⌘K
t
On 4 December 2024, Litigation Capital Management Limited (LCM) announced that the Federal Court of Australia delivered a judgment in a class action it funded. The judgment found against LCM's funded party, the Queensland users of electricity, into which LCM had invested A$25 million of its own balance sheet capital. A right of appeal from the judgment must be filed within 28 days.
| Date | 4 Dec 2024 |
| Time | 07:00:06 |
| Category | Miscellaneous |
| ID | 7067O |
4 December 2024
Litigation Capital Management Limited
("LCM" or the "Company")
Judgment Delivered in Class Action Investment
Litigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, announces that the Federal Court of Australia has delivered a judgment in the class action funded by LCM on behalf of the Queensland users of electricity against Stanwell Corporation Ltd and CS Energy Ltd (the "Judgment").
The Judgment found against LCM's funded party, the Queensland users of electricity. LCM has invested A$25m of its own balance sheet capital into this case to date.
There is a right of appeal from the Judgment which must be filed within 28 days. LCM is considering the Judgment with the legal team and any appeal will be filed in due course.
Patrick Moloney, CEO of LCM commented: "We will carefully review the Federal Court's decision and, with the legal team, will assess the prospects of a successful appeal from the judgment. Our expectation has always been that an appeal in this case was likely, regardless of the initial outcome. We remain confident in the strength of the underlying claim."
Enquiries
|
Litigation Capital Management |
c/o Tavistock PR |
|
Patrick Moloney, Chief Executive Officer David Collins, Chief Financial Officer |
|
|
|
|
|
Cavendish (Nomad and Joint Broker) |
Tel: 020 7220 0500 |
|
Jonny Franklin-Adams and Rory Sale (Corporate Finance) Tim Redfern and Jamie Anderson (Corporate Broking) |
|
|
Canaccord Genuity (Joint Broker) |
Tel: 020 7523 8000 |
|
Bobbie Hilliam |
|
|
|
|
|
Tavistock PR |
Tel: 020 7920 3150 |
|
Katie Hopkins Simon Hudson |
NOTES TO EDITORS
Litigation Capital Management (LCM) is an alternative asset manager specialising in disputes financing solutions internationally, which operates two business models. The first is direct investments made from LCM's permanent balance sheet capital and the second is third party fund management. Under those two business models, LCM currently pursues three investment strategies: Single-case funding, Portfolio funding and Acquisitions of claims. LCM generates its revenue from both its direct investments and also performance fees through asset management.
LCM has an unparalleled track record driven by disciplined project selection and robust risk management.
Currently headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT.