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Australian court rules against Litigation Capital Management client
(Sharecast News) - Litigation Capital Management shares fell on Tuesday after the dispute financing solutions firm said a judge in Australia had ruled against its client in a commercial litigation claim. LCM, which labelled it a "small case investment", funded the case with A$1.4m in shareholder invested capital.
"This judgment has now been delivered, with the Court finding against LCM's funded party," LCM said.
The company said that a policy of ATE insurance is in place to protect against adverse costs risk. ATE is after-the-event insurance, designed to cover legal costs and disbursements if claimants lose.
"LCM is currently reviewing the judgment and assessing potential next steps alongside the funded party and legal representatives."
The stock was down 6.5% at 7.9p by 1114 GMT.
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