Downer EDI settles legal claims

POTENTIAL legal action against engineering firm Downer EDI has been settled before it reached the courts.

Litigation funder Bentham IMF said a conditional settlement had been reached in its claims against the company, related to Downer EDI's difficulties with its NSW train manufacturing contract.

A shareholder class action was being prepared, alleging the company misled investors by failing to properly disclose issues with its Waratah Train Project in 2010.

Bentham IMF said the terms of the settlement were confidential, but would generate it revenue of $11.3 million.

Downer EDI said the settlement was reached without admission of liability, and would have no impact on the company's financial guidance.

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