Trending Now

All Articles

3600 Articles
Announcements Commercial Fundraising

Apex Litigation Finance secures £20m funding agreement with Crestline Investors Inc

Just over four years since its launch, Apex Litigation Finance, a UK-based company providing litigation funding solutions, is thrilled to report that they have secured £20million funding from Crestline Investors Inc, an established provider of alternative investment solutions to support its growth and provide access to justice to more UK Claimants. With their concentration on investing in small to mid-sized commercial claims in the UK, Apex is dedicated to assisting claimants in accessing justice where they either lack the funds to proceed or are concerned about the financial risk of an unsuccessful lawsuit. With the number of applications for litigation funding rising and the solutions provided by litigation funding becoming widely accepted, Apex is rapidly becoming the litigation funder of choice, for companies, insolvency practitioners and individuals with small/midsize commercial claims. As part of their growth strategy, Apex has now embarked on a swift expansion that involves recruiting additional team members. Maintaining their flexible approach to recruitment, the company is highly focused on finding suitable candidates. The company is eager to connect with people who have a strong enthusiasm for its growth and ambitions, regardless of whether they are familiar with litigation funding, ATE, business development or have an extensive legal background. Speaking about the relationship with Crestline, CEO Maurice Power says: “I am thrilled to announce the funding facility with Crestline, which allows us to further establish Apex’s position as the litigation funder of choice for claimants with small/mid-size commercial claims in the UK. The Crestline facility will enable Apex to provide funding solutions, and access to justice, to claimants with meritorious matters that are deemed too small for other litigation funders.” Michael Guy, CIO Europe from Crestline Investors added “We are very supportive of “access to justice” agenda for less well funded claimants which is at the heart of Apex’s solutions and delighted to support Apex through its ramp-up and growth phase. Prospective applicants wishing to apply for a role are invited to contact Apex and send their most up-to-date C.V. and explain why they would be a great fit. enquiries@apexlitigationfinance.com. Crestline were advised by Emissary Partners and Reed Smith and Apex by KingsRock Namier Limited, a specialist advisor in the Litigation Finance sector. Apex Litigation Finance Limited Apex Litigation Finance Limited is a company which brings together experienced individuals from the litigation funding, legal and finance sectors to provide third party litigation funding to litigants (corporates, liquidators, and individuals) who are unable to pursue a claim due to the prohibitive cost of litigation. Although the litigant’s case may have merits, uncertainty over the total costs and the potential risk of being ordered to pay the defendant’s costs, should they lose the case, prohibits access to justice for many claimants. Following an assessment of the merits of the litigant’s case, Apex will commit funds to pay legal and other costs associated with the case in return for an agreed share of any award upon a successful conclusion. If there is no recovery, or if the case is lost, there is no debt for the litigant to repay. Email: enquiries@apexlitigationfinance.com Phone: 0208 012 7944 Website: www.apexlitigationfinance.com Crestline Investors Inc. Crestline Investors, Inc., founded in 1997, is a global institutional alternative investment management firm with approximately $17 billion in assets under management. Crestline is headquartered in Fort Worth, Texas, and maintains affiliate offices in New York, London, Toronto and Tokyo. The firm’s London-based affiliate Crestline Europe, LLP specializes in private capital investments in lower mid-market and mid-market companies, and asset platforms in developed markets of Western Europe, focusing on resilient industry sectors and asset backed investments. In respect of this investment please contact.
Commercial

Hedge Fund says Burford Capital is Undervalued by the Market

Much of the information about litigation funders’ business models is cloaked in confidentiality, making it difficult to assess how the rest of the market values those funders who are publicly traded. However, a recent investor letter from a hedge fund offers insight into the way investors view the industry’s top funders. In Greenhaven Road Capital’s ‘Main Fund Q3 2023 Investor Letter’, the boutique hedge fund has included a spotlight on its top holdings which includes Burford Capital, the publicly traded litigation funder. In the investor letter, Scott Miller, the founder of Greenhaven Road Capital, highlighted Burford’s recent win in the YPF case against Argentina which resulted in a multi-billion dollar award being ordered. Miller notes that whilst Argentina is likely to attempt to avoid paying the full award and therefore Burford will likely end up taking a discount on their portion of the award, he still believes that “the returns should be eye-popping.” Miller also argues that “if Burford is going to be successful, a few massive cases like YPF will drive a significant portion of the returns.” He goes on to explain his firm has “spent significant energy looking at other cases that Burford has funded,” and through this research has come to the conclusion that “there is reason to believe that Burford has line of sight to another multibillion-dollar award where collectability is far less of an issue than with YPF.” Based on this research and on Burford’s previous successes, Miller concludes his analysis by saying that he believes “Burford is worth far more than the $13 per share Mr. Market has ascribed to it.”
Announcements Commercial Regulatory Issues

