Litigation Capital Management Reaches Settlement in Australian Class Action
15 Maio 2023 - 6:38AM
Dow Jones News
By Michael Susin
Litigation Capital Management said Monday that it has reached a
settlement in a class action against the Commonwealth of
Australia.
The London-listed Australia-based provider of dispute-financing
solutions said that the class action was brought in the Federal
Court of Australia on behalf of persons who are alleged to have
suffered loss and damage as a result of contamination of their land
at seven sites around Australia in proximity to Department of
Defense military bases.
The company said that the Commonwealth has agreed to pay 132.7
million Australian dollars ($88.1 million) prior to the hearing
scheduled to begin today, while all other terms of the settlement
are confidential.
Litigation Capital Management added that so far, it is unable to
estimate the revenue and profit that will be generated if the
settlement is approved.
Shares at 0857 GMT were up 3.8 pence, or 5.0%, at 80.4
pence.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
May 15, 2023 05:23 ET (09:23 GMT)
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