Humm Group Says Federal Court Awards Party-to-Party Costs of AU$3.3 Million in Proceedings Brought by SMBC Leasing

MT Newswires Live05-12

Humm Group (ASX:HUM) said the Federal Court of Australia awarded party‑to‑party costs of AU$3.25 million, which were paid in full on May 6, in the proceedings brought by SMBC Leasing and Finance against Humm and its wholly-owned unit, Flexirent Capital, according to a Tuesday Australian bourse filing.

The court on May 5 ordered that Flexirent and Humm pay SMBC AU$3.25 million as SMBC's costs of the proceedings fixed as a lump sum by the court.

The firm had paid SMBC damages and interest totalling AU$19.5 million on March 2. Humm increased its provision for this matter to AU$19.0 million, after the court judgment on Jan. 30. In March, the firm recognized a separate provision of AU$3 million for costs associated with the proceedings.

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