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Case Developments Commercial

Sarama Resources Commences Arbitration Against Burkina Faso, Funded by Locke Capital

By Harry Moran |

Third-party legal funding continues to be the tool of choice for companies looking to pursue arbitration proceedings against nation states, with corporations in the mining and exploration sector repeatedly appearing as users of outside funding.

An announcement from Sarama Resources reveals that the company has formally commenced arbitration proceedings against Burkina Faso, seeking at least A$180 million in damages. The arbitration claim is centred on allegations that the government of Burkina Faso illegally withdrew the Sarama’s permit for the Tankoro Deposit, which was the focus of the company’s Sanutura Project.

As LFJ previously reported in October, Sarama has secured A$6.7 million in funding from Locke Capital, which Sarama’s President and CEO, Andrew Dinning said would “cover all expenses related to the Company’s arbitration case.” Sarama has brought on Boies Schiller Flexner to provide legal representation during the proceedings.

As part of its formal commencement of proceedings, Sarama has submitted a Request for Arbitration (RFA) to the International Centre for Investment Disputes (ICSID). The company noted that the RFA has been submitted following the end of the 60-day consultation period, which was required after Sarama had provided Burkina Faso with its Notice of Intent to Submit Claims to Arbitration. Sarama explained that the consultation period had passed without any response from the Government of Burkina Faso, and therefore no settlement had been achieved.

Community Spotlights

Community Spotlight: Gabriel Pardo Lelo de Larrea, Founder & CEO, RIDER Litigation Finance

By John Freund |

Gabriel Pardo Lelo de Larrea—a Mexican lawyer with international experience, business executive, and entrepreneur—has come up with a technological solution that aims to transform the litigation funding space by streamlining and optimizing the traditionally time-consuming funding process.

With a Law Degree from Mexico’s prestigious Universidad Panamericana, a Business Degree from IPADE Business School, and a Master’s in Finance from Duke University, Gabriel brings extensive expertise in arbitration, capital raising, private equity, and litigation finance. Recognizing a critical gap in the industry, he designed a democratized, efficient platform that empowers investors of all sizes to participate while providing owners of legal rights, across a broader spectrum of claim values, with accessible funding opportunities.

Company Name:   RIDER LITIGATION FINANCE, L.L.C.

Company Description:  Built on proprietary technology, RIDER’s automated and efficient processes address a critical need: simplifying and expediting deal sourcing, closing, and post-closing updates. Acting as a matchmaker within its carefully curated network, RIDER connects claimholders, law firms, and investors already registered on its platform.

By democratizing litigation funding, RIDER makes the industry accessible to investors of all sizes while empowering claimholders with large, medium, and smaller-scale claims to secure the financial support they need. This disruptive model expands the litigation finance ecosystem, delivering fairness and efficiency to all stakeholders. RIDER serves as the ultimate dealmaker enabler on a global scale.

  1. Tailored Applications: RIDER meticulously prepares Funding Applications in a format funders prefer, presenting key financial and material aspects with clarity and precision.
  2. Rigorous Filtering: We pre-select cases with a high likelihood of success, backed by double Legal Opinions, ensuring funders are presented with only the most compelling opportunities.
  3. Aligned Expectations: Before negotiations begin, all stakeholders are fully informed about financial expectations and other critical terms, fostering transparency and reducing delays.
  4. Streamlined Negotiations: RIDER’s assistance during negotiations accelerates agreement finalization, providing funders and claim holders with a seamless experience.

Year Founded:   2022, Launching Operations in November 2024.

Headquarters:  Mexico City, although with Global reach.

Area of the Company:   Founder & CEO

Member Quote:   "Democratizing Justice, Empowering Investment on a Global scale".

The LFJ Podcast
Hosted By John Freund |

In this episode, we sit down with Richard Culberson, CEO of Moneypenny & VoiceNation North America. Richard discusses how Moneypenny can save costs and increase operational efficiency for law firms and litigation funders through enhanced client communication services.

Announcements Commercial People Moves

LCM Announces Appointment of Chief Financial Officer to the Board of Directors

By Harry Moran |

Litigation Capital Management Limited (AIM:LIT), a leading international alternative asset manager of disputes financing solutions, is pleased to announce the appointment of David Collins, Chief Financial Officer, to its Board of Directors, effective immediately.

David has brought significant expertise and fresh perspective to LCM during his first five months as CFO, making a positive impact on the company's financial operations and strategic planning. David is a Chartered Accountant and brings more than 20 years' experience in senior finance and capital markets roles across a range of leading institutions including EY, Morgan Stanley, Och-Ziff Capital (now Sculptor Capital) and Prudential plc.

