The reason for many a class action is to recover funds from dodgy dealings by company directors.
Regardless of whether we recover any funds (highly unlikely), the other reason is to hold to account these people who basically burn OUR cash without concern or repercussions. There are hundreds of dodgy people running companies on the ASX that are not much more than used car salesmen. This may be the only way to hold these people to account, ASIC does next to nothing.
If we can prevent parties that have acted dishonestly from doing the same thing to other retail holders then we've achieved something both important and worthwhile.
The question in relation to Frank and co is whether it's malfeasance or just extreme incompetence. Either way they should be banned from ever again holding any position of corporate responsibility.
(20min delay)