Burford Capital, PLI Press Publish Comprehensive Reference on Commercial Legal Finance

Global legal finance company Burford Capital announces the release of a new book providing an indispensable overview of the industry and practical introductions to the use of commercial litigation and arbitration finance in key jurisdictions worldwide. Published by PLI Press, a division of Practising Law Institute, Commercial Legal Finance addresses key questions about legal finance structures, pricing, and mechanics, providing a step-by-step overview of the process for obtaining legal finance. Covering key jurisdictions including the US, England & Wales, Europe, Asia, and Australia, the book addresses ethical considerations for litigants and lawyers, key considerations for commercial litigation, patent litigation and arbitration financing, and a legal finance glossary of terms. “In-house counsel with responsibility for litigation and arbitration, as well as law firm practitioners advising clients in this area, can benefit from a comprehensive reference to the commercial legal finance industry that offers practical guidance on the mechanics of litigation and arbitration finance in key jurisdictions and practice areas around the world,” says David Perla, Co-Chief Operating Officer at Burford Capital, who co-edited the treatise with Co-Chief Operating Officer Aviva Will and Burford’s Suzanne Butters. For more information and to order, visit pli.edu. About the Author Burford Capital is a leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai, Sydney, and Hong Kong. About Practising Law Institute (PLI) Founded in 1933, Practising Law Institute is a nonprofit learning organization dedicated to keeping attorneys and other professionals at the forefront of knowledge and expertise. PLI provides accredited, continuing legal and professional education programs delivered by more than 4,000 volunteer faculty, including top experts across practice areas. Additionally, PLI publishes a comprehensive library of treatises, course handbooks, answer books, and journals, also available through the PLI PLUS online platform and app. The essence of PLI’s mission is a commitment to the pro bono community. Based in New York, PLI also has an office and Conference Center in San Francisco. Visit www.pli.edu to learn more.
Case Developments Commercial

$180 Million Settlement Reached in Australian ‘Stolen Wages’ Class Action

There are few cases that epitomize the idea of litigation funding providing ‘access to justice’ than those lawsuits which represent indigenous communities who have suffered harm at the hands of their government, and which seek to provide compensation for these people. The announcement of a settlement in the Stolen Wages class action in Australia represents the tangible positive impact that funders can have when their capital is dedicated to achieving legal redress for those communities who have suffered discrimination and persecution. In a post on LinkedIn, Litigation Lending Services (LLS) announced that the Western Australia (WA) government had agreed to a settlement in the class action brought on behalf of thousands of Aboriginal Australians who were not paid part or all of their wages between 1936 to 1972. The state government agreed to pay up to $180.4 million to eligible workers or their surviving relatives who were affected by the discriminatory legislation in WA.  The class members were represented by Shine Lawyers, with LLS providing funding for the litigation. As part of the settlement, the WA government will issue a formal and public apology in the state parliament, addressed to both surviving and deceased Aboriginal workers. The full settlement will still need to be approved by the Federal Court of Australia, who will determine the exact amount of compensation to be given to each family. Shaun Bonétt, Chair of LLS, said that the settlement was “a historic day in the fight against this injustice,” and expressed the hope that “this settlement provides some comfort to group members who had wages stolen and to the families of workers that are now deceased.” In a post from Shine Lawyers, the firm’s joint head of class actions, Vicky Antzoulatos praised the agreement as “a victory for the many thousands of First Nations people we represent.” She went on to state: “Financial compensation is one way to acknowledge the suffering of First Nations people. It doesn’t correct the past but offers a way forward.” As LFJ reported, this is not the first time that Shine Lawyers and LLS have worked together to bring a class action on behalf of indigenous Australians and then to successfully reach a settlement with the government. In April of this year, the NT Stolen Generations lawsuit’s $50m settlement with the federal government was approved by the NSW supreme court.
Commercial Legal Innovation