Jonathan Moulds, Chairman of LCM, commented: "David's appointment to the Board reflects our confidence in his capabilities and his contributions to the business in a short period. We look forward to leveraging his experience as we continue to execute on our strategy for growth and value creation."

The following information is disclosed in accordance with Schedule 2(g) of the AIM Rules for Companies:

David Andrew Collins, aged 47, holds/has held the following directorships/partnerships in the last five years:

Current directorships:Previous directorships held in the past 5 years:
Greatham Advisors LimitedHoway Investments Ltd
Community Spotlights

Community Spotlight: Jason Bertoldi, Global Team Leader, Litigation & Contingent Risk Insurance, Alliant Insurance Services

By John Freund |

Jason is a former litigation funder who now leads Alliant’s Global Litigation & Contingent Risk Insurance team.  He designs and brokers bespoke policies that cover a range of legal and regulatory exposures, and he regularly assists litigants, law firms, litigation funders, private equity clients, and other stakeholders in structuring and obtaining cutting-edge contingent risk insurance solutions.

Jason is a Chambers Band 1-ranked litigation insurance broker and he has placed some of the largest and most creative contingent risk insurance policies, including multiple nine-figure policies. Jason frequently assists clients in monetizing contingent risk insurance policies and structuring transactions that incorporate insurance policies as investment collateral. Leveraging his background as a front-office finance analyst, Jason has helped clients obtain hundreds of millions of dollars in financing collateralized by contingent risk insurance policies.

Prior to joining the contingent risk insurance industry, Jason was a member of the Litigation Investing team at the D. E. Shaw group, a global investment and technology development firm with more than $60 billion in investment and committed capital. He is a former litigator at Susman Godfrey LLP, and a former law clerk for the Honorable Katherine Polk Failla of the U.S. District Court for the Southern District of New York and the Honorable Karen Nelson Moore of the U.S. Court of Appeals for the Sixth Circuit.

Company Name and Description:  Alliant Insurance Services is one of the nation’s leading distributors of diversified insurance products and services. We operate through a network of specialized national platforms and local offices to offer our clients a comprehensive portfolio of solutions built on innovative thinking and personal service. The business of managing risk is getting more complex, and Alliant is meeting this complexity head-on, not with more layers of management, but with more creativity and agility. Alliant is changing the way our clients approach risk management and benefits, so they can capitalize on new opportunities to grow and protect their organizations.

Alliant is recognized as a leading destination for top-tier brokerage talent in the U.S, attracting brokers and specialists across a diverse spectrum of disciplines who are eager to advance their careers. With the advantage of being majority employee-owned, professionals choose Alliant for autonomy, unparalleled resources, and a unique equity ownership opportunity. As a testament to our commitment to excellence, Alliant maintains an impressive 99% producer retention rate and has earned Forbes’ prestigious title of one of America’s Best Large Employers.

Company Website: https://alliant.com/

Headquarters:  Jason is based in New York, NY

Area of Focus:  Litigation and contingent risk insurance 

Member Quote:  As a former litigation funder, I believe that litigation funding and contingent risk insurance are complementary products. Combining the two can unlock enormous value for funders and their counterparties.  And designing creative insurance solutions for litigation funders is one of the most rewarding parts of my job.

Commercial Deals Funder's Corner

Litigation Funding in the UAE: WinJustice Leading the Way

By Obaid Saeed Bin Mes’har |

The following was contributed by Obaid Saeed Bin Mes’har, Managing Director of WinJustice.

WinJustice is the first litigation funding firm in the UAE, empowering businesses and individuals to access justice without financial strain. The UAE’s unique legal landscape, divided into onshore and offshore jurisdictions, offers a dynamic environment for litigation funding. As a trailblazer in this space, WinJustice is committed to making justice accessible and affordable for all.

Understanding the UAE’s Legal Landscape

Onshore Jurisdictions

In the UAE’s onshore courts, the legal framework is based on federal laws and elements of Sharia law. While there are no explicit rules prohibiting litigation funding, the absence of clear regulations requires careful navigation. Key considerations include:

  • Principles of Good Faith: Parties must ensure that funding agreements align with the core principles of UAE law and avoid speculative transactions (Gharar).
  • Sharia Compliance: Agreements must balance financial interests with the broader public good (Maslaha), enabling parties to pursue valid claims ethically.

Offshore Jurisdictions

Offshore jurisdictions, including the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM), offer a more structured environment for litigation funding. These jurisdictions follow common law principles and have implemented specific guidelines:

  • DIFC Practice Direction No. 2 of 2017: Requires disclosure of funding agreements to promote transparency and grants courts the authority to impose cost orders on funders.
  • ADGM Funding Rules 2019: Ensures that funded parties receive independent legal advice and fosters ethical practices in third-party funding.

WinJustice operates across both onshore and offshore jurisdictions, leveraging its expertise to guide clients through the complexities of litigation funding in the UAE.

How Litigation Funding Benefits UAE Businesses

Litigation funding provides a lifeline for businesses facing high-stakes legal disputes, particularly in sectors like construction, real estate, and finance. Key benefits include:

  1. Access to Justice: Enables businesses to pursue claims without worrying about upfront legal costs.
  2. Risk Mitigation: Shifts the financial burden to the funder, allowing clients to focus on their core operations.
  3. Leveling the Playing Field: Empowers smaller businesses to compete with larger opponents in complex disputes.

The Role of Arbitration in Litigation Funding

Arbitration is a preferred dispute resolution method in the UAE, governed by the Federal Arbitration Law No. 6 of 2018 and updated regulations in the DIFC and ADGM. Notably:

  • Both DIAC Arbitration Rules 2022 and arbitrateAD guidelines emphasize transparency by requiring disclosure of third-party funding agreements.
  • Arbitration proceedings offer a flexible and confidential framework, making them ideal for cases involving third-party funding.

WinJustice specializes in funding arbitration cases, ensuring our clients have the financial support needed to achieve favorable outcomes.

Why WinJustice is the Right Choice

As the pioneer in UAE litigation funding, WinJustice offers:

  • Expert Guidance: Decades of combined experience in navigating UAE’s legal systems.
  • Custom Solutions: Tailored funding arrangements to meet the unique needs of each client.
  • Ethical Standards: Commitment to transparency, fairness, and compliance with UAE regulations.

Whether you are pursuing a commercial dispute, arbitration claim, or high-value litigation, WinJustice provides the financial resources and expertise to secure justice.

Conclusion

Litigation funding is transforming the UAE’s legal landscape, and WinJustice is proud to lead this change. By bridging the gap between justice and affordability, we are enabling businesses and individuals to take control of their legal challenges with confidence.

Visit WinJustice to learn more.

Announcements Case Developments Commercial

Hausfeld & Co LLP: Confirmed – Collective Action Seeking More Than £1.5bn from Apple Set for January Trial

By Harry Moran |

Dr Rachael Kent’s over £1.5bn collective action against Apple for alleged overcharging in relation to the Apple App Store will go to trial on 6 January 2025. The Competition Appeal Tribunal has confirmed the trial will run for eight weeks, with the first week reserved as a reading week. Hearings will commence on 13 January 2025 at the Competition Appeal Tribunal, Salisbury Square House, 8 Salisbury Square, London EC4Y 8AP.

The claim, which seeks compensation for millions of UK consumers and businesses, alleges that Apple breached competition law by abusing its dominant position through its conduct relating to its App Store. According to the claim, Apple has excluded competition and charged unfairly high commissions of up to 30% on app and in-app purchases (including subscriptions) made on iPhones and iPads.

Dr Kent has issued a revised Trial Hearing Notice, available here, which confirms the trial schedule and provides further information about the case. For more information on the claim, visit www.appstoreclaims.co.uk/Apple. Class members are encouraged to check the website for updates about the claim, including access to Tribunal orders and further guidance. The Notice can also be found in the “Documents” section of the claim website.

For those interested in observing the trial, it will be open to the public both in person and online via the Tribunal’s website. A “Watch Now” link will be available under the Diary section on the Tribunal’s homepage (www.catribunal.org.uk) on the trial commencement date.

Further information on the claim

The legal claim applies to purchases made on many popular apps on iPhones and iPads, including Fortnite, YouTube and Tinder. It does not apply to apps providing “physical goods or services that will be consumed outside of the app”. These include Deliveroo and Uber, which are not required to use Apple’s payments system or pay Apple the disputed 30% commission on every purchase of and/or within their apps.

Affected app purchasers, on whose behalf the collective action is brought, will not pay costs or fees to participate in this legal action, which is being funded by Vannin Capital, a global litigation funder. The action is insured, which means that class members have no financial risk in relation to the claim.

Dr Kent is represented by Lesley Hannah, Sofie Edwards, Kio Gwilliam, Emma Poland, Jonathan Amior, Natalie Jukes, Jake Henderson, Abigail Masters and Kazi Elias at law firm Hausfeld & Co. LLP, with barristers Mark Hoskins KC and Matthew Kennedy from Brick Court Chambers, and Tim Ward KC, Michael Armitage and Antonia Fitzpatrick from Monckton Chambers

About Hausfeld & Co. LLP

Hausfeld is a leading international law firm specialising in competition law, with significant expertise in all aspects of collective redress and group claims.

Commercial Regulatory Issues

GAO Publishes Report on Patent Litigation Funding

By Harry Moran |

The role of third-party funding in patent litigation has remained a contentious issue in the United States, with it often being targeted by critics of litigation finance as a prime example of the dangers of foreign interference. However, a new report from an independent government agency may provide some useful context for this ongoing debate, and balance the viewpoints of those on each side of the argument.

A new report published by the U.S. Government Accountability Office (GAO) shines a spotlight on the world of third-party funding for patent disputes, reviewing recent developments in the sector and garnering insights for industry stakeholders. The report, which is titled ‘Intellectual Property: Information on Third-Party Funding of Patent Litigation’, was delivered to the Senate Judiciary Committee’s Subcommittee on Intellectual Property.

The GAO study was compiled over the last 12 months using interviews with a range of industry representatives including litigation funders, technology companies that were frequently defendants in patent litigation, law firms, inventors who had used third-party funding, and court judges. The report also reviewed third-party reports from Unified Patents, RPX, and Westfleet Advisors, whilst also analysing data from  the Stanford NPE Litigation Database. Furthermore, the GAO reviewed a dozen patent litigation cases and reviewed academic literature on the subject.

Explaining why the study was conducted, the GAO highlighted the ‘limited’ amount of publicly available data on third-party funding of patent litigation, and the concerns raised by stakeholders around the extent of the practice amid the general lack of formal disclosure of funding.

In its interviews with litigation funders, the GAO found there were ‘multiple factors that inform their decision on whether to invest in a particular lawsuit’, from the strength of the patent in question to the existence of information exchange between the patent owner and the defendant company. Separately, representatives from these defendants suggested that ‘more than half of all patent infringement lawsuits filed against them had confirmed or suspected third-party funding.’

The topic of disclosure requirements was unsurprisingly a focus of the GAO’s research, with stakeholders identifying both benefits and concerns around the introduction of more stringent transparency rules. Among these identified benefits of enhanced disclosure were the ability of judges to discover conflicts of interest, shedding light on the involvement of foreign entities in patent litigation, and the possibility of facilitating case resolution in situations where the presence of a funder may encourage defendants to reach a settlement. When it came to the concerns around mandating disclosure of funding, stakeholders questioned the relevance of this detail to the underlying litigation, the potential of biasing any litigation towards defendants by providing information around the plaintiff’s financial resources, and finally the issue of increasing the burden on the court system by adding these additional measures.

The full report can be read here.

Commercial Regulatory Issues

Burford Capital CEO says Government Inaction Over PACCAR is ‘Perilous’

By Harry Moran |

Over 16 months have passed since the Supreme Court’s decision in PACCAR which caused upheaval in the UK litigation funding sector, with few signs of encouragement that a legislative solution will come into force before the two-year anniversary of the judgment. Whilst the Civil Justice Council’s (CJC) ongoing review into litigation funding is laying the foundations for eventual government action, it is increasingly clear that funders are growing impatient with the lack of urgency from Westminster.

Speaking with City AM, the CEO of Burford Capital, Chris Bogart offers his views on the new government’s approach to litigation funding and expresses dissatisfaction at the “uncertainty” caused by its cautious approach to addressing the impact of PACCAR ruling. Bogart cautioned that delaying a legislative solution whilst waiting for the outcome of the CJC’s review could endanger London’s “very strong global reputation for legal services.”

Bogart explained that with Burford’s position as a global litigation funder, they have both the opportunity and the need to prioritise certain markets, meaning that the government’s inaction is resulting in Burford being “less focused on using dispute resolution in London” than in past years. Bogart highlighted the strength of dispute resolution jurisdictions in New York, Paris and Singapore, and Burford are “migrating some dispute resolution activity away from London and towards New York.”

Bogart explained the company’s position through a rational financial framework, saying that he is “in the business of allocating capital to places that are reliable and deliver returns for shareholders.” In closing, Bogart sent what appeared to be a direct message to policymakers in London, warning that “it is perilous for the new government to take action or to exist in inaction that moves that capital away from London.”