What is a group proceeding and is it the same as a class action?

Class actions and group proceedings are really the same thing.  They are different ways of describing legal proceedings whereby one or a small number of representative plaintiffs can take legal action on behalf of all persons who have similar claims.  The Banksia Class Action is a good example of such proceedings.  All of the more than 16,000 depositors in Banksia Securities (the debenture holders) have essentially the same claims against the same defendants.  The only differences between them are the amounts they have lost.