Nominees Pty Ltd v Brookfield Multiplex Ltd (No 4) [2010] FCA 102 Richards v Macquarie Bank Limited (No 4) [2013] FCA 438 Wepar Nominees Pty Ltd v Schofield [2013] FCA 920 Williams and Another v FAI Home Security Pty Ltd and Another (No 4) (2000) 180 ALR 459 Wingecarribee Shire Council v Lehman Brothers Australia Ltd (In Liq) (No 9) [2013] FCA 1350
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