The Allianz Class Action was initially funded by Balance Legal Capital I UK Ltd (Balance) directly (Balance Funding) and was commenced by Ms Tracy-Ann Fuller, the Representative Plaintiff (Fuller Plaintiff) on that basis. The Fuller Plaintiff has elected to enter into an arrangement and enter into a further Retainer that will enable her to make an application for a group costs order (JWS Retainer).
While the Balance Funding has not terminated, the terms of the JWS Retainer are now governing the funding of the Allianz Class Action, insofar as they relate to the Fuller Plaintiff. If there are any changes to the funding arrangements summarised below, including reversion to the Balance Funding, we will notify group members in an updated Funding Information Statement.
The JWS Retainer arrangement provides that JWS will represent the Fuller Plaintiff in the Allianz Class Action, and will only be paid by the Fuller Plaintiff and Group Members for its fees and expenses incurred in the Allianz Class Action in the event of a (i) settlement of the Allianz Class Action and the recovery of the settlement sum from the defendant(s) or another party or part of them; or (ii) an award of damages in the Fuller Plaintiff’s favour in respect of the Allianz Class Action (including any appeal) (Successful Outcome).
A Successful Outcome will not be binding on the Fuller Plaintiff and Group Members until it is approved by the Court. As part of that approval process, the Court will also approve the amount payable to JWS, which will be calculated as explained below.
In order for us to represent the Fuller Plaintiff and Group Members in the Allianz Class Action and only to seek payment as ordered by the Court in the event of a Successful Outcome, JWS has been issued with a limited recourse loan by Balance (Loan). This Loan allows JWS to provide the legal services and pay for any expenses over the course of the Allianz Class Action. Balance is not entitled to claim repayment of the Loan from JWS unless there is a Successful Outcome, and any amount paid to Balance will be limited to the amount ordered to be paid to JWS by the Court. Balance has no contractual recourse against the Plaintiffs or Group Members for repayment of its Loan with JWS.
More comprehensive details about this funding arrangement can be obtained from the Funding Information Summary Statement and the Class Action Summary Statement.
If there are any further changes to the funding arrangement, Group Members will be notified on this website and also through other means.