King & Wood Mallesons annual class actions review has highlighted the continued growth of group actions in Australia, this is despite increased regulation of litigation funding in the jurisdiction. (In March 2020 it was announced that funders would have to abide by rules set by the Australian Securities and Investment Commission).
As we know, group actions are growing across the world - with a 'wave' of actions expected in Europe and ever increasing numbers here in the UK.
This trend is likely to continue over the next few years and across the world.
A record 63 class actions were filed in Australia between 2020 and 2021, despite increased regulatory pressure on litigation funders, according to research published by King & Wood Mallesons. The Review: Class Actions in Australia 20/21 reveals that at least 20 class action settlements were approved in the 12 months to June 30 2021, representing at least $850m in total settlement funds.
