Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Petersen Superannuation Fund Pty Ltd v Bank of Queensland Limited (No 3) [2018] FCA 1842 File number: NSD 362 of 2016
Judge: MURPHY J
Date of judgment: 23 November 2018
Catchwords: REPRESENTATIVE PROCEEDINGS – application for court approval of settlement under s 33V of the Federal Court of Australia Act 1976 (Cth) – whether the proposed settlement is fair and reasonable – preclusion of class members whose claims were likely to be out of time –objections to settlement approval – where amounts sought to be deducted from the settlement sum by applicant's solicitor and funder would substantially consume the settlement – whether legal costs charged by legal representatives are reasonable and proportionate – whether proposed funding charges are reasonable and proportionate – whether a common fund order is appropriate – legal costs and funding charges are disproportionate and must be materially reduced – settlement approved with reduced costs and funding charges
Legislation: Corporations Act 2001 (Cth) Civil Procedure Act 2005 (NSW) Civil Procedure Act 2010 (Vic) Legal Profession Act 1987 (NSW) Legal Profession Act 2004 (NSW) Legal Profession Uniform Law (NSW) Limitation Act 1969 (NSW) Limitation of Actions Act 1974 (Qld) English Civil Procedure Rules 1998
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