Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Omni Bridgeway Limited    IMF   AU000000IMF0

OMNI BRIDGEWAY LIMITED

(IMF)
  Report
SummaryChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Omni Bridgeway : Australia targets litigation funders in class action clampdown

share with twitter share with LinkedIn share with facebook
share via e-mail
05/21/2020 | 08:25pm EDT
The new Treasurer Josh Frydenberg attends the swearing-in ceremony in Canberra

The Australian government is tightening regulatory scrutiny of wealthy litigation funders, clamping down on the industry following a surge in costly class action lawsuits.

Treasurer Josh Frydenberg said on Friday that litigation funders will be required to hold an Australian financial services provider licence within three months, increasing transparency and accountability of the sector.

The class action industry in Australia had a later start than in the United States but has grown quickly since legal changes allowed for such lawsuits in 1992, helped by a favourable regulatory environment.

Frydenberg said removing the licence exemption for litigation funders, which are currently categorised as a managed investment scheme, would ensure they "operate transparently, are appropriately regulated and accountable."

Litigation funders provide financing for lawsuits in exchange for a share of any settlement or judgment. If the litigant loses, it does not have to repay the financial investor.

Companies such as Omni Bridgeway Ltd, formerly IMF Bentham, and Maurice Blackburn, have funded more than 300 class action suits in Australia, including against the country's major banks.

About 49% of class actions filed in the Federal Court were funded by third-party litigation funders in the three years to September 2016, but that rose to 78% in 2018, the Sydney Morning Herald reported, citing government estimates.

The clampdown comes just a week after the government announced a parliamentary committee inquiry into the class action industry, which is due to report in December.

Launching the inquiry, Attorney-General Christian Porter said in many cases, funders were taking up to 30% of legal settlements, "leaving members of the action to fight over the scraps that remain" after legal fees and other costs were paid.

(Reporting by Renju Jose; editing by Jane Wardell)

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on OMNI BRIDGEWAY LIMITED
05/21OMNI BRIDGEWAY : Australia targets litigation funders in class action clampdown
RE
02/26IMF BENTHAM LIMITED : Ex-dividend day for interim dividend
FA
02/18IMF BENTHAM LIMITED : half-yearly earnings release
2019IMF BENTHAM : European Investment Completion
PU
2019IMF BENTHAM LIMITED : RIGHTS ISSUE: 1 new share @ 3.4 AUD for 5.8 existing share..
FA
2019IMF BENTHAM : Investor Presentation
PU
2019IMF BENTHAM : US Investment – Settlement
PU
2019DANSKE BANK : faces new investor lawsuit threat
RE
2018Want to sue Venezuela for millions? These firms can help, for a price
RE
2018Australia's embattled AMP in unprecedented class-action feeding frenzy
RE
More news
Financials (AUD)
Sales 2020 222 M
EBIT 2020 113 M
Net income 2020 48,4 M
Finance 2020 116 M
Yield 2020 2,03%
P/E ratio 2020 20,8x
P/E ratio 2021 10,3x
EV / Sales2020 4,48x
EV / Sales2021 4,38x
Capitalization 1 109 M
Chart OMNI BRIDGEWAY LIMITED
Duration : Period :
Omni Bridgeway Limited Technical Analysis Chart | IMF | AU000000IMF0 | MarketScreener
Technical analysis trends OMNI BRIDGEWAY LIMITED
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 5,03 AUD
Last Close Price 4,44 AUD
Spread / Highest target 20,5%
Spread / Average Target 13,4%
Spread / Lowest Target 1,35%
EPS Revisions
Managers
NameTitle
Andrew Saker Chief Executive Officer, Director & MD
Michael Graham Doveton Kay Non-Executive Chairman
Stuart Mitchell Chief Financial Officer
Hugh McLernon Executive Director
Michael Phillip Bowen Independent Non-Executive Director