The international study by consultancy firm Goal Group named Australia as a contender for the crucial role among only a handful of other countries including The Netherlands and Canada, and also suggested that non-US class actions could produce a global total of $8.3 billion in settlements during the next seven years.
‘Unofficial battle’
The study follows a recent US Supreme Court ruling which restricted non-US investors from obtaining compensation from foreign companies through the US court system, reports Lawyers Weekly.
The decision sparked an ‘unofficial battle’ to become the go-to location for non-US securities class actions, according to Goal Group’s director of sales for Australia and New Zealand Andreas Costi, who added that litigation funders and plaintiff law firms -such as Maurice Blackburn and Slater & Gordon – would be the main benefactors of the ruling.
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