Business
Why did the Omni Bridgeway (ASX:OBL) share price sink 5% today?
The Omni Bridgeway Ltd (ASX: OBL) share price fell today as the company announced the settlement of a class action case. As a result, shares in the dispute resolution finance company dropped to $3.54, down 5.6% on Friday’s close.
In comparison, the All Ordinaries Index (ASX: XAO) dipped by only 0.05%.
Wivenhoe Dam class action
Omni Bridgeway is involved as a litigation funder regarding the settlement of the Wivenhoe class action for an aggregate amount of $440 million. In essence, this means that the company provides funding for the claimants. In return, the company receives a proportion of the damages recovered.
The Wivenhoe dam case has…
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