Tredrea v KPMG Financial Advisory Services (Australia) Pty Ltd (No 3) [2019] NSWSC 871

Supreme Court New South Wales

Medium Neutral Citation: Tredrea v KPMG Financial Advisory Services (Australia) Pty Ltd (No 3) [2019] NSWSC 871 Hearing dates: 27, 28, 31 May 2019; 22, 25 July 2019 Date of orders: 18 June 2019 Decision date: 30 July 2019 Jurisdiction: Equity - Commercial List Before: Parker J Decision: Grant Thornton to bring in short minutes of order to give effect to this judgment. Catchwords: CIVIL PROCEDURE — Representative proceedings — Settlement or discontinuance – application for common fund order – where funder held leading role in devising the representative claim – whether commission ought to be capped by reference to a multiple of the costs advanced – whether enforceability of funding agreements open to question – need for respondent or contradictor.

CIVIL PROCEDURE — Representative proceedings — Settlement or discontinuance – distribution of settlement proceeds among group members – legal costs – need for respondent or contradictor. Legislation Cited: Civil Procedure Act 2005 (NSW), Part 10, ss 173, 183, 184 Federal Court of Australia Act 1976 (Cth), s 33ZF(1) Legal Profession Uniform Law (NSW), Part 4.3, Division 7, ss 170(1)(a), 170(2)(b)(i), 178(1)(a), 187(1), 191, 194(1), 204(2)(a) Legal Profession Uniform Law Application Regulation 2015, r 34(2)(a) Personal Property Securities Act 2009 (Cth) Cases Cited: Blairgowrie Trading Ltd v Allco Finance Group Ltd (Receivers & Managers Appointed) (In Liq) (2015) 108 ACSR 1; [2015] FCA 811 Botsman v Bolitho [2018] VSCA 278 Brewster v BMW Australia Ltd [2019] NSWCA 35 Caason Investments Pty Limited v Cao (No 2) [2018] FCA 527 Hall v Slater & Gordon Ltd [2018] FCA 2071 Hodges v Sandhurst Trustees Ltd [2018] FCA 1346 Hopkins as Trustee of The David Hopkins Super Fund v Macmahon Holdings Limited [2018] FCA 2061 Kelly v Willmott Forests Ltd (in liquidation) (No 5) [2017] FCA 689 Lenthall v Westpac Life Insurance Services Ltd (2018) 130 ACSR 456; [2018] FCA 1422 Lifeplan Australia Friendly Society Limited v S&P Global Inc (Formerly McGraw-Hill Financial, Inc) (A Company Incorporated in New York) [2018] FCA 379 Liverpool City Council v McGraw-Hill Financial, Inc (now known as S&P Global Inc) [2018] FCA 1289 Modtech Engineering Pty Ltd v GPT Management Holdings Ltd [2013] FCA 626 Money Max Int Pty Ltd v QBE Insurance Group Ltd (2016) 245 FCR 191; [2016] FCAFC 148 P Dawson Nominees Pty Ltd v Brookfield Multiplex Ltd (No 4) [2010] FCA 1029 Perera v GetSwift Ltd (2018) 127 ACSR 1; [2018] FCA 732 Petersen Superannuation Fund Pty Ltd v Bank of Queensland Ltd (No 3) (2018) 132 ACSR 258; [2018] FCA 1842 Westpac Banking Corporation v Lenthall [2019] FCAFC 34 Texts Cited: Jeremy Kirk, "The Case for Contradictors in Approving Class Action Settlements" (2018) 92 ALJ 716 Category: Principal judgment Parties: Edgar George Tredrea (Plaintiff) Representation: Counsel: J C Giles SC / T E O'Brien/E Ball (Plaintiff) N Hutley SC / J Williams / EAJ Hyde (LCM Operations Pty Ltd) CE Bannon (Grant Thornton Australia Ltd); 22 & 25 July 2019