The Australian office of Omni Bridgeway has organized funding vehicles for land owners impacted by WestConnex roadway construction in Sydney.  Omni says they have partnered with Dentons Australia to puruse a claim against WestConnex, which erected a 33 kilometer underground motorway. The blueprint was designed to connect New South Wales avenues, and was undertaken in conjunction with the Australian government.  Litigation funding agreements will be offered to help repair damage from tunnel vibration, along with water and soil damage from the construction. You can find more information at https://WestConneXClassAction.com.au.

Jaeson Birnbaum, suspected owner of Cash4Cases Inc. has been found guilty of a felony in New York State for his role in a litigation funding fraud scheme. Mr. Birnbaum stands to be expelled from the New York State Bar Association for funding crimes. The Postman 24 reports that Mr. Birnbaum conned investors out of funds to run his Cash4Cases Inc. scheme. In September, Birnbaum pleaded guilty to securities fraud. On June 21, a New York appeals court confirmed recommendations for Birnbaum being disbarred. You can read more about the litigation funding scam here.

Augusta Ventures has published new research into pitfalls associated with self funding cross border dispute resolution. Augusta suggests that international litigation should be supported by third party funding rather than self funding practices that may jeopardize balance sheets. Augusta says that third party funding can foster conditions that promote expeditious international dispute resolutions. Driving better outcomes with legal costs off balance sheet is becoming a priority for large, international companies.  Furthermore, Augusta says funders can help clients with solutions associated with asset recovery. Click here to read more about Augusta's findings.

An Australian Federal Court has ruled that litigation finance agreements do not fall under rules regulating managed investment schemes under the Corporations Act of 2001. Many litigation finance scholars are hailing the decision as a win for the industry.  According to the ruling, the characterization of litigation funding arrangements as managed investment schemes, "is a case of placing a square peg into a round hole." Furthermore, the ruling suggests that for litigation funding to be considered responsible to the Corporations Act of 2001, the agreement would need to embody strict characteristics both in context and purpose.  Click here to read more about the ruling in detail.

Actuarial Post reports that Insurance Europe has joined a group of associations lobbying European Union legislations to engage regulation to rein in unsavory third party litigation funding practices. According to the Actuarial Post, the profit model behind litigation finance can foster social inflation. The report suggests that third party funders are forced to consolidate profit models, sometimes at the disadvantage of claimants. Actuarial Post says that key advantages can emerge from the European Union enabling regulation to police third party funders. Other associations involved with the letter include Europe (A4E), AmCham EU, BUSINESSEUROPE, DIGITALEUROPE, DOT Europe, EFPIA, Eurochambres, EuroCommerce, European Banking Federation, European Justice Forum, Insurance Europe, MedTech Europe and the U.S. Chamber Institute for Legal Reform.

Mark Wells has been named the Global Head of Portfolio Management at Omni Bridgeway. From Omni's London Office, Mr. Wells will be tasked with expanding the firm’s capital management structures, while also leading the financial structures team.  Mr. Wells comes to Omni from Calunius Capital. Previously, Mr. Wells spent two decades in derivatives trading at JP Morgan Chase and Toronto Dominion.  Mr. Wells says that he plans to help lead Omni Bridgeway's continued growth, particularly in the EMEA region.

The Global Legal Post reports that litigation financiers are experiencing increased cash flows with assets jumping more than 11% over the last year. With the jump in figures, Gary Barnett (Executive Director, International Legal Finance Association) says litigation finance is being widely accepted as a professional financial utility to access justice. Global Legal Post says that hedge funds are starting to look to litigation finance as an investment vehicle. Meanwhile, only 10% of cases presented to funders ultimately obtain funding. Funders are also considering a wide variety of additional products and services to offer potential customers.  Raymond van Hulst (EMEA Executive Director at Omni Bridgeway) warns that high liquidity may suffer in the near future. This, as inflation and interest rates are rising. Mr. van Hulst suggests that given these constraints, only the most attractive litigation finance franchises will be successful over the long term.