Responding to class action risk
The trends to note as you assess your class action risk are:
- The most noteworthy change in the class actions landscape in 2019 is the rise of consumer class actions as the most common form of new filing.
- 2019 class action filings are the third highest on record, having fallen slightly from the historic highs of 2017 and 2018.
- New filings aside, class action activity is at an all time high as the cases filed in prior years move through the courts.
- There have been fewer shareholder class action filings in 2019 than in previous years - partly due to the uncertainty and competitive pressures created by the variable way courts are dealing with competing class actions.
2020 and beyond
- Australia's first ever decision in a shareholder class action provides important guidance that will affect the way shareholder class actions are run in the future.
- More class actions are being funded by third party litigation funders, but a new trend is developing amid common fund uncertainty.
- We expect to see an increase in consumer class actions, employment claims, data breach claims and also shareholder claims for alleged non-disclosure of major business risks, such as climate change, among other things.
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