IMF to fund Bank of Qld action

Litigation fund IMF (Australia) has agreed to fund claims on behalf of current and former branch owners of the Bank of Queensland.

"The claims arise out of representations alleged to have been made by Bank of Queensland to the branch owners in relation to the viability of Bank of Queensland's franchise model including expected business volume and revenue levels," IMF said in a statement.

Proceedings involving six former franchisees are currently before the New South Wales Supreme Court.

They are being conducted by McCabe Terrill Lawyers but will now be funded by IMF.

See full company statement below:

1. The Board of Directors of IMF (Australia) Limited ("IMF") is pleased to announce that it has agreed to fund claims for certain current and former branch owners of the Bank of Queensland Ltd ("BoQ").
2. The claims arise out of representations alleged to have been made by BoQ to the branch owners in relation to the viability of BoQ's franchise model including expected business volume and revenue levels.
3. Proceedings involving six former BoQ franchisees are currently being conducted by McCabe Terrill Lawyers in the Supreme Court of New South Wales. These proceedings will now be funded by IMF and further proceedings are expected to be commenced in the near future.
4. IMF will include the claim value in its Quarterly Case Investment Portfolio reports as they are published.