Perera v GetSwift Limited [2018] FCA 732

FEDERAL COURT OF AUSTRALIA

Perera v GetSwift Limited [2018] FCA 732 File numbers: NSD 226 of 2018 NSD 440 of 2018 NSD 580 of 2018

Judge: LEE J

Date of judgment: 23 May 2018

Catchwords: REPRESENTATIVE PROCEEDINGS – three overlapping open securities class actions against the same respondent – consideration of circumstances which have led to the rise of competing securities class actions – consideration of remedial response to competing class actions in Australia and North America – identification of multiple factors relevant to response – substantially the same claims and substantially the same causes of action – consideration of proposed common fund order and advantages of a funding model linking risk and return to funders by reference to costs incurred – comparative analysis of proceedings including proposals for reducing legal costs and likely return to group members – whether a continuation of duplicative proceedings would amount to an abuse of process – whether equity should intervene to enjoin parties to prevent multiplicity of proceedings – whether a "declassing" order should be made under s 33N(1) or s 33ZF of the Federal Court of Australia Act 1976 (Cth) – application for a permanent stay of two of the proceedings allowed – orders facilitating stay of two proceedings and continuation of one open class proceeding EQUITY – equitable remedies to control multiple proceedings before the Court and protecting the processes of the Court – bills of peace

Legislation: Acts Interpretation Act 1901 (Cth), s 15AA Civil Dispute Resolution Act 2011 (Cth) Corporations Act 2001 (Cth), Pt 9.6A, s 1041E Federal Court of Australia Act 1976 (Cth), Pt IVA, ss 5(2), 22, 23, 33A, 33C, 33C(1), 33D, 33H, 33J, 33L, 33N(1), 33N(1)(a), 33N(1)(b), 33N(1)(c), 33N(1)(d), 33Q, 33R, 33S, 33T, 33V, 33X, 33Z, 33Y, 33ZB, 33ZF, 33ZF(1), 37M(3), 37P(2) Federal Court Rules 2011, r 1.32 28 USC § 1407 (2012) (US) All Writs Act 28 USC § 1651 (2012) (US) Anti-Injunction Act 28 USC § 2283 (2012) (US) Federal Rules of Civil Procedure, r 23 Private Securities Litigation Reform Act of 1995, Pub L No 104-67, 109 Stat 737 (US) Securities Litigation Uniform Standards Act of 1998, Pub L No 105-353, 112 Stat 3227 (US) Supreme Court of Judicature Act 1873 (UK)