Litigation Capital Management 2022 half year results

Litigation Capital Management (LCM) has announced its half year results ended 31 December 2021. The company saw a gross profit of A$13.9m (H121: A$5.4m) and a further 89 applications received in the two month period to 28 February 2022 which demonstrates an acceleration in momentum and return to normal operating conditions. Overall, at the ten-and-a-half-year mark, LCM saw an increase in investment performance metrics achieving a cumulative Return on Invested Capital (ROIC) of 162%, [including losses] and a cumulative IRR of 79% (HY 2021: 78%).

In addition, total assets under management increased to A$343m at 31 December 2021 and A$386m by 8 March 2022.

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In the News

GreenX says GBP737 million claim against Poland proceeding “at pace”

GreenX Metals Ltd, a Perth, Australia-based mining company, said its £737 million arbitration claim against Poland, which alleges that Poland has breached its obligations under the applicable treaties through its actions to block the development of the company’s Jan Karski and Debiensko mines, is proceeding at pace following the company’s submission of its statement of reply in the arbitration. The claim is backed by Litigation Capital Management.

Insights

Australian funding arrangements no longer considered managed investment schemes

The Full Court of Australia has ruled that litigation funding arrangements should not be considered managed investment schemes. In a judgment dated 16 June 2022, the Full Court of Australia  has sided with LCM in its appeal of the decision of the primary judge in Stanwell Corporation Limited v LCM Funding Pty Ltd. As a result, litigation funding arrangements in Australia will no longer be considered managed investment schemes, and litigation funders will be relieved from the burden of a “legislative and regulatory regime characterised by uncertainty, inconvenience and the potential for mischief by class action respondents.”

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