7-Eleven Australia and its American parent faces a class action brought on behalf of underpaid workers and disgruntled franchisees.

The action is being prepared by Levitt Robinson principal Stewart Levitt following explosive revelations of a massive cover-up of employee exploitation being run out of 7-Eleven's corporate headquarters by a joint investigation between BusinessDay and Four Corners.

The investigation has also revealed a database containing extracts of store reviews that shows rampant underpayment of staff and other illegal behaviour by franchisees.

Mr Levitt, who ran the successful Storm Financial class action, said he would look to join the Dallas-based 7 Eleven Inc to the class action.

"Nothing's given me more encouragement than reading the store management agreement in the last few days and the specific reservation of ultimate power to Dallas over everything in the Australian franchise agreement.

"So one could easily argue that Dallas is a party that's knowingly concerned in the all of the provisions of this concept or scheme," he said.

Mr Levitt said he believed 7-Eleven Australia was acting as an agent for its American parent.

"Well that means that in my view we could probably take this all the way to the States and we can hold them accountable for American activity on Australian soil," Mr Levitt said.

7-Eleven Inc is yet to respond to questions regarding the potential class action.

In earlier correspondence, 7-Eleven Inc told the joint media investigation and outraged twitter followers it was confident 7-Eleven Australia "will take the appropriate steps to address this situation".

On Monday, 7-Eleven Australia launched an independent review of underpayment of workers at its stores. It also announced a store buy-back for disgruntled franchisees.

A 7-Eleven insider has described the company as being in panic mode and that the "franchisees are furious".

The company insider has estimated that 100 per cent of the company's store would be found to be exploiting workers if all stores were reviewed. Documents detailing store financials also show the financial plight of more than a third of 7-Eleven's 620 stores in Australia.

7-Eleven's review coincides with a major investigation by Fair Work into wage abuse at the company's stores. It is Fair Work's third major investigation into 7-Eleven in the past seven years.

For its part, 7-Eleven Australia says it is working with Fair Work.

"What has happened, has happened on our watch, and we are a company with a proud heritage and a strong reputation, we cannot allow the few to taint the achievements of the many," 7-Eleven chief executive Warren Wilmot said.

"We are seeking the co-operation of the Fair Work Ombudsman (FWO), and today reached out to them, inviting them to assist in establishing the terms of reference of the independent panel and its mode of working."

Labor senator Deborah O'Neill, who is a member of the Senate committee into working visas and wage fraud, said she was deeply concerned about the revelations of systemic wage abuse of 7-Eleven's workers.

"The structures that are available to the Fair Work Ombudsman at the moment or the way they're being used, don't seem adequate to prevent the practices that are being uncovered, " she said.

"So if that means legislative change, then that may well be what the committee recommend," Senator O'Neill said.