Stanwell Corporation Limited v LCM Funding Pty Ltd [2021] FCA 1430

Federal Court of Australia

Stanwell Corporation Limited v LCM Funding Pty Ltd [2021] FCA 1430 File number: QUD 201 of 2021

Judgment of: BEACH J

Date of judgment: 17 November 2021

Catchwords: CORPORATIONS – cartel representative proceeding – bidding strategies of Queensland electricity generators – managed investment scheme – litigation funder – purpose of scheme – whether two separate schemes – financial product – whether funding scheme constitutes a financial product – s 764A(1)(m) of the Corporations Act 2001 (Cth) – whether scheme an unregistered managed investment scheme – s 9 of the Corporations Act – whether scheme grand-fathered under the Corporations Regulations 2001 (Cth) – regs 5C.11.01, 7.1.04N, 10.38.01 – application of the Corporations Amendment (Litigation Funding) Regulations 2020 (Cth) – doubts concerning Brookfield Multiplex Ltd v International Litigation Funding Partners Pte Ltd (2009) 180 FCR 11 – reference to Full Court – reference refused – originating application dismissed – utility of declarations sought under cross-claim – cross-claim dismissed

Legislation: Competition and Consumer Act 2010 (Cth) s 46 Corporations Act 2001 (Cth) ss 9, 168, 169, 601ED, 601FA, 601FB, 601FC, 601GC, 601KA, 601KB, 601KC, 601KD, 601KE, 764A, 911A, 1012B, 1324 Corporations Amendment (Litigation Funding) Regulations 2020 (Cth) regs 5C.11.01, 7.1.04N, 10.38.01 Corporations Amendment Regulation 2012 (No. 6) Amendment Regulation 2012 (No. 1) (Cth) regs 7.6.01, 7.6.01AB Corporations Regulations 2001 (Cth) regs 5C.11.01, 7.1.04N, 10.38.01 Federal Court of Australia Act 1976 (Cth) ss 25, 33J, 33K Managed Investments Act 1998 (Cth)