Business
Court Approval Settlement and Pipeline Update
Court Approval Settlement and Pipeline Update.
About this update from Litigation Capital Management Ltd
[{"type":"text","content":"\n \nRNS Number : 2970A Litigation Capital Management Ltd 28 May 2019 \n\n28 May 2019\nLitigation Capital Management Limited\n(\"LCM\" or the \"Company\")\n \nCourt Approval of Settlement and Portfolio and Pipeline Update\n \nLitigation Capital Management Limited (AIM:LIT), a leading international provider of litigation financing solutions, announces that the court has approved a settlement in respect of one of its class action litigation projects. This follows the negotiated settlement in principle of this litigation project announced on 20 March 2019. \n \nHighlights\n§ Court approval granted on 28 May 2019 with the effect that the settlement has become final and binding between the parties.\n§ Further judgment expected shortly which will determine the precise amount of LCM's share of these funds following which LCM will make a further announcement with the financial metrics of this litigation project. \n§ The settlement funds will be paid within 30 days with LCM's entitlement set to contribute significantly to profit for the current financial year to 30 June 2019. \n§ Fourth litigation project that LCM has completed in the current financial period. \n \nThe litigation project relates to a class action LCM funded on behalf of certain former shareholders in a resources company formerly listed on the Australian Stock Exchange. The other party is an international professional services company and prior to a final hearing, both parties participated in a mediation where a settlement in principle was reached. \n \nThe terms of the settlement (which are confidential) were approved by the Supreme Court of New South Wales, Australia at a hearing on 28 May 2019. This renders the settlement final and triggers the obligation on the defendant to pay the settlement sum.\n \nClass actions represent one of several types of litigation projects that LCM provides funding for across single-case and portfolios, as well as international arbitration, commercial claims and claims arising out of insolvency.\n \nPortfolio and pipeline update\n \nLCM currently has a portfolio of 28 projects under management. 18 of those litigation projects are unconditionally funded and 10 projects are conditionally signed. Since LCM's last announcement in relation to its portfolio, the projects which have moved to be uncond...