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Craig Arnott comments on proposed Australian legal reforms

Class Action Reporter recently spoke with several plaintiff-side lawyers and legal financiers regarding proposed changes to class actions and legal financing by the Australian and Victorian Law Review Commissions. In response to the proposed review of continuous disclosure requirements for ASX-listed companies, Burford MD Craig Arnott said weakening the law would be a “great mistake,” adding that: “The evidence about AMP at the Hayne Royal commission demonstrates that rules for proper corporate governance are needed now more than ever.”

Arnott also pushed back on the proposed federal collective redress scheme, stating: “There can certainly be a role for such schemes, but we don’t expect them to substitute for a ‘day in court’ and judicial scrutiny of claims.” On the topic of regulating legal financiers, Arnott expressed positive sentiment: “Burford welcomes Justice Derrington’s fair and considered report. We strongly agree with the recommendations that adequate capitalization and transparency of funds should be important requirements in a licensing regime.”