imf litigation update

From the IMF annual report released on the 21st.

In the case of PIF Unitholders v KPMG, IMF is funding unitholders and the new Responsible Entity in their claims for alleged breaches of the Corporations Act by KPMG and two of the directors. Agreement was reached with some of the directors to release them from the action with no order as to costs, which will simplify the claim and reduce costs. Orders were made on 21 June 2013 for the future conduct of the proceedings with a 12-week hearing commencing on 7 October 2014 (for both cases).