Fordham v Commonwealth Bank of Australia [2023] FCA 1106

FEDERAL COURT OF AUSTRALIA

Fordham v Commonwealth Bank of Australia [2023] FCA 1106 File number(s): VID 387 of 2020

Judgment of: O'BRYAN J

Date of judgment: 15 September 2023

Catchwords: REPRESENTATIVE PROCEEDINGS – application for approval of settlement of representative proceeding – s 33V of the Federal Court of Australia Act 1976 (Cth) – principles relevant to settlement approval – whether proposed settlement fair and reasonable – whether proposed settlement distribution scheme just – whether certain deductions from settlement sum should be allowed – where proceeding conducted on a "no win, no fee" basis and without litigation funding – whether deduction for legal costs and disbursements, including "success fee" for applicant's solicitors, should be allowed – whether actual and proposed costs of administration of settlement distribution scheme should be allowed – whether costs incurred by applicant's solicitors for adverse costs insurance should be allowed – whether reimbursement payment to applicant and sample group members should be allowed – whether non-publication orders should be made – settlement approved – limited non-publication orders made

Legislation: Australian Securities and Investments Commission Act 2001 (Cth), ss 12CB, 12DA(1), 12DM Corporations Act 2001 (Cth), ss 961B, 961G, 961J Federal Court of Australia Act 1976 (Cth), Pt IVA, ss 33V, 37AF, 54A Life Insurance Act 1995 (Cth), Pt 9 National Credit Code, s 143(1)(b) Federal Court Rules 2011 (Cth), r 28.67

Cases cited: Caason Investments Pty Limited v Cao (No 2) [2018] FCA 527 Clark v National Australia Bank Limited (No 2) [2020] FCA 652 Darwalla Milling Co Pty Limited v F Hoffman-La Roche Ltd (No 2) [2006] FCA 1388; 236 ALR 322 Dillon v RBS Group (Australia) Pty Limited (No 2) [2018] FCA 395 Eckardt v Sims Ltd [2022] FCA 1609 Haselhurst v Toyota Motor Corporation Australia Ltd t/as Toyota Australia; Whisson v Subaru (Aust) Pty Ltd; Kularathne v Honda Australia Pty Ltd; Brewster v BMW Australia Ltd; Bond v Nissan Motor Co (Australia) Pty Ltd; Coates v Mazda Australia Pty Ltd [2022] NSWSC 1076 Kemp v Westpac Banking Corporation (No 4) [2023] FCA 830 Matthews v Ausnet Electricity Services Pty Ltd [2014] VSC 663 Modtech Engineering Pty Ltd v GPT Management Holdings Limited [2013] FCA 626 Reilly v Australia and New Zealand Banking Group Limited (No 2) [2020] FCA 1502 Reilly v Australia and New Zealand Banking Group Limited (No 5) [2023] FCA 896 Williamson v Sydney Olympic Park Authority [2022] NSWSC 1618