Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Lee v Bank of Queensland Limited [2014] FCA 1376 Citation: Lee v Bank of Queensland Limited [2014] FCA 1376
Parties: ROBERT WILLIAM LEE and JANIS JOAN LEE v BANK OF QUEENSLAND LIMITED (ACN 009 656 740)
File number: QUD 732 of 2012
Judge: COLLIER J
Date of judgment: 16 December 2014
Catchwords: PRACTICE AND PROCEDURE – representative proceedings – application for Court approval of proposed settlement deed and settlement scheme – s 33V Federal Court of Australia Act 1976 (Cth) – Practice Note CM 17 – whether terms of proposed settlement deed and settlement scheme fair and reasonable – likely complexity and duration of litigation – reaction of group members to settlement – assessment of losses of group members – ASIC Compensation Model – "lead applicant payment" – risk of costs to lead applicants pursuant to s 43(1A) Federal Court of Australia Act 1976 (Cth) – whether costs fair and reasonable
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12CA, 12CB, 12CC, 12GF, 12GM Corporations Act 2001 (Cth) ss 601ED, 1325(2), 1325(5) Federal Court of Australia Act 1976 (Cth) Pt IVA, ss 33V, 33X, 33Y, 33ZF National Consumer Credit Protection Act 2009 (Cth) Trade Practices Act 1974 (Cth) ss 51AA, 51AB, 51AC, 73(1)(b), 82, 87
Cases cited: Australian Securities and Investments Commission v Richards [2013] FCAFC 89 BNP Paribas v Pacific Carriers Ltd [2005] NSWCA 72 Darwalla Milling Co Pty Ltd v F Hoffman-LA Roche Ltd (No 2) (2007) 236 ALR 322 Unity Insurance Brokers Pty Ltd v Rocco Pezzano Pty Ltd (1998) 192 CLR 603 Williams v FAI Home Security Pty Ltd (2000) 180 ALR 459
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