Shareholders in litigation financier Omni Bridgeway (ASX:OBL)
are booking their profits after a judgement was overturned with hopes of potential income, gone.
The case related to the operation of the Wivenhoe and Somerset dams in January 2011 and the severe flooding in the Brisbane region. This caused damage and loss to thousands of people and businesses.
The claim was brought in 2014 as a class action that was 50 per cent funded by Omni Bridgeway. The trial commenced four years ago in December 2017 and took over a year to complete.
On 29 November 2019, the Supreme Court of New South Wales found the State of Queensland, Sunwater and Seqwater, liable in negligence to the group members.
Seqwater lodged an appeal against the decision, whilst the State and Sunwater settled the judgment against them through the partial settlement which was approved by the Supreme Court on 3 May 2021.
The Seqwater's appeal was heard in the Court of Appeal in May this year. After four months, they celebrated on the outcome yesterday. They were not found liable.
Shares in Omni Bridgeway (ASX:OBL)
are trading 5.7 per cent lower at $3.98.