Significant mortgage class action edges closer against Australian banks

After more than seven years work, a high-minded class action on behalf of bank customers with mortgage loans from Australian banks is closer to the stage of finally recruiting class members.

The website HomeBuyersLawsuits.com “comes online in June inviting those people that have entered into mortgage loans since 31 December 2015 to register for class membership,” Roger Brown, formerly a broker at Lloyd's of London, and the entrepreneur behind this matter told Banking Day yesterday.

“The expectation is that a minimum 300,000 registrations will be completed,” Brown said.

The law firm to conduct the case will be finalised by June, with the defendants being the Commonwealth of Australia in addition to nominated banks Brown did not identify yesterday, with key targets easily guessed.

Full story: BankingDay

High Court of Australia backs ‘beauty parades’ for multiple class actions

The High Court has backed the idea that judges can conduct a “beauty parade” when there are multiple class actions afoot and select a law firm to run the case, but suggested that using a “special referee” could be a better way to solve the problem.

The court on Wednesday rejected an appeal by one of the losers in a selection process run by Justice Julie Ward in the NSW Supreme Court for those wanting to sue AMP over revelations at the banking royal commission.

Full story: AFR