Settlement, page-3

Yes, Interesting times with Sirtex Class Action.

The matter is coming back before Justice Murphy on 24 June 2019. I expect a timetable will be set then for steps up to the Approval Hearing (late July?) where argument will be made in support of the settlement terms -- and any objections / questioning should be heard.

Interesting situation where two class actions were consolidated on 30 April 2018. So two sets of class action lawyer fees to sort out: Maurice Blackburn and Portfolio Law (and the various barristers).

As covered in this Hotcopper thread, a big Chinese conglomerate swooped in during the litigation and acquired Sirtex. A novelty of the litigation was that Justice Murphy made orders for $80m to be preserved. The maximum value of the claim was found to be $280m.

See: Kuterba v Sirtex Medical Limited (No 2) [2018] FCA 1489
https://jade.io/article/613671

And now we are here. Fresh orders made 7 June 2019 to reduce the preserved amount to $40m, so that suggests the in principle settlement agreement will be for an amount of $40m or so. I expect Class action lawyer fees and litigation fess will be carved out of that further. Not sure how much will be left for the actual class action group members.

Will any Sirtex class action members be game to review / question the amount of their lawyer fees... and perhaps fairness of the litigation funder fees and settlement amount itself? Almost never happens.

David Barrow | Lawyer | AAV Legal