- Litigation funder Litigation Capital Management said a settlement in principle had been reached for one of its projects, potentially boosting its earnings.

The settlement was expected to contribute between A$8.0m (£4.3m) and A$10.0m to Ebitda for the current financial year through June.

The project related to an open class action funded on behalf of certain former shareholders in a resources company formerly listed on the Australian Securities Exchange.

The other party was an international professional services company.

Prior to a final hearing, both parties participated in a mediation where the settlement in principle was reached.

The litigation project was managed to the settlement in about 21 months, the company said.

It was the fourth litigation project that it would complete in the current financial year.

'This settlement in principle demonstrates Litigation Capital Management's experience in class actions in Australia, while producing favourable metrics through active project management,' chief executive Patrick Moloney said.

'We have delivered a successful resolution for former shareholders in this resources company within a relatively short time period for a class action of this type.'

'We remain encouraged by all the opportunities Litigation Capital Management is seeing as a London-listed company.'

'And while class actions are part of our heritage, we have a diverse portfolio and pipeline of litigation projects including insolvency, international arbitration and corporate portfolios.'

At 1:36pm: [LON:LIT] share price was +11.75p at 88p

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