Fintech and cryptocurrency are likely class action contenders after the latest economic turmoil.
Fallout from the COVID-19 pandemic is expected to fuel a surge in class actions because the crisis would have “masked fundamental business weaknesses”, industry veteran John Walker says.in favour of those seeking to lodge class action claims.CASL is cashed up after recently raising $155 million for claims that will only be run in Australia. The bulk of the funds came from offshore institutional investors and will be invested over the next two years.
Mr Walker founded litigation funder IMF Bentham, now market leader Omni Bridgeway, in 2001. He left to form Investor Claim Partner in 2016 and then set up CASL in 2020 with Stuart Price, the former CEO of Litigation Lending Services.over alleged underpaid wages. “However, if the current inflationary environment persists and worsens then not only will claims increase, so too will capital allocated to their prosecution.”
There were changes to continuous disclosure laws which meant companies and directors could only breach their obligations on price-sensitive information when they failed to update the market in a way that is intentional, reckless or negligent.