This is an extract from the Slater and Gordon Website.
"On 4 March 2010, the parties appeared before His Honour Justice Ryan for a day long hearing of argument in relation to the merits of joining of PwC. His Honour reserved his judgment. We shall provide an update once the decision is handed down.
Following the October 2009 Full Federal Court decision in the case of Brookfield Multiplex Limited v International Litigation Funding Partners Pty Ltd, litigation funders are deemed to be managed investment schemes for the purposes of the Corporations Act (Cth) 2001. As a result, Comprehensive Legal Funding (CLF) and Slater & Gordon were required to cease work on the Centro class action until such time as they either complied with the significant formalities required to register as a managed investment scheme, or an exemption was granted. For the purposes of the Centro class action, ASIC has provided CLF with an interim exemption from the requirements of a managed investment scheme. This interim exemption will operate until 30 June 2010. We are hopeful that a more permanent arrangement will be implemented shortly.
Based on the work done to date, we continue to hold the view that the applicants? claims against CNP and CER as well as PwC are strong and have good prospects of success."
It seems the Class Action brought by Slater and Gordon has until the 30 June 2010 to register as a Managed Investment Scheme, which require "significant formalities"
CNP Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held
