Mid-Coast Council v Fitch Ratings, Inc

Mid-Coast Council brought a proceeding against Fitch Ratings, Inc in the Federal Court of Australia on behalf of 22 group members. The dispute related to a class action settlement agreement. The court was required to determine whether the proposed settlement was fair and reasonable, and whether confidentiality orders should be granted. The court also had to decide whether preclusion of class members who failed to engage with the proceeding was appropriate.

The court found that the proposed settlement was fair and reasonable, and that the confidentiality orders should be granted. The court noted that all group members were given ample opportunity to participate in the proceeding if they wished to do so. The court also found that it was appropriate to preclude class members who failed to engage with the proceeding. The court approved the settlement on the terms set out in Exhibit B, and appointed the solicitor for the plaintiffs as the administrator of the settlement distribution scheme.

The final orders of the court were that the settlement agreement be approved, the proceeding be dismissed with no order as to costs, and the hearing be vacated. The scheme administrator and the parties were granted liberty to apply on three days’ notice.