LCM | High Court refuses to hear GPC’s challenge to enforceability of funder’s class action agreements

In a decision that has significant implications for the Australian litigation funding industry, Piper Alderman partners Greg Whyte and Lillian Rizio have successfully defended a challenge to the validity of LCM’s funding arrangements in the Gladstone Fisheries class action. The High Court refused to hear Gladstone Ports Corporation’s appeal, preserving the Court of Appeal’s finding that the funding agreement could not be challenged on public policy grounds. More from Piper Alderman.

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LCM investment yields 195% IRR

LCM has announced the delivery of an award in favour of the funded party in an international arbitration, under the LCIA (London Court of International Arbitration) rules. The arbitration, seated in London and brought under the rules of the LCIA was for the determination of a construction dispute relating to a development in the Middle East. The investment forms part of LCM’s Direct Investment Portfolio and was 100% funded from the company’s balance sheet. The investment produced approximately £9.8 million in revenue and produced a 255% ROIC and a 195% IRR. The life of the investment was 26 months.

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