Many business leaders I talk to are experiencing a class action or know someone who is. Businesses are being targeted in a class action boom that is being driven by a flood of cash from unregulated overseas litigation funding firms.

One locally-based international company told me that when their board heard of the heightened risk here of class action law suits and insurance premiums going through the roof as a result, they asked why should they even bother operating in Australia? Their insurance costs driven by the spike in class actions in Australia had risen fourfold. Their story is not unique. These wasted millions could have been better spent on employment, investment and research and development.