This is an excerpt from the Centro update on the Slater and Gordon website:
"Following the October 2009 Full Federal Court decision in the case of Brookfield Multiplex Limited v International Litigation Funding Partners Pty Ltd, litigation funders are deemed to be managed investment schemes for the purposes of the Corporations Act (Cth) 2001. As a result, Comprehensive Legal Funding (CLF) and Slater & Gordon were required to cease work on the Centro class action until such time as they either complied with the significant formalities required to register as a managed investment scheme, or an exemption was granted. For the purposes of the Centro class action, ASIC has provided CLF with an interim exemption from the requirements of a managed investment scheme. This interim exemption will operate until 30 June 2010. We are hopeful that a more permanent arrangement will be implemented shortly."
From some other reading I understand that mediation has fallen over between all parties and that rather than have two class actions covering the same ground Justice Richard Kirby ruled that a panel or appointed representatives of both class actions proceed on the same ground.
The documents lodged and action displayed on the Federal Court website shows that Centro were due to provide some documentation on the insurance it has in place to cover this sort of thing, but had not provided anything.
Happy for others to fill in other information they have.
Very helpful post though Tweets
CNP Price at posting:
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