08/08/2008 - 10:20

IMF pockets over $1m from Concept case

08/08/2008 - 10:20

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Litigation funder IMF (Australia) Ltd will pocket a further $1.35 million after a New South Wales court ruled in favour of Concept Equity Pty Ltd against Challenger Group Holdings Ltd.

Litigation funder IMF (Australia) Ltd will pocket a further $1.35 million after a New South Wales court ruled in favour of Concept Equity Pty Ltd against Challenger Group Holdings Ltd.

The payment to IMF is in addition to another $3 million payment announced earlier this week from the settlement of the Shenton Park Retirement Village matter.

IMF said today the $1.35 million from the Concept case follows an investment of about $370,000 and capitalised costs of about $150,000.

Yesterday Challenger was ordered by the Supreme Court to pay $2 million plus interest after the company refused to pay Concept a fee, thereby breaching a 1997 agreement.

Under the agreement Challenger had agreed to pay Concept a fee should the latter introduce an acquisition opportunity.

Concept subsequently introduced Associated Planners Group to Challenger.

Challenger had denied it owed Concept the fee.

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