Australia targets litigation funders in class action clampdown
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SYDNEY (Reuters) - The Australian government is tightening regulatory scrutiny of wealthy litigation funders, clamping down on the industry following a surge in costly class action lawsuits. Treasurer Josh Frydenberg said on Friday that litigation funders will be required to hold an Australian financial services provider licence within three months, increasing transparency and accountability of the sector.The class action industry in Australia had a later start than in the United States but has..