Victopia Apartments Class Action
This is a proposed Australian closed class representative proceeding brought on behalf of the Body Corporate and 199 unit owners of the Victopia Apartments in Auckland, NZ who apply to join the class (Claimants
) against the insurers of Brookfield Multiplex Constructions (NZ) Limited (in liquidation) (BMX
The class action is being funded and run as a managed investment scheme (the Scheme
) in compliance with new funded class action regulations introduced by the Australian government in 2020.
The class action is being run by Piper Alderman.
Further details are set out in The Certain Underwriters at Lloyds Group Litigation Funding Scheme Product Disclosure Statement (PDS) which is now available and can be accessed using the link below or by contacting Omni Bridgeway using the details below. If you decide to join having carefully read the PDS, please sign-up by completing and submitting an electronic or paper Application Form. In accordance with Section 10 of the PDS, the deadline for submitting Application Forms was previously extended from 30 April 2021 to 31 May 2021.
Notice dated 31 May 2021 - Postponement of Deadline for Applications Certain Underwriters at Lloyd’s Group Litigation Funding Scheme (ARSN 647 497 229) (Scheme).
In accordance with section 10 of the Product Disclosure Statement dated 31 March 2021 (PDS
) for the Certain Underwriters at Lloyd’s Group Litigation Funding Scheme, Omni Bridgeway Investment Management Limited (ACN 642 086 593 and AFSL No. 524023) (Issuer
) has determined to extend the deadline for applications to participate in the Scheme from 31 May 2021 to 30 June 2021
As set out in section 3 of the PDS, it is still intended to bring the closed class representative proceeding on behalf of the New Zealand claimants (as that term is defined in the PDS) who apply for funding and agree to become a funded member under the Scheme. In other words, it has not been determined to bring the Class Action on an ‘open’ basis.
Applications to participate in the Scheme will only be accepted on the Application Form contained in or accompanying the PDS.
In 2012, the Body Corporates and 199 unit owners of the Victopia Apartments made claims against BMX, KNZ International Co Limited (KNZ
), Auckland Council and other defendants in a proceeding commenced in the NZ High Court (the NZ Proceeding
). Those claims concerned building defects (cladding, balconies, podium and passive fire protection) at the Victopia Apartments, which is a unit complex at 135 Victoria Street West in Auckland. BMX was the builder of the Victopia Apartments, KNZ was the developer and Auckland Council was the certifying authority.
In 2017, the Claimants obtained a NZ judgment against each of BMX and KNZ in the sum of NZD53,124,719.76.
It is intended to commence a class action on behalf of the Claimants in the NSW Supreme Court against BMX’s insurers under the Civil Liability (Third Party Claims Against Insurers) Act
2017 (NSW) (Act
), to recover the amount of NZD $23,099,011 (plus interest), which is owed by BMX to the Claimants and remains unpaid (AU Proceeding
Causes of Action
This is an indemnity dispute which concerns the PI Policy issued to Brookfield Multiplex Pty Ltd and its subsidiaries, including BMX. Further details are set out in the PDS which is now available and can be accessed using the link below or by contacting Omni Bridgeway using the details below.
How much will it cost to be part of the class action?
The costs of running the Class Action will be partly met by Omni Bridgeway. In return, Omni Bridgeway will be entitled to a share of any amount awarded by the Court or any amount the Respondent agrees to pay to settle the Class Action - please see the Product Disclosure Statement when it is available for full details of the funding and the associated fees.
If you elect to take advantage of the funding offered by Omni Bridgeway, you will need to be comfortable with the relationship between the Scheme’s responsible entity, Omni Bridgeway, and the lawyers.
How can affected group members participate in the class action?
If you are eligible to join the Class Action, you can sign up to the Class Action by applying to be a member of the Scheme by completing and returning the Application Form
which is set out in the PDS. A copy of the PDS can be accessed here
and should be read in its entirety prior to submitting an application. You can also complete and submit an electronic Application Form by clicking on the ‘sign up’ link below.
If your application to become a member of the Scheme is accepted, you will be able to access updates about the progress of litigation on this website with unique log on details that will be issued to you once your application to become a member of the Scheme has been accepted.
Please note that registering an expression of interest with Omni Bridgeway does not represent an offer to participate in a Litigation Funding Scheme and is not a commitment by any person to fund a class action or potential class action in respect of the matters set out on this website. Omni Bridgeway also notes the following:
- An offer to participate in a Litigation Funding Scheme shall only be done by way of the Product Disclosure Statement in respect of the Lloyd’s Litigation Funding Scheme (ARSN 647 497 229) issued by Omni Bridgeway Investment Management Limited (ACN 642 086 593, AFSL No. 524023) in respect of the Litigation Funding Scheme which can be accessed using the above link.
- By registering an interest in participating in funded litigation, you consent to the Scheme’s Responsible Entity, Omni Bridgeway Investment Management Limited or Omni Bridgeway Limited (Authorised Representative of Omni Bridgeway Investment Management Limited) (ABN 45 067 298 088, Authorised Representative No 1283703) contacting you and providing further information in relation to litigation funding.
- You should consider with or without the assistance of your professional advisers whether or not to participate in the litigation to which the Product Disclosure Statement relates.
If you have any queries, you can contact the Omni Bridgeway Client Liaison Team by email on [email protected]
or free call 1800 016 464