IMF Bentham withdraws Spotless class action funding

IMF Bentham Limited plans to discontinue funding of shareholder class action against Spotless Group, subject to court approval.

The class action was launched by IMF Bentham and William Roberts Lawyers in February against Spotless  over its 2015 financial results.

In a statement issued by IMF Bentham, the litigation funder said the withdrawal will result in a loss from the investment of around $510,000.

A second class action was filed against Spotless in May by law firm Slater & Gordon over the company’s 2015 profit downgrade.

The announcement comes as Spotless continues to reject a takeover bid by Downer Services.

Earlier this week Downer declared its $1.2 billion takeover offer for Spotless Group unconditional, waiving  all remaining outstanding conditions and introducing accelerated payment terms.

The offer is still scheduled to close on Thursday, 29 June.

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Source: InClean