Litigation Funding Changing The Game to Open Access to Courts in Australia; RAND Litigation Funding
D & O Diary reports on and links to a new NERA study of the rapidly increasing rate of securities class actions in Australia. Of note, a major factor is said to be litigation funding provided by IMF (Australia) Ltd. The IMF firm is contributing one of several excellent speakers at a May 20 and 21 RAND conference in the DC area on litigation funding. According to Mr. LaCroix’ summary:
"Seventeen out of the 24 Australian securities class action lawsuits that have been filed since 2004 have been financed by a commercial litigation funder. The Australian commercial litigation funding business is dominated by IMF (Australia) Ltd., the first publicly listed litigation funder in Australia. IMF has financed 14 securities class action lawsuits and has proposed financing in an additional three suits that have not yet been filed. Though IMF dominates, according to the NERA study, a number of new firms have recently entered the market."