A litigation funding arrangement for a class action, comprising retainer agreements and funding agreements between group members, solicitors and a litigation funder, constitutes a 'managed investment scheme' within the meaning of s 9 of the Corporations Act 2001 (Cth). The contractual promises of group members to pay a percentage of any resolution sum are contributions of 'money's worth'. The contractual entitlement to a pro rata share of the resolution sum is a 'benefit produced by the scheme' distinct from the pre-existing cause of action. However, the question of whether such contributions are 'pooled' or 'used in a common enterprise' was the subject of disagreement between the judges.
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