SeamistyI do not have much faith in the Class Action giving PIF...

Seamisty

I do not have much faith in the Class Action giving PIF investors substantial compensation , based on the info below.

In particular, the MFS class action raised the issue of proportionate liability.
In the MFS class action, KPMG indicated that they intended to rely in their defense upon a limitation of liability afforded under the proportionate liability legislation for apportionable claims which is now in force throughout Australia. Indeed, after Jacobson J reserved judgment on the motion for approval of the discontinuance, the auditors filed a defense which claims that each of the settling respondents, with the exception of the 15th respondent, Mr Zelinski, was a concurrent wrongdoer within the meaning of the proportionate liability regimes contained in the New South Wales, Queensland, and Victorian legislation.
However, KPMG were concerned that if the applicable regime for the determination of proportionate liability is the Wrongs Act 1958 (Vic), the discontinuance of the proceedings against the settling respondents may prejudice the ability of the auditors to obtain the full benefit of their limitation of liability under that Act. Jacobson J took the view that based on undertakings by the former directors and his view of the operation of the Victorian legislation, the auditor's concerns should not prevent the court approving the discontinuance.
The MFS class action demonstrates that the proportionate liability legislation is likely to figure prominently in cases with multiple respondents.2 This is because the legislation, generally speaking, has the effect that liability in relation to the applicant's (and group members') claim is apportioned amongst concurrent wrongdoers, so the liability of any individual respondent is limited to an amount reflecting the proportion of the loss claimed that the court considers just, having regard to the extent of the respondent's responsibility for the loss. Note, however, that the apportionment applies only to apportionable claims, which usually include claims in negligence or misleading conduct causing economic loss or property damage, and is therefore not applicable to all claims.
Where an entity, such as an auditor, is the only entity with financial resources, proportionate liability can mean that it is not liable for all the loss suffered by the applicant (and the group members) but only the loss that is attributable to its wrongdoing.