IMF Bentham to fund case against trustee service provider
The Supreme Court of New South Wales has cleared the way for litigation funding company, IMF Bentham, to fund proceedings by a trustee against professional trustee services provider, Australian Executor Trustees (AET).
In December last year, IMF Bentham announced it had conditionally agreed to fund claims against AET in its capacity as trustee of the SEAS Sapfor (Southern Australia Perpetual Forests Scheme.
IMF Bentham had said at the time the claims against AET would be investigated, and if appropriate, would be pursued by an additional trustee of the scheme appointed by the Supreme Court of NSW on behalf of certain covenant holders of the scheme.
At the time, IMF had said the initial portfolio value it intended to include in its quarterly investment portfolio report following the funding agreement becoming unconditional was $45 million, although this could alter over time and may be different in future investment portfolios when they were published..
Now, the firm said the condition IMF set for the funding agreement had been satisfied and its funding for the case was unconditional.
The Supreme Court of NSW’s ordered empowered trustee, David Kerr, to issue proceedings against AET seeking damages on behalf of the covenant holders of the scheme, and confirming the trustee’s entry into the litigation funding agreement with IMF for the case.
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