Yes, this is an “opt-in” proceeding.
The class action will be limited to those who sign a Funding Agreement. This requirement is in place for two reasons:
First, the New Zealand High Court Rules provide that a representative action can be commenced as a right if all persons being represented provide their consent. We therefore require your consent, upfront, to participate in the action. By signing a Funding Agreement with IMF, you are providing consent to participate in the action.
Second, there is presently no ‘common fund’ procedure in New Zealand. In order to prevent ‘free riders’ from sharing in the potential fruits of the action without contributing to the costs, the action is limited to those who elect to sign a Funding Agreement.