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Browse: Home / 2009 / January / 01 / Australia: Value of IMF’s Pending Securities Class Action Claims Triples Since 2007

Australia: Value of IMF’s Pending Securities Class Action Claims Triples Since 2007

By Securities Docket on January 1, 2009, 3:02 pm

In Australia, the value of securities class actions led by litigation funder IMF has tripled since 2007, increasing from $400 million in 2007 to more than $1.2 billion at the end of 2008. The Australian reports that IMF now has seven securities actions under way: Sons of Gwalia, Ion, Aircargo, Centro, Westpoint, AM Corporation and Opes Prime.

In addition, there are six other “possibles”: ABC Learning, Oz Minerals, FKP, Allco, Firepower and Octavier.

IMF’s Hugh McLernon told The Australian that “The total losses [in active cases] would be in excess of $3 billion, but we report them at around a third of that figure because most of the companies are under or will become under external administration and will only be able to pay around a third of the losses.” In Australia, litigation funders such as IMF bear all the costs of a case in return for a share of damages awarded — usually about 40%. McLernon also stated that the environment for class actions over the next year or so is “spectacular.”

Read the article in The Australian

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Posted in Global | Tagged Australia, Class Actions, Funders

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