LONDON: Litigation Capital Management Limited, a leading international provider of disputes financing solutions, announces the conclusion of its Joint Venture Arrangement with Vannin Capital Limited and associated profit of A$2.45 million.
In 2013, LCM entered into a JVA with Vannin. That JVA involved LCM sourcing, negotiating and managing through to completion various litigation finance investments, all within Australia. Vannin supplied the capital associated with the Arrangement. In March 2015, the Arrangement went into runoff.
Whilst in runoff, certain disputes arose between the parties as to their entitlements. As part of the final resolution of those disputes, LCM will receive profits totalling A$2.45 million, contributing to LCM’s gross profit for the current financial year. The JVA has now been concluded by all interested parties.
Patrick Moloney, CEO of LCM, commented: “We are very pleased to have come to a final resolution of the Joint Venture Arrangement, the amount received from which, exceeds our expectations.”