A 2017 class-action lawsuit brought by Shine Lawyers against Westpac Group has settled. The case claimed that an estimated 80,000 customers were sold unnecessarily expensive insurance between 2011-2017. The action was funded by third-party legal funder JustKapital.
Those who remain skeptical of the benefits of Litigation Finance need look no further than the recent UK Post Office case. Last week, 30 criminal convictions were vacated in an action that would not have proceeded were it not for third-party legal funding. And make no mistake—that would have been a grave injustice.
There are a number of reasons for the spike in IP cases experienced in recent years. These include the passage of the Defend Trade Secrets Act, as well as increased use of litigation funding—which has allowed small and medium-sized businesses the funds they need to pursue IP claims. To better serve clients in this area, Omni Bridgeway brought in Stephanie Southwick in September 2019.
Last year, the UK saw a sharp decline in the number of commercial litigations. This happened due to the combination of economic shortfalls, and corporations opting not to pursue litigation during a pandemic. EY research shows that nearly a third of survey respondents opted not to pursue litigation during the pandemic. That implies a backlog of meritorious claims.
Delta Capital Partners Management LLC, a global private equity firm specializing in litigation and legal finance, is pleased to announce the launch of a new venture, Delta Credit Solutions (“DCS“). DCS will offer an array of litigation finance credit solutions that satisfy the needs of claimants, respondents, law firms and businesses across the globe.
LCM CEO Patrick Moloney details that LCM has made strong progress in the first half of its fiscal year. Quality applications are up, and demand for legal finance is increasing as predicted. Most of the direct investment portfolio is balance sheet funded, and portfolio investments are reaching maturity. While timing remains somewhat unpredictable, that should smooth out as portfolio investments increase over time.
The District of New Jersey has proposed an amendment that, if enacted, would require disclosure when a plaintiff or defendant is utilizing third-party legal funding. The proposed Rule 7.1.1 would require filed statements detailing all information about non-parties providing funding for attorney fees and expenses, in exchange for a percentage of any award.
