IMF: Court order mediation in AWB case convened

Litigation funder IMF (Australia) Ltd. (IMF.AU) announced a court-ordered mediation in a class action against agribusiness AWB Ltd. has been convened for July 2-3.

"This announcement shouldn't be taken to mean any more than that the parties propose to discuss settlement in good faith," IMF said in a statement.

IMF is funding an action by John Watson, Kaye Watson and others claiming compensation from AWB over the loss of value of AWB B Class shares arising from the company's involvement in the Iraqi kickbacks scandal.

IMF estimates the claim has a maximum value of A$60 million and will be completed by December.