(Alliance News) - Litigation Capital Management Ltd on Monday hailed the outcome of a settlement reached in an Australian class action that it funded.
The asset manager specialising in dispute financing solutions said the class action was brought in the Federal Court of Australia against the Commonwealth of Australia on behalf of people who are alleged to have suffered loss and damage as result of the contamination of their land at seven sites around Australia near to military bases by the country's Department of Defence.
Litigation Capital said that the Commonwealth of Australia has agreed to pay AUD132.7 million, around GBP68.0 million. The return on invested capital for the company after performance fees was 2.12 under the "investment performance" metrics.
Chief Executive Patrick Moloney said: "This settlement is a positive start to the fiscal year, demonstrating the momentum LCM's portfolio has gained over the last six months. We continue to scale our portfolio of investments through increased commitments which are a key indicator of future growth and long term shareholder value."
Litigation Capital Management shares were 1.5% lower at 103.42 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News reporter
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Litigation Cap. (LIT)