Litigation funder may generate return from Lehman action
Publicly-listed litigation funder IMF Australia has pointed to the likelihood of the proceedings it has backed around the collapse of Lehman Brothers Australia Limited generating a return for its shareholders this financial year.
IMF has notified the Australian Securities Exchange that the Federal Court of Australia had approved the convening of a creditors meeting on 19 June to vote on a Scheme of Arrangement proposed by the liquidators of Lehman, and that if the creditors vote for the Scheme, the Court will determine later next month whether it proceeds.
The IMF announcement said the company considered it would be able to "assess the likelihood of income relating to Lehman" being included in the 2013 financial year, and the expected amount, after the creditors' meeting.
IMF has helped fund litigation by Australian local government councils which sustained losses as a result of the collapse of Lehman Brothers and the company's financial instruments.
AUTHOR
Staff Writer
Recommended for you
The Financial Services Council has appointed a new deputy chair for its board.
ASIC chair Joe Longo has told compliance professionals they need an “attitude of compliance” beyond written policies, how can AFSLs achieve this without alienating their advisers?
Peri and menopause training founder and TV journalist Shelly Horton has hit back at calls for businesses to introduce menopause leave.
Pendal has told investors it will start winding up its Enhanced Credit fund from December, its third fund closure this year.
