Lee v Westpac Banking Corporation

The matter of Lee v Westpac Banking Corporation was before the court, which had to decide on the approval of a settlement in a class action case. The court needed to determine if the settlement terms were fair and reasonable, as well as assess the applicant's costs for prosecuting the claim. The applicant had filed an affidavit by a costs assessor in support of the application. The court also considered the timeframe within which material should have been filed.

The court reviewed the legal principles governing the approval of settlements and the assessment of costs. It considered the terms of the settlement, the affidavit of the costs assessor, and other submissions made by the parties. The court found that the settlement was fair and reasonable and approved the settlement terms as set out in the Settlement Scheme and the Settlement Deed. The court also approved the applicant's costs for prosecuting the claim, including the costs paid to date, unbilled and unpaid costs and disbursements, and unbilled and unpaid approval costs. The court further appointed Stewart Alan Levitt as the administrator of the Settlement Scheme and ordered that only registered group members would be entitled to participate in the settlement.

The court made several orders in relation to the settlement and the costs. It approved the settlement on the terms set out in the Settlement Scheme and the Settlement Deed, appointed Stewart Alan Levitt as the administrator of the Settlement Scheme, and authorised the applicant to enter into and give effect to the Settlement Deed and the transactions contemplated by it on behalf of the group members. The court also dismissed the whole of the proceeding, stayed the order until the administration of the Settlement Scheme was complete, vacated any orders relating to costs previously made in the proceedings, and ordered that each party bear its own costs. The court approved the class action costs and the administration costs, and ordered that certain documents be placed in a sealed envelope and marked "Confidential."