PIS settles out of court on Westpoint
Litigation funder IMF Australia has reached a conditional settlement on behalf of Westpoint investors against Professional Investment Services (PIS).
The settlement relates to proceedings IMF funded in the New South Wales Supreme Court on behalf of the affected investors. IMF’s statement to the Australian Securities Exchange said the terms of the settlement were confidential between the parties, but that the majority of the settlement was expected to be paid next financial year (ending 30 June 2011).
Settlement is conditional on the dismissal of the proceedings.
IMF has funded three Westpoint actions. One of the actions remains unresolved, but the IMF anticipated this would be resolved in “the near future”.
IMF expects to generate a profit, after capitalised overheads but before tax, of approximately $1.5 million from the PIS settlement. This will deliver approximately $3.25 million of revenue to the listed group.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
