IMF Bentham announces conditional settlement Australian shareholder class action

Company News

by Anna Napoli

Litigation funder IMF Bentham (ASX:IMF) has today confirmed that it has reached a binding settlement deed in the securities class action against UGL which is conditional only on final approval by the Federal Court of Australia.

IMF says If Court approval is obtained IMF currently expects to generate gross income of approximately $8.6 million, including reimbursement of project costs.

This investment is part of IMF’s on-balance sheet portfolio.

Investment Bank Goldman Sachs currently has IMF Bentham flagged as a 'buy' and says it expects a significant step up in the level of contract income recognized in FY20 vs FY18 and FY19 for the company.

Shares in IMF Bentham (ASX:IMF) 1.11 per cent higher at $3.18.