Labor says decision called into question the legal basis for former government’s ‘absurd attempt to regulate funded class actions out of existence’
prompted a backlash
The crackdown against litigation funders prompted fears that future class actions would be hobbled due to a lack of financing. At the time, Slater & Gordon’s head of class actions, Ben Hardwick, said the 2020 crackdown was driven by a concerted campaign by the business lobby. It ruled that funded class actions cannot be considered as managed investment schemes, meaning they fall outside the regulatory scheme for such schemes in Australian corporate law.
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