RCE Charts, page-1781

The worst example was the 2015 settlement in a class action that had been run on behalf of 336 former employees of Huon Corporation against CBL Insurance. The details are outlined in the submission of the Australian Industry Group.

In a remarkable move, AiG – a peak business group – has reproduced an extensive extract from the submission of the National Union of Workers to an inquiry run by the Victorian Law Reform Commission.

The union told that inquiry the original settlement for its displaced members was $5.1m. But once the funder and law firms took their cut, the former employees were left with nothing.

Here’s where the money went: litigation funder LCM received $1.8m, law firm Piper Alderman received $1.8m, barristers received $885,000, law firm Holding Redlich received $235,000, accountants Grant Thornton received $211,000, liquidator PPB received $50,000 while others received $86,000.