The one thing positive regarding the Class Action is it will...

The one thing positive regarding the Class Action is it will make good reading after it is finalised.

In early 2013, we also saw respondents employing AsIC information to their advantage. In the Octaviar class action (relating to the collapse of the MFs Premium Income Fund), AsIC was subpoenaed by KPMG (the first and second respondents). In February 2013, Ms Watts, the scheme manager of the Fund, unsuccessfully sought to prevent KPMG being granted access to her transcript of a compulsory AsIC examination. Justice Perram did not accept the submission that the subpoena was being used as a form of pre-trial discovery against Ms Watts. Rather, his Honour concluded that the evidence established that the document was relevant to KPMG’s proportionate liability defence.