find the latest legal job
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
IR Advisor/Member Advocate
Category: Industrial Relations and Employment Law | Location: St Leonards NSW 2065
· Permanent (0.8-1.0 FTE) role in a developing team
View details
Oz a contender to be home of global class actions

Oz a contender to be home of global class actions

An international study has named Australia as a frontrunner to become a regional centre for securities class action litigation.

The predictive study by consultancy firm Goal Group has forecast that class action settlements in the Asia-Pacific are expected to be worth $US3.4 billion by 2020.

“Australia could be responsible for a fair amount [of that],” said Andreas Costi (pictured), Goal Group’s director of sales for Australia and New Zealand.

Australia was nominated among only a handful of countries, including The Netherlands and Canada, as potential venues for non-US class actions, which are expected to produce a total of $US8.3 billion in settlements by 2020.

The US currently attracts the highest volume of class action settlements, according to the study. But a recent US Supreme Court decision has limited non-US investors from obtaining compensation from foreign companies through the US court system.

In 2010, the Court ruled that securities laws only apply to companies listed on US exchanges during an investor class action against the National Australia Bank.

The ruling has resulted in “an unofficial battle” to be the home of non-US securities class actions, said Costi, with Australia’s “lively class action scene” placing it among the frontrunners vying to become regional centres for this type of litigation.

“This is a growth area within the legal industry,” he said.

Researchers also claimed the fallout from restrictions to overseas plaintiffs under US law could mean the non-participation rate is “probably considerably higher” than the 24 per cent figure taken from Goal analysis of its securities class action database.

If non-participation rates seen in US class actions are experienced in non-US activity, more than $US2 billion of investors’ rightful returns will be unreclaimed each year by the end of the decade, according to the study.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Oz a contender to be home of global class actions
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Human body, illegal organ trafficking, ALHR
07:05
Australia poised to combat illegal organ harvesting: ALHR
The Australian Lawyers for Human Rights are calling for changes to the law so that organ trafficking...
Online service, barristers, BarristerSELECT, Stephen Foley
07:04
New online service leverages barristers’ clerks to aid briefing
A new online tool has been launched to help NSW solicitors find the most suitable barristers for the...
NSW District Court judge, Tim Gartelmann SC, next appointment,
07:00
Silk replaces outgoing NSW District Court judge
A barrister has been named as the next appointment to the NSW District Court, following the retireme...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...