By Michael Susin


Litigation Capital Management said Monday that it has reached a settlement in a class action against the Commonwealth of Australia.

The London-listed Australia-based provider of dispute-financing solutions said that the class action was brought in the Federal Court of Australia on behalf of persons who are alleged to have suffered loss and damage as a result of contamination of their land at seven sites around Australia in proximity to Department of Defense military bases.

The company said that the Commonwealth has agreed to pay 132.7 million Australian dollars ($88.1 million) prior to the hearing scheduled to begin today, while all other terms of the settlement are confidential.

Litigation Capital Management added that so far, it is unable to estimate the revenue and profit that will be generated if the settlement is approved.

Shares at 0857 GMT were up 3.8 pence, or 5.0%, at 80.4 pence.


Write to Michael Susin at michael.susin@wsj.com


(END) Dow Jones Newswires

05-15-23 0523ET