Frequently asked questions
1. Who is conducting the Class Action?
Johnson Winter Slattery (JWS) are the solicitors running the class action.
JWS has leading-edge experience in advising clients on large-scale litigation and class actions, and its litigation partners have been involved in many of the significant claims and major class actions in Australia over the last 20 years. JWS has the experience acting for both plaintiffs and defendants in large-scale litigation and class actions related to consumer insurance products, antitrust/competition, corporate, financial services and tax matters.
JWS has leading-edge experience in advising clients on large-scale litigation and class actions, and its litigation partners have been involved in many of the significant claims and major class actions in Australia over the last 20 years. JWS has the experience acting for both plaintiffs and defendants in large-scale litigation and class actions related to consumer insurance products, antitrust/competition, corporate, financial services and tax matters.
2. How is the Class Action being funded?
The class action is funded by Harbour Fund V, L.P. (Funder).
There are no upfront costs payable by the group members to become part of the class action.
If the class action is unsuccessful, group members will not be liable to pay any of the costs of the class action.
There are no upfront costs payable by the group members to become part of the class action.
If the class action is unsuccessful, group members will not be liable to pay any of the costs of the class action.
Funding updates
- In June 2022, the Full Court of The Federal Court of Australia released its judgment in LCMFunding Pty Ltd v Stanwell Corporation Limited (Stanwell Judgment), which impacts whether funding arrangements such as those in place for the CMC Markets Class Action should be classified as Managed Investment Schemes and regulated as such under the Corporations Act 2001.
- The CMC Markets Class Action was registered as a managed investment scheme named Harbour Litigation Funding Scheme No. 1 (ARSN 655 507 716) (the Scheme) under laws impacted by the Stanwell Judgment. Evolution Trustees Limited (AFSL No. 486217) (Evolution Trustees) was the Responsible Entity for that Scheme.
- On 11 August 2022, Evolution Trustees resolved to deregister the Scheme.
- On 20 November 2022, ASIC confirmed the deregistration of the Scheme.
- On 22 December 2022, Evolution Trustees provided Members of the Scheme a notice to terminate the Scheme in one months’ time from the date of the notice. You can view a copy of the notice here.
- The class action continues to be funded by the Funder and the termination of the Scheme will not impact the running of the CMC Markets Class Action.
3. What sort of compensation might I receive if the claim is successful?
The class action seeks damages and/or compensation for the Applicants and Group Members.
The actual amount of compensation payable will depend on the outcome of the case and the circumstances of individual Group Members, and therefore cannot reliably be predicted.
The actual amount of compensation payable will depend on the outcome of the case and the circumstances of individual Group Members, and therefore cannot reliably be predicted.
4. How long will the action take?
The length of the proceedings is difficult to predict but the litigation is likely to last several years. It is not uncommon for a class action in Australia to last for more than two years.
5. What if I do not want to be a group member?
In due course, the Court will order an opt out process in the class action for group members.
Media
whichcar.com.au
Feb 20, 2023
Class action launched against Hyundai and Kia over 'defective' engines
Lawyers allege numerous vehicles sold by the carmakers in Australia were offered for sale with engines that were manufactured or designed defectively.
drive.com.au
Feb 17, 2023
Hyundai and Kia hit with class action: Engine fires, failures, 500,000 cars affected
Up to half-a-million owners of Hyundai and Kia cars in Australia are being urged to sign up to a class action – lodged in Federal Court this week – due to the high risk of engine failures and fires.
lawyersweekly.com.au
Feb 16, 2023
2 more class actions launched against Hyundai, Kia
Two more class actions have been launched against Hyundai and Kia, after allegations that the motor companies sold vehicles that they knew were defective.
Contact us
You can email us at CMCaction@jws.com.au or by filling out the form below.