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 presents the Market Outlook and company news. She joined FNN in January 2017. She has been in broadcast journalism for over five years. She has worked as a journalist with Sky News Business, ABC 1 and ABC24. She has also worked in regional Australia for Prime 7 and WIN News. She is also a qualified financial planner and a Masters of Applied Finance student.