The financing company backing what is expected to be the largest class action in Australian history — over faulty Takata airbags — has suffered a major blow, after the High Court overruled orders entitling it to 25 per cent of victims' eventual payouts.
A class action against several global car makers could involve up to 2 million claimants in Australia. The NSW Supreme Court made a"common fund order", meaning anybody who was eventually awarded money under the Takata class action would have to hand over 25 per cent of their payout to Regency Funding.
A similar case, in which a different litigation funder provided resources to a class action taking aim at Westpac's life insurance pricing, was also considered by the court.
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