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 is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.