Will New Zealand follow Australia in adopting U.S. style class actions

FRT Admin
Site administrator
January 4, 2016

New Zealand FlagNew Zealand has been experiencing an increase in class actions taking place with at least 10 filings in the past year. It is also worth noting that Australia has seen more than $1 billion in settlement dollars, and at least 33 new class actions were filed in the past year. This is a big increase from previous years and they also seem to slowly adopting the U.S. style class action. Recently, litigation funders have made a presence in the NZ market. They have also received more activity with shareholders seeking recoveries for alleged fraudulent activities in the “Bank Fees” litigation suit. Judges have been receptive to group actions like this, and the court will most likely create more defined procedures for enabling a class action suit.

Already, two household names in NZ, Pizza Hut and Billabong, have both been defendants in class action cases. It is expected that we will see an increase in shareholder class actions rather than consumer actions because of the laws and regulations that already exist in NZ. One of them is the Health and Safety Reform Bill, which will address the health and safety of workers with resulting litigation under the Bill’s terms, rather than class actions. It will be interesting to see if class actions continue to prevail and what steps NZ takes to introduce them.

Read more about the class action landscape in New Zealand here.

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U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.