Some former directors of failed stockbroking firm BBY are facing legal action, with litigation funder, IMF Bentham Limited confirming it has reached agreement with the liquidators to initiate such action.
IMF Bentham announced to the Australian Securities Exchange (ASX) today that it had obtained approval to enter into a litigation funding agreement with to “investigate and if appropriate, pursue claims against certain directors and officers of BBY.
The announcement said the initial claim value was in the order of $35 million.
BBY went into receivership in May last year.
