group of class action lawyers in Australia “are facing a criminal investigation and a damages bill of more than $11.7 million for ‘dishonourable’ and ‘fraudulent’” conduct, reports the Australian Financial Times. The lawyers and litigation funder involved attempted “to claim more than $19 million in legal and funding fees from a group of elderly investors in the Banksia class action.”

Last week, the Australian Financial Review featured an op-ed written by Stuart Clark, an adjunct professor at Macquarie Law School and former president of the Law Council of Australia, that highlights the need for reforming Australia’s litigation funding industry.

he Australian Federal Government is looking to put an end to the excessive fees charged by class action litigation funders and lawyers. On September 30, the government released its long-awaited proposals for the regulation of the litigation funding industry.

The Australian Parliament has just passed legislation to reform Australia’s corporate disclosure rules.

Litigation funders have resumed their campaign to try and stop the Australian federal government from reforming their industry.

The Australian Federal Treasurer and Attorney General have announced a government consultation—which allows stakeholders to submit comments to the government—on third party litigation funding and class actions to address the low and disproportionate returns for class action claimants.

The Australian Industry Group (Ai Group), a national association of businesses, called for class action reforms while insurance premiums skyrocket, according to Insurance News AU.