Filing claims against Anchorage Capital Partners.
Litigation funder Investor Claim Partner (ICP) has lodged a claim in the Federal Court seeking documents relating to Dick Smith’s November 2013 prospectus and the company’s directors and officers insurance policies, according to a recent article in the AFR. It is believed claims of more than $200 million will be made on behalf of institutional and retail investors.
“People who invested in the prospectus lost over $200 million,” ICP founder and chief executive John Walker told the AFR. “The due diligence is to identify any courses of action which potentially have the capacity to return a material component of that $200 million or at least a material component of the money lost by claimants. Money may be recovered from insurance and parties behind the IPO – that’s the ambit of the due diligence that’s being conducted,” he said.
The claim is likely to target the banks and firms involved in the IPO, including joint lead managers Macquarie Capital and Goldman Sachs, investigating accountant Deloitte Corporate Finance, legal adviser Minter Ellison, and private equity firm Anchorage Capital Partners.
Appliance Retailer has contacted ICP for comment.