Mr Laurence Bolitho, in his capacity as representative plaintiff and following receipt of independent legal advice, has agreed to appoint BSL Litigation Partners Limited (“BSLLP”) as the Banksia Class Action funder and to enter into a Litigation Funding Agreement with BSLLP on mutually acceptable terms and conditions. A Sample Litigation Funding Agreement on the same terms has been sent to all debenture holders. We are asking each group member of the Banksia Class Action to enter into the same Funding Agreement with BSLLP.
The Funding Agreement contemplates among other things that, subject to Court approval, BSLLP will be entitled to the recovery of the legal costs and disbursements which it has funded plus a success fee of a maximum 30% out of the net settlement or judgment proceeds, if the class action is successful. If the class action is unsuccessful then BSLLP will not be entitled to recover any money it has expended on the case.
BSLLP now pays for all legal costs plus disbursements (such as Counsels’ fees and witness expenses) and will pay any amounts which are ordered against Mr Bolitho by way of security for or payment of costs. Only Mr Bolitho can be made liable to pay or give security for costs, not any other member of the Banksia Class Action group.