Federal Court of Australia
Federal Court of Australia
R&B Investments Pty Ltd (Trustee) v Blue Sky Alternative Investments Limited (Administrators Appointed) (in liq) (Carriage Application) [2022] FCA 1444 File numbers: NSD 665 of 2022 NSD 948 of 2022
Judgment of: LEE J
Date of judgment: 23 November 2022
Date of publication of reasons: 5 December 2022
Catchwords: PRACTICE AND PROCEDURE – representative proceedings – application under s 33V of the Federal Court of Australia Act 1976 (Cth) (FCA Act) for approval to discontinue representative proceeding against ten respondents – survey of relevant principles – whether discontinuance fair and reasonable – no prejudice to group members – discontinuance approved – orders made relating to suspension of limitation period under s 33ZF of the FCA Act – consideration of proper construction of s 33ZE(2) – amendment of group member definition pursuant to s 33K of the FCA Act REPRESENTATIVE PROCEEDINGS – carriage dispute concerning two competing, open class securities class actions – summary of multifactorial approach – option in best interests of group members to be preferred – applications to stay proceedings refused – proposed consolidation of proceedings subject to cooperative regime
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