If successful, the class action could potentially lead to a compensation bill totalling tens of millions of dollars, according to some estimates.
Private litigation funder LCM is seeking to launch the class action, following the network problems that hit Vodafone Hutchison Australia (VHA) services in 2010-11, resulting in more than 1 million customers deserting for other service providers.
LCM stepped in after legal firm Piper Alderman initially failed to secure funding for the class action, according to Web reports.
Piper Alderman said in February that its claim would focus on VHA's "alleged misleading and deceptive conduct and other breaches of the Australian consumer law". Evidence would centre on dropped calls, reception issues and poor data performance said to have een experienced by millions of Vodafone, "3" and Crazy Johns customers.