Update on Case Investment and Strategic Review

11 March 2026

Litigation Capital Management Limited

("LCM" or the "Company")

Update on Case Investment and Strategic Review

Litigation Capital Management Limited ("LCM" or the "Company"), an alternative asset manager specialising in dispute financing solutions internationally, is pleased to announce that its funded party has been successful in the High Court of Australia in a trademark dispute claim it funded on behalf of Katie Perry (Designer), a Sydney-based fashion designer against Katy Perry (Singer) and her related corporate entities.

The claim was initially brought in the Federal Court of Australia where there was a finding of infringement of the Designer's trademark by the Singer and one of her related corporate entities. The Singer and her related corporate entities appealed this decision to the Full Court of the Federal Court who found, among other things, that the Designer's trademark should be cancelled as she had applied for the trademark knowing of the Singer's reputation. The Designer applied for special leave to appeal to the High Court of Australia which was granted on 11 April 2025. Following a hearing before the High Court of Australia on 9 September 2025, by majority, the appeal was successful. 

The matter will now go back to the Full Court in respect of outstanding issues, including costs of the proceeding before the primary judge and the Full Court. Following that, the damages need to be quantified and at that point we will be able to determine LCM's return on investment. LCM has invested A$3.3m of shareholder capital into this claim (it is a balance sheet investment without any participation of fund investors) and it has been held in LCM's financial statements at a value of A$3.3m.

The Company also anticipates a judgment on another small case investment, with A$1.4 million shareholder invested capital, within the next week. The outcome will be announced when the judgment has been handed down.

LCM will be finalising the date of its half-year results presentation in the coming weeks, and this will then be communicated to investors. The presentation is expected to be later than usual, around the end of March, in order to increase the likelihood of being able to give shareholders a meaningful update on the outcome of the Strategic Review.

The Company will make further announcements as and when appropriate.

Patrick Moloney, CEO of LCM, commented: "LCM has provided funding for this claim from its balance sheet since 2019. It is a classic instance of disputes finance enabling a claimant to bring a claim which they would otherwise not have the resources to fund. The case was successful at first instance, then overturned on appeal and now the case has succeeded in the High Court. We now look forward to pursuing this claim to conclusion."

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