General FAQs

What is a class action?
Why should I sign with Bannister Law?
When should I sign?
What is the process of joining Bannister Law’s class action?
How much will it cost me?
Why have you sought support from a litigation funder?
Why engage Bannister Law over anyone else?
The history of Dick Smith Holdings Limited (ASX:DSH) (In Receivership)

 

What is a class action?

Class actions are legal proceedings brought by one person on behalf of a group. Rather than each person pursuing a claim separately, a class action streamlines the process, enabling a dispute involving large numbers of people with common issues to be resolved through a single case.

Importantly, a class action pools legal expenses across members of the class. This makes it far more cost effective than each claimant pursuing legal action separately.

Why should I sign with Bannister Law?

You don’t have to but you will be better informed than relying on the media for updates. The main benefit will be that Bannisters will individually assess your claim and take instruction from you to maximise your compensation in the event of a successful outcome to the proceedings.

When should I sign?

Now, so we can start gathering your data and documentation, all of which takes time.

What is the process of joining Bannister Law’s class action?

You go to the ‘Register tab on this site and enter your details. You will then be registered to receive updates.

You then have the opportunity to sign a funding agreement and a Bannister Law retainer.  This will engage Bannisters to deal with you and your claim on an individual basis and engage the funder to pay all of the upfront costs of the litigation.

How much will it cost me?

There are no upfront costs. If Bannister’s decide to run the case and if the case is unsuccessful there will be no costs to individual clients. Neither Bannisters nor the litigation funder will recover any fees. If the case is successful, Bannisters will first apply to the court to recover their fees from either Anchorage Capital Holdings the private equity partners, the directors and officers of Dick Smith Holdings Limited (ASX:DSH) (In Receivership) class action and/or their auditors. If there is a shortfall, a proportion of your compensation will go to cover the costs of Bannister’s legal fees.   The litigation funder would then be entitled to 25-30% of the settlement in the event of a successful claim. This is compensation for them paying all of the upfront costs of the litigation and taking on the risk in the event of an unsuccessful claim.

Why have you sought support from a litigation funder?

A litigation funder takes on the financial risk of the class action. Other law firms may charge an uplift (increase) of 25% on all their fees whereas no such uplift is allowed to be paid to a litigation funder.

Another major advantage of a funder is that they will meet any order for security for costs. Security which is set aside under a costs order are costs set down in advance of a hearing to make sure that if the Applicant is unsuccessful, the legal and other costs of the litigation will be available to the Respondent. This can be a large sum of money that individual claimants may not be able to financially cover themselves.

Why engage Bannister Law over anyone else?

We’re offering an experienced team of legal counsel and solicitors who have extensive experience in commercial litigation, compensation, property law and professional negligence and our Counsel have been instructed in a number of class actions in the Supreme Court of NSW, WA and the Federal Court.

The history of Dick Smith Holdings Ltd (ASX:DSH) (In Receivership)

Dick Smith Holdings was founded by Dick Smith in 1968. In 1982, Woolworths Limited purchased Dick Smith Pty Ltd.

On 26 November 2012, the company was sold by Woolworths and became Dick Smith Sub-holdings Limited. This company was 98% owned by Anchorage Capital Partners and 2% owned by LMA Investments, a company controlled by Nick Aboud.

The company was then floated as Dick Smith Holdings Limited (ASX:DSH) in December 2013.

Dick Smith Holdings Limited (ASX:DSH) (In Receivership) was placed into administration by its creditors in January 2016. The last of the “bricks and mortar” stores closed in May 2016.