Friday, June 21, 2024

Litigation funder backs out of Woolworths class action

IMF Bentham Limited (IMF) last week announced that a proposed class action against Woolworths Limited no longer meets its investment criteria and has accordingly decided not to proceed with funding the claims.

The class action was proposed by Maurice Blackburn Lawyers in April 2017, on behalf of aggrieved Woolworths investors who suffered losses due to the share-price fall following Woolworths’ February 27, 2015 profit-guidance downgrade.

Maurice Blackburn Lawyers and IMF Bentham had invited shareholders to sign up to the claim, suggestion that it could exceed $100 million. After careful deliberation and further investigation, IMF announced on Wednesday (January 24) that it would no longer fund the class action.

The litigation funder expects to write off about $151,000, including capitalised internal overheads, relating to this matter.

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