Last week, we reported on the contentious back-and-forth between litigation funders LPF Group and IMF Bentham. LPF accused IMF of muddying the waters with a potential shareholder action against failed insurer CBL, whom LPF is already bankrolling an action against. Now, IMF Bentham has formally stepped into the fray, after law firm Glaister Ennor filed a shareholder action which the Aussie-based funder is backing on a no-win, no-fee basis.
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CBL
IMF Bentham is funding a shareholder class action against New Zealand-based CBL Corp., claiming the company failed to disclose that the Reserve Bank of New Zealand had been investigating its solvency for several years. CBL has since entered liquidation, leaving many shareholders out in the cold.