Legal finance services provider Omni Bridgeway (ASX:OBL)
has confirmed recognition of $94 million as partial proceeds from the Wivenhoe Dam class action for FY21 .
The litigation financier revealed that this income covers costs reimbursement, the project management fee and funding commissions associated with backing victims of the Brisbane floods’ lawsuit against Sunwater and Queensland authorities. So far, the legal case has reached a partial agreement with the aforementioned parties for a $440 million partial settlement.
This represents a $64 million upgrade from the lawsuit funder’s plan to recognise revenue from providing financial assistance to the plaintiffs’ legal proceedings in the court case.
The company has also told investors that the settlement is expected to yield another $18 million in upcoming fiscal timeframes.
Omni Bridgeway expects to generate more income from their investment in the court case, as it awaits the outcome of ongoing legal action against Seqwater. The ASX-listed litigation backer anticipates income of $85 million to $220 million for the remainder of the prosecution project.
Shares in Omni Bridgeway are trading 7.9 per cent higher at $3.70