The share price of class action funder IMF Bentham Ltd (ASX: IMF) rose nearly 10% after making an announcement to the market.
Today, IMF announced that the Supreme Court of New South Wales found the defendants in the Brisbane Floods class action to be liable in negligence to the group members.
IMF estimates that, subject to the outcome of any appeals, that it is likely to recognise income from this investment (including the reimbursement of IMF’s share of expended costs, which are currently approximately $25 million) in the range of $100 million to $130 million. IMF said it has a right to 57.5% of the funding commission.
The timing of this is uncertain and will be subject to applicable accounting standards.
Andrew Saker, IMF’s CEO and Managing Director said, “We are delighted with this decision for both the thousands of clients whose lives were devastated by the flooding events in Brisbane in 2011 and for IMF’s shareholders.”
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