Liverpool City Council v McGraw-Hill Financial, Inc (now known as S&P Global Inc) [2018] FCA 1289

FEDERAL COURT OF AUSTRALIA

Liverpool City Council v McGraw-Hill Financial, Inc (now known as S&P Global Inc) [2018] FCA 1289 File number(s): NSD 1018 of 2014 NSD 1020 of 2014 NSD 1021 of 2014 NSD 957 of 2015 NSD 1126 of 2015 NSD 414 of 2016

Judge: LEE J

Date of judgment: 9 August 2018

Catchwords: REPRESENTATIVE PROCEEDINGS – settlement approvals of six related proceedings pursuant to s 33V of Federal Court of Australia Act 1976 (Cth) – gross settlement of $215 million reasonable but subject to proposed deductions of $92 million to a litigation funder and over $20 million to lawyers –whether the net return to group members means that the proposed settlement is fair and reasonable and in the interests of group members – consideration of the power of the Court to interfere with contractual promises made by group members to litigation funder and circumstances as to whether such a power should be exercised – observations on the need for independent scrutiny of costs by a Referee – discussion as to the need to avoid unnecessary multiplicity of proceedings – broad confidentiality orders being sought when a commercial enterprise uses the public processes of the Court and the importance of open justice considerations – discussion of the need for caution in extinguishing the claims of any group members by exclusion from the settlement – settlement approved