Mr Hockey: legal costs hurt investors too

The massive cost of launching legal action in Australia is damaging the integrity of our financial system. Joe Hockey is now a victim of those huge legal fees and he needs to act to reduce them. Media reports have suggested the Treasurer will pay $500,000 in legal fees after launching a defamation action against Fairfax. It brings into focus the enormous legal costs facing Australians who launch legitimate actions, plus the impact this has on all of our legal rights, the integrity of financial markets and investor protection in general. Investors who want to protect their rights, or seek recovery of losses caused by misdemeanours of public companies, are confronted by the massive costs of doing so. Now Joe Hockey has personally felt the consequences of horrendous legal costs in Australia. As a senior member of the Government we are entitled to ask - will he do anything to try and bring those costs down? (VIEW LINK)