Watson & Co Superannuation Pty Ltd v Dixon Advisory and Superannuation Services Ltd (Settlement Approval) [2024] FCA 386

FEDERAL COURT OF AUSTRALIA

Watson & Co Superannuation Pty Ltd v Dixon Advisory and Superannuation Services Ltd (Settlement Approval) [2024] FCA 386 File number(s): VID 769 of 2021 VID 383 of 2023

Judgment of: THAWLEY J

Date of judgment: 17 April 2024

Catchwords: REPRESENTATIVE PROCEEDINGS – settlement approval – where proposed settlement amount represents substantially all of the funds that the respondents have available to satisfy judgment – where settlement deed seeks to preserve ability of group members to make claims to the Australian Financial Complaints Authority – settlement approved COSTS – whether costs incurred by litigation funder in stayed proceedings should be ordered in relation to settlement in this proceeding – where only some work of enduring benefit – limited costs awarded INSOLVENCY – application by deed administrators for directions under s 90-15 of Div 90 of Sch 2 (Insolvency Practice Schedule (Corporations)) to the Corporations Act (2001) (Cth) – where application made in connection with approval of a settlement in representative proceedings – application for direction granted

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth) Federal Court of Australia Act 1976 (Cth) Corporations Amendment (Litigation Funding) Regulations 2020 (Cth) Corporations Regulations 2001 (Cth) Insolvency Practice Schedule (Corporations) Legal Profession Uniform Law (NSW)