Copy from ASA, Class Action....

Copy from ASA, Class Action. http://www.delisted.com.au/legal.aspx

Essentially a class action allows one or more shareholders to bring an action as the representative of a larger group of persons known as the class. There must be at least seven people with a claim, the claim must arise out of related circumstances and it must give rise to a substantial common issue of law or fact.
Class actions provide a remedy where, although many people are affected, each person’s loss is small and not economically viable to recover through individual cases. Shareholders can thus get access to justice where in the past only deep pockets counted. Also, people who may be ignorant of their rights or fearful of taking action, are assisted by having one member of the affected group commence proceedings on behalf of all the members.
Litigation funders such as IMF (Australia) Limited, which is listed on the Australian Stock Exchange, are increasingly providing the funding for class actions. IMF will pay all the legal fees and disbursements in the case, and will pay the other side’s costs if the case is lost. If the case is won, IMF receives back the legal fees it has paid, and will receive a percentage of the proceeds before funds are distributed to members of the class.

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