Last checked at 15 May 2023 09:48
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 |
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Canaccord (Nomad and Joint Broker) | Tel: 020 7523 8000 |
Bobbie Hilliam | |
Investec Bank plc (Joint Broker) | Tel: 020 7597 5970 |
David Anderson | |
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Tavistock PR | Tel: 020 7920 3150 |
Tim Pearson Katie Hopkins
| lcm@tavistock.co.uk |
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