On 1 November 2021, Piper Alderman filed a Class Action in the Federal Court of Australia against: (1) Dixon Advisory and Superannuation Services Ltd (DASS); (2) E & P Financial Group Limited (E & P); and (3) Mr Alan Dixon (Mr Dixon) (collectively, the Defendants) on behalf of retail clients of DASS who acquired, renewed or continued to hold units, convertible step-up preference units and notes (URF Products) in the US Masters Residential Property Fund (URF).
Subsequently on 22 December 2022, Shine Lawyers filed a competing Class Action against DASS, E&P, Mr Dixon and an additional director of DASS.
As a result, the Federal Court of Australia was asked to determine whether the Class Actions should be consolidated or whether only one should proceed.
On 18 May 2022, his Honour Justice Thawley ordered that Piper Alderman’s Class Action be stayed until the resolution of Shine’s Class Action (ether by way of judgement or settlement), or further order of the Court.
Accordingly, as Piper Alderman’s Class Action is now stayed, Group Members are no longer able to register their interest in the Piper Alderman Class Action. If you have previously registered your interest with Piper Alderman or Balance Legal Capital II UK Pty Ltd (Balance), the litigation funder who is funding the Piper Alderman Class Action, or have entered into a retainer and/or funding agreement with Piper Alderman or Balance, you will be contacted regarding next steps in due course.