IMF Bentham discontinues Spotless class action funding

Company News

by Jessica Amir

IMF Bentham Limited (ASX:IMF) has advised that subject to court approval, it will cease to fund the shareholder class action against Spotless Group Holdings (ASX:SPO).

The litigation funding company says the withdrawal will result in a loss of the investment, no greater than $510,000.

The company says it will also write off the investment to date, but any such loss will be recognized in FY17.

Globally, IMF has provided new and additional funding to 30 other investments and 7 other class actions in Australia in FY17 and that reinforces its continued focus on portfolio diversification.

Shares in IMF Bentham Limited (ASX:IMF) are trading over 1 per cent higher to $1.99. 
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.