The Legal 500 Releases 2024 Funder Rankings and Shares Industry Insights

Legalese has released the latest edition of The Legal 500 Litigation Funding – The UK and US Rankings for 2024, highlighting its top ten funders in the UK and top eight funders in the US. Legalese explains that the rankings are based on several factors, including areas such as: funder size and experience, volume and value of funded cases, transparency of operations, capital adequacy, and longevity. As part of the published rankings, Legalese also includes observations on the current state of the industry from senior leaders at the leading litigation funders, as well as from law firms who work with these funders. Speaking to the maturation of the industry, Richard Wise, disputes partner at Addleshaw Goddard, emphasised that “litigation funding is here to stay” but noted that it is also “going through a stage of evolution at the moment.” Looking from the insider’s perspective at how funders are evolving, Woodsford’s CEO, Steven Friel added that “some of the more successful players in the litigation funding field have diversified – acquiring or building complementary businesses.” Unsurprisingly, the hot topic of the Supreme Court’s PACCAR ruling was discussed, with Adrian Chopin, co-founder and managing director of Bench Walk Advisors, saying that the judgement is “slightly more than a storm in a teacup, but the sky has not fallen and nor will it fall.” Funder Rankings This year’s Tier 1 rankings for funders in the UK include Bench Walk Advisors, Harbour Litigation Funding, and Therium. While in the US, the three Tier 1 ranked funders are Burford, Omni Bridgeway, and Parabellum Capital. Bench Walk Advisors and Parabellum Capital are new entrants to the Tier 1 listing, having each previously been listed in their country’s Tier 2 rankings last year. There is one new addition to the UK rankings this year, as Asertis joins in Tier 3, having been listed as a ‘Funder to watch’ in the 2023 rankings. Asertis is highlighted for its expertise ‘in funding commercial disputes, with an emphasis on group actions, enforcement, and insolvency.’ There are no new additions to the US rankings this year, however, Lake Whillans Capital Partners has been removed from Tier 3 and is no longer present in the rankings. Individuals As was the case in 2023, the Legal 500 rankings still do not place individuals at these funders in a tiered structure. However, in a new addition to the 2024 rankings, it now includes a list of eight ‘industry leaders’ who are highlighted for their work in the industry:
  • Susan Dunn – Harbour Litigation Funding
  • Jonathan Barnes – Woodsford
  • Ayse Yazir – Bench Walk Advisors
  • Adrian Chopin – Bench Walk Advisors
  • Dai Wai Chin Feman -Parabellum
  • Neil Purslow – Therium
  • Patrick Meloney – LCM
  • Matthew Blumenstein – Statera Capital· 
In addition to these industry leaders, the write-ups for each funder includes mentions of key contacts at each company. The full 2024 UK and US Rankings for Litigation Funding can be found here.
Commercial

ALFA Launches Legal Finance Insights Podcast

In a post on LinkedIn, The Association of Litigation Funders of Australia (ALFA) announced that it has launched its own Legal Finance Insights podcast, with two episodes already live and available to listen to. The new in-house podcast is hosted by Pip Murphy, who serves as ALFA’s CEO and as a non-executive director and senior investment manager for CASL. The inaugural episode of the Legal Finance Insights podcast begins with Murphy providing an overview of ALFA’s structure and its mission, introducing ALFA’s members and associate members, along with the individuals that make up ALFA’s board. The podcast’s second episode sees Murphy joined by Maya Shallita, investment manager at Balance Legal Capital, as they offer an introduction to the world of litigation finance, explaining how the industry operates and the benefits it provides for both law firms and businesses. Future episodes of the podcast are set to feature ALFA’s members as they provide insights into “their experiences and what they are seeing, and predicting for the future of legal finance in Australia.” Episodes of the Legal Finance Insights podcast can be accessed through Spotify or Apple.
Announcements Commercial

Litica Broadens Global Reach with New Cologne Office in European Expansion

Litica, the leading ATE and litigation insurance provider, recently announced at the Annual International Litigation Finance Forum its expansion into Europe, with a new office in Cologne (Köln) Germany. Other offices include London UK and Sydney Australia, with further expansion in the coming months.  Litica has appointed Ed Yell to lead this expansion. As Managing Director of Litica Europe GmbH, Ed is responsible for developing litigation risk opportunities across the European Economic Area (EEA), working extensively with litigation finance providers, brokers, law firms and in-house counsel teams.   “Litica’s launch in Cologne was essential to ensure that we can offer a more efficient and focused solution to a rapidly growing European litigation finance market” – Ed Yell, Managing Director of Litica Europe GmbH.    As the world's leading ATE and litigation insurance provider, Litica is on a mission to empower access to justice in the 21st century. The company strives to provide comprehensive litigation-focused solutions and products  Key highlights: 
  • Established in 2019, Litica was founded and is led by qualified lawyers and financial services professionals, Stephen Bolster ACII and Steve Ruffle. 
  • The experienced in-house legal team has the largest number of legally trained underwriters in the market, with expertise stemming from prominent law firms and international litigation funders.  
  • Litica has attracted the largest panel of insurers (company and Lloyd’s markets) and is permitted to underwrite policies globally. 
  • Litica has provided over EUR €1bn in insurance capacity across a range of litigation & arbitration risks. Most litigation and arbitration case types being heard across the globe can be insured - from €25,000 defamation disputes to multi-billion-dollar class actions. 
  • Underlining Litica’s expertise in the field of litigation, Litica has recently been ranked ‘Band 1 – Litigation Insurance Underwriters 2023’ by Chambers and Partners, with Steve Ruffle and Ed Yell recognised as ‘Band 1’ in the individual category; Eliza Finch was recognised as a ‘WWL Thought Leader - Third Party Funding’; and Stephen Bolster as a ‘Lawdragon Global 100 Leaders in Litigation Finance’. Razi Mireskandari, the Managing Partner and Head of the Dispute Resolution team at Simons Muirhead & Burton (SMB), was recently announced as Litica's new non-executive director.
Case Developments Commercial

CAT Grants CPO Application in Apple Lawsuit, Pending Resolution of Funding Issues

In the aftermath of the Supreme Court’s PACCAR ruling on litigation funding agreements (LFAs), industry observers have been keen to see how lawsuits with pending applications before the Competition Appeal Tribunal (CAT) would be treated. In a new judgement released today, we are seeing signs that the CAT may be taking a pragmatic approach to the issue of funding, whilst still allowing meritorious proceedings to move forward. An article in Reuters provides an update on the case of Mr Justin Gutmann v Apple Inc., Apple Distribution International Limited, and Apple Retail UK Limited, as a CAT tribunal’s ruling granted the application for a collective proceedings order (CPO). The lawsuit, which sees Mr Gutmann acting as the proposed class representative (PCR), seeks to represent approximately 24 million consumers over a claim that Apple concealed battery issues with their iPhone products. The tribunal’s written judgement states that the ‘the requirements of a CPO are met in this case, subject to the resolution of the terms of funding.’ The issue of Mr Gutmann’s third-party funding arrangements were addressed earlier in the judgement’s introduction, with the tribunal noting that the PACCAR ruling raises issues ‘concerning the legality of the PCR’s funding arrangements.’ The tribunal went on to highlight that Mr Gutmann has already ‘indicated that he may need to alter his funding arrangements and he is actively pursuing his options.’ Whilst the judgement noted that neither party had asked the CAT to ‘make a ruling on the current or proposed new funding arrangements’, it also emphasised that the certification for the proceeding was provisional and still ‘subject to further submissions as to funding arrangements.’ In response to the CAT’s ruling, Apple referred back to a previous statement denying the allegations and categorically stating that the company “have never – and would never – do anything to intentionally shorten the life of any Apple product, or degrade the user experience to drive customer upgrades."  Mr Gutmann, who is being represented by law firm Charles Lyndon, described it as “a major step towards consumer justice." In a post on LinkedIn, Eleanor Leedham, of counsel at Charles Lyndon, stated that “the regime may still be in its infancy but rulings like this demonstrate that it is working, and it is a vital system for protecting consumers from abuse by tech behemoths and providing damages where they have suffered loss.”
Announcements Commercial People Moves

Ben Herbert Departs LFG for Miller Barondess

In a post on LinkedIn, Ben Herbert announced that he would be departing Law Finance Group (LFG) to take up a new role as partner and co-lead of the IP practice at Miller Barondess.  Commenting on the move in a press release from Miller Barondess, Herbert stated: “I’m thrilled to join the talented team at Miller Barondess, a firm renowned for excellence inside and outside the courtroom.  I look forward to helping build upon the firm’s strong track record of success, leveraging its capabilities to provide clients with exemplary service and sophisticated representation in the types of patent and trade secret matters I have focused on throughout my career.” Skip Miller, founding partner of Miller Barondess, stated that Herbert would be “instrumental in further expanding the firm’s IP practice.” Sasha Frid, also a founding partner of the firm, described Herbert as “a highly skilled and respected patent and technical trade secret litigator whose expertise will complement the capabilities of our IP team.” Herbert’s departure from LFG comes nearly a year after he joined the litigation funder, having spent the last 10 months leading LFG’s operations in Los Angeles originating new business, and underwriting LFG’s transactions and investments in IP litigation. Prior to joining LFG, Herbert spent over 10 years at Kirkland & Ellis, where he was also a partner in the firm’s intellectual property litigation group.