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Income Asset Management Group Limited (ASX:IAM)

ALERT: Price-sensitive ASX Announcement for IAM
Current share price for IAM : $0.016 -0.014 (-46.67%)+
Announcement
Release
3 Feb 2026 6:20PM
Price at Release
$0.030
Full Release
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Summary
Income Asset Management Group Limited has reached a mediated commercial settlement with BGC to resolve disputes related to five IAM staff, which started in 2020. The settlement includes a payment of A$1.9 million by April 2026, with no admission of liability from IAM. The litigation was linked to the hiring of former BGC employees. IAM settled the case considering the costs and distractions associated with prolonged legal battles. A liquidity facility offered by substantial shareholder Jim Simpson will ensure IAM can meet this financial obligation if required. The settlement supports IAM's strategic focus by relieving a significant legal distraction, while it continues working with insurers on related claims.
Key Points
  • Income Asset Management Group Limited announced a settlement of long-running litigation with BGC.
  • The settlement involves a payment of A$1.9 million due by the end of April 2026.
  • IAM and its staff were defendants in litigation initiated over the engagement of five employees previously employed by BGC.
  • IAM denies any wrongdoing but settled to avoid further costs and uncertainties of litigation.
  • Jim Simpson, a director and substantial shareholder, offers a liquidity facility to ensure payment obligations can be met.
  • IAM's management team involved in the litigation are key company leaders.
  • IAM has notified its insurer about the settlement and is working on related insurance claims.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.