Spring Farm Class Action

Spring Farm Class Action

This is a class action on behalf of current or former owners, purchasers, landlords, investors and authorised representatives of deceased estates (Spring Farm Property Owners) of properties, lots or homes located within the suburb known as Spring Farm in the State of New South Wales, with post code 2570 (Spring Farm Class Action).   

Spring Farm Property Owners who have suffered loss and damage in the nature of property damage and/or economic loss due to their property being unfit for residential buildings are invited to register an expression of interest in participating in the Spring Farm Class Action.

If you would like to participate in the Spring Farm Class Action, we encourage you to return your Application Form by 30 June 2021. Further details are set out in the Spring Farm 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.

This 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.

Notice dated 28 May 2021 - Postponement of Deadline for Applications Spring Farm Litigation Funding Scheme (ARSN 649 089 912) (Scheme).

In accordance with section 3 of the Product Disclosure Statement dated 27 April 2021 (PDS) for the Spring farm 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 1 June 2021 to 30 June 2021

This means that Omni Bridgeway (Fund 5) Australian Invt. Pty Limited (ACN 635 083 984, Authorised Representative Number 1283704) (Funder) intends to fund a Class Action which is limited to a class that comprises only those Spring Farm Property Owners who have applied to be a member of the Scheme prior to the postponed deadline, which is now 30 June 2021.

The Issuer wishes to reiterate that there is a risk that insufficient applications for interests in the Scheme are received from Spring Farm Property Owners, such that the Funder may decide that the Class Action is not commercially viable and withdraw funding, in which case there is a real risk that the Class Action will not proceed. 

Further, as at the date of this Notice, the Funder has not agreed to fund the Proceeding as an ‘open’ class action. Rather the Funder continues to intend to fund the Class Action as ‘closed’ proceedings.

Terms not defined in this Notice have the same meaning as in the PDS.

Applications to participate in the Scheme will only be accepted on the Application Form contained in or accompanying the PDS.

Background

The Spring Farm Class Action alleges that Spring Farm Property Owners have suffered loss or damage due to the conduct of Camden Council, the developer Cornish Group Spring Farm Pty Limited, the geotechnical engineers SMEC Testing Services Pty Limited (In Liq) and SMECTS Holdings Pty Limited causing land located in Spring Farm to be unfit for residential development.

Causes of Action

The claims in negligence and misleading and deceptive conduct will be brought by Mayweathers who acts for property owners within Spring Farm. 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 class action is proposed to be funded by Omni Bridgeway on a “no win, no pay” basis in accordance with the terms of a PDS to be made available upon registration of a Litigation Funding Scheme with the Australian Securities & Investments Commission.   If the class action is successfully resolved and there is a recovery of compensation, Omni Bridgeway will be entitled to reimbursement of the costs it has spent plus a commission from such recovery only.

There are no ‘out of pocket’ costs for Group Members to pay. Group Members do not have to pay anything in the event that the class action is unsuccessful, as Omni Bridgeway agrees to pay any legal costs that might be awarded to the defendant.

How can affected group members participate in the class action?

If you are eligible to join the Class Action, you can apply to be a member of the Scheme and to participate in the class action 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. 

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 PDS 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; and
  • To the extent that a PDS is made available, you should consider with or without the assistance of your professional advisers whether or not to participate in the litigation to which the PDS 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.

A copy of the PDS can be accessed here.
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