Wealthy litigation funders face tough new oversight rules and ASIC reporting requirements, as the Morrison government moves to crack down on costly shareholder class actions.
Treasurer Josh Frydenberg will bring litigation funders under the Corporations Act to slow Australia's booming class action industry and provide additional protections for firms and company directors, amid a threefold increase in the number of class action lawsuits over a decade.
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Tom McIlroy was the Financial Review’s Canberra bureau chief.
Michael Pelly was The Australian Financial Review’s legal editor