Just over 260 homeowners opted in to the EQC On-sold class action before the deadline of 5pm on 22 September 2023.
Funding agreements have been sent to all of those who opted in with a huge number of these funding agreements back already.
We received a couple of questions on the funding agreement around the funding fee on amounts below the EQC cap and also on EQC reimbursement of costs for expert reports (engineers, geotechs, etc.). Just to clarify, the funding fee of 15% is only applicable to any settlement or judgment amount received over and above the EQC cap amount, and is not calculated against reimbursement of expert costs.
EQC is looking to make an application to the Court to have some of those who opted in removed on the basis that they don’t meet the class definition. Once we get the details from EQC, Grant Shand will be making contact with those homeowners directly for comment.
We are now going through a phase of procedural steps (e.g., discovery) with the class action with the next conference with the Court on 12 December 2023. We expect the Court to make further timetabling decisions and we will provide you with more news then.