The High Court in New Zealand has found in favour of the plaintiff in a case backed by Litigation Capital Management Limited (LON:LIT), “crystalising” a pay-out of NZD$26.8mln to the company, including the NZD$6.7mln it invested in the action.
The alternative asset manager, which specialises in disputes financing, said the case involved a long-running partnership wrangle and this recent judgment was for an interim accounting of the assets of the partnership.
LCM chief executive Patrick Moloney said: “LCM’s support enabled the plaintiff in this partnership dispute to assert his rights.
“Without funding that would not have been possible. Although the dispute has some remaining matters to finalise, this judgment provides the means for LCM’s investment to be realised and I think this is an excellent result for both LCM and the funded litigant.”