Omni Bridgeway Takes Hit From Australian Bank Suit Dismissal

Omni Bridgeway has taken a hit after a shareholder class action against the Commonwealth Bank of Australia was dismissed on 10 May. The funder invested $6.3 million into the claims and sold a 20% interest for $4.9 million in June 2022, resulting in a net $1.4 million cash loss.The company said there won’t be a cash impact from adverse costs because of an insurance policy carried by its funds.