Renovus Capital Partners ("Renovus"), a private equity firm based in the Philadelphia area, announced today that it has acquired a majority stake in class action case management solutions provider Angeion Group, LLC ("Angeion"). Founder & Chief Executive Officer, Steven Weisbrot, and senior members of the management team have maintained a significant ownership stake in the Company and will continue to drive the growth of the platform in partnership with Renovus. Marks Baughan Securities LLC served as the exclusive financial advisor to Angeion Group in the transaction.

Angeion, which is also headquartered in Philadelphia, is the leading innovator in the class action settlement industry. As a global provider of notice and claims administration services, the company has built a technology platform that enables its legal experts to manage the largest and most complex class action settlements.

The Renovus partnership will enable Angeion to accelerate the buildout of its management, client service, and delivery teams and increase investment in its proprietary class action technology solutions. Angeion plans to grow its leadership position in the US market and continue to develop its international business through a combination of key hires, new solutions, and strategic acquisitions.

Angeion was founded in 2013 by Steve Weisbrot, Esq. and Christopher Chimicles, with a mission to modernize the class action settlements industry. With over 160 team members, the Company provides high-quality service and innovative technology solutions in settlement administration, adapting to the constantly evolving legal services ecosystem. To date, its team has managed more than 2,000 class action settlements and distributed over $10 billion to class members.

"This partnership marks a major milestone