A long-running class action between CIMIC-owned engineering firm UGL and litigation funder IMF Bentham, alleging poor disclosure over cost blowouts for the Ichthys gas project, has reached a conditional settlement.

IMF Bentham announced to the market on Friday it expected to generate $8.3 million in income from the in-principle settlement, which was contingent on the two parties agreeing to the terms of a deed of settlement and subject to court approval.