Litigation Capital Management Ltd Settlement in Australian class action (4111Z)
15 May 2023 - 6:48PM
UK Regulatory
TIDMLIT
RNS Number : 4111Z
Litigation Capital Management Ltd
15 May 2023
15 May 2023
Litigation Capital Management Limited
("LCM" or the "Company")
Settlement in Australian class action
Litigation Capital Management Limited (AIM:LIT), a leading
international alternative asset manager of disputes financing
solutions, announces that a settlement (subject to court approval)
has been reached in an Australian class action funded by it.
The class action was brought in the Federal Court of Australia
against the Commonwealth of Australia on behalf of persons who are
alleged to have suffered loss and damage as the result of the
contamination of their land at seven sites around Australia in
proximity to Department of Defence military bases.
The Commonwealth has agreed to pay the sum of AUD$132.7M in
order to resolve the class action, prior to the commencement of a
hearing in the case scheduled to begin on 15 May 2023, as
documented in a Heads of Agreement that has been executed by the
parties. All other terms of the settlement are confidential, and
the settlement and LCM's fee are subject to court approval.
The claim forms part of LCM's managed Global Alternative Returns
Fund ("Fund I") and was funded directly from LCM's balance sheet
(25%) and Fund I Investors (75%).
LCM is presently unable to accurately estimate the quantum of
the likely revenue and profit that will be generated from this
investment if the settlement is approved by the court but will
provide a further announcement in relation to this in due
course.
Patrick Moloney, CEO of LCM, said:
"This settlement demonstrates LCM's experience in class actions
in Australia. Producing an outcome for the parties without
incurring the expense of a contested hearing, the settlement is a
positive resolution both for LCM and for the class members, who
have been able to utilise LCM's funding in order to achieve this
result. We are pleased to have been able to support class members
in upholding both environmental and health protections."
Enquiries
Litigation Capital Management c/o Tavistock PR
Patrick Moloney, Chief Executive
Officer
Canaccord (Nomad and Joint Tel: 020 7523 8000
Broker)
Bobbie Hilliam
Investec Bank plc (Joint Tel: 020 7597 5970
Broker)
David Anderson
Tavistock PR Tel: 020 7920 3150
Tim Pearson lcm@tavistock.co.uk
Katie Hopkins
NOTES TO EDITORS
Litigation Capital Management (LCM) is an alternate asset
manager specialising in disputes financing solutions
internationally, which operates two business models. The first is
direct investments made from LCM's permanent balance sheet capital
and the second is third party fund management. Under those two
business models, LCM currently pursues three investment strategies:
Single-case funding, Portfolio funding and Acquisitions of claims.
LCM generates its revenue from both its direct investments and also
performance fees through asset management.
LCM has an unparalleled track record driven by disciplined
project selection and robust risk management.
Currently headquartered in Sydney, with offices in London,
Singapore, Brisbane and Melbourne, LCM listed on AIM in December
2018, trading under the ticker LIT.
www.lcmfinance.com
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