Litigation funder IMF’s legal action against Quantum Securities (now Minox Securities) and QBE over the collapse of Westpoint has seen the company earn $2 million in revenues.

The settlement, secured in the NSW Supreme Court, will generate a pre-tax profit of about $1 million on IMF’s investment.

Terms of the deal remain confidential and conclude the three IMF-funded actions on behalf of investors in the collapsed property developer Westpoint.

“The board of directors of IMF is pleased to announce the conditional settlement of the representative proceedings it has funded,” Company Secretary Diane Jones said.

“The terms of the settlement are confidential between the parties. The settlement is conditional upon the dismissal of the three proceedings.”

IMF Investment Manager Charlie Gollow says the 71 Westpoint investors represented by the litigation funder can expect to see cash in the next few weeks.

“It’s been a long-fought action, one where many points were fought long and hard,” Mr Gollow told insuranceNEWS.com.au.

“It’s good to resolve it and get some money for investors.”