Litigation funders launch new Aussie firm
Two leading litigation funders have joined forces to launch a new Australian firm to address a rapidly evolving regulatory and legal landscape for class actions.
Chief executive and managing director Stuart Price and executive chairman John Walker have launched CASL Management to address regulatory and legal requirements for class actions and their funders. The two are known for their work in the space and will bring a wealth of experience into the fight to keep class actions available.
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Commenting on the idea behind CASL, Mr Walker said that he and Mr Price shared “a vision for CASL fulfilling a constructive role” in achieving legal redress for the claimants who might not otherwise be able to access justice, “thereby providing protection for markets and their participants” as they navigate regulatory landscapes.
“We see CASL as the natural successor to ICP but with a broader mandate and deeper capital resources to meet demand and structural changes in the litigation funding market. Drawing on our combined experience, knowledge and hunger for success, we expect CASL to be a formidable force in the industry,” Mr Walker said.
The launch comes as the litigation funding industry fights attempts from the federal government, insurers and defendant firms to impose tighter constraints on the ability of Australians to litigate wrongdoings through class actions. Mr Price said the regulatory debate had ignored consumers, employees and investors.
“A level-playing field providing access to the legal system to prosecute legitimate claims is a cornerstone of society and Australia has been a global leader in implementing that principle,” Mr Price said. “CASL embodies integrity, solidarity and longevity – over time we expect it will be considered a beacon of hope for many.”
Mr Price added that the uncertainty caused by changes across the market has created a “significant opportunity” for funders committed for the long-term.
“The appetite for this asset class from investment capital, domestically and offshore, is strong and CASL is actively exploring options to expand its existing pool of capital. Ultimately, our combined experience, networks and successful track record in some of the largest and most significant funded litigation in Australia will set CASL apart,” he said.