Krieger v Colonial First State Investments Limited [2024] FCA 1402

FEDERAL COURT OF AUSTRALIA Krieger v Colonial First State Investments Limited [2024] FCA 1402 File number(s):

Judgment of: MURPHY J

Date of judgment: 3 June 2024

Date of publication of reasons: 5 December 2024

Catchwords: REPRESENTATIVE PROCEEDINGS – application for Court approval of a proposed settlement under s 33V(1) of the Federal Court of Australia Act 1976 (Cth) – whether the proposed settlement is fair and reasonable in the interests of group members to be bound to it including as between group members – exercise of the discretion to make a common fund order – relevance of after the event insurance to the assessment of a reasonable litigation funding charges - whether proposed litigation funding charges are reasonable and proportionate – proposed settlement approved.

Australian Securities and Investment Commission Act 2001 (Cth) s 12CB Corporations Act 2001 (Cth), ss 960 to 968, 1528 Legislation: Federal Court of Australia Act 1976 (Cth) s 33V Superannuation (Unclaimed Money and Lost Members) Act 1999 (Cth) Superannuation Industry (Supervision) Act 1993 (Cth)

Alford v AMP Superannuation Limited (No 2) [2024] FCA 423 Bellamy's Australia Ltd v Basil [2019] FCAFC 147; 372 ALR 638 Blairgowrie Trading Ltd v Allco Finance Group Ltd (in liq) (No 3) [2017] FCA 330; 343 ALR 476 BMW Australia Ltd v Brewster [2019] HCA 45; 269 CLR 574 Caason Investments Pty Ltd v Cao (No 2) [2018] FCA 527 Caason Investments Pty Ltd v International Litigation Partners No.3 Ltd [2018] FCAFC 176 Camilleri v Trust Company (Nominees) Ltd [2015] FCA 1468 Clark v National Australia Bank Limited (No 2) [2020] FCA 652 Coatman v Colonial First State Investments [2022] FCA 1611 Court v Spotless Group Holdings Limited [2020] FCA 1730 Earglow Pty Ltd v Newcrest Mining Limited [2016] FCA 1433 Elliott-Carde v McDonald's Australia Ltd [2023] FCAFC 162; 301 FCR 1 Evans v Davantage Group Pty Ltd (No 3) [2021] FCA 70 Farey v National Australia Bank Ltd [2016] FCA 340 Galactic Seven Eleven Litigation Holdings LLC v Davaria [2024] FCAFC 54; 302 FCR 493 Ghee v BT Funds Management Limited [2023] FCA 1553 Cases cited: Hall v Slater and Gordon Ltd [2018] FCA 2071 Jenkings v Northern Territory of Australia (No 4) [2021] FCA 839 Kelly v Willmott Forests Ltd (in liq) (No 4) [2016] FCA 323; 335 ALR 439 Klemweb Nominees Pty Ltd (as trustee for the Klemweb Superannuation Fund) v BHP Group Limited [2019] FCAFC 107; 369 ALR 583 Kuterba v Sirtex Medical Limited (No 3) [2019] FCA 1374 Liverpool City Council v McGraw-Hill Financial, Inc (now known as S&P Global Inc) [2018] FCA 1289 Lopez v Star World Enterprises [1999] FCA 104 Money Max Int Pty Ltd (Trustee) v QBE Insurance Group Ltd [2018] FCA 1030; 358 ALR 382 Money Max Int Pty Ltd v QBE Insurance Group Ltd [2016] FCAFC 148; 245 FCR 191 Perera v GetSwift Limited [2018] FCA 732; 263 FCR 1 Perera v GetSwift Ltd [2018] FCAFC 202; (2018) 263 FCR 92 Petersen Superannuation Fund Pty Ltd v Bank of Queensland Ltd (No 3) [2018] FCA 1842; (2019) 132 ACSR 258 Prygodicz v Commonwealth of Australia (No 2) [2021] FCA 634 at [129] Street v State of Western Australia [2024] FCA 1368 Uren v RMBL Investments Ltd & Anor (No 2) [2020] FCA 647 Webb v GetSwift Limited (No 7) [2023] FCA 90; 414 ALR 500 Webster (Trustee) v Murray Goulburn Co-Operative Co. Limited (No 4) [2020] FCA 1053 Williamson v Sydney Olympic Park Authority [2022] NSWSC 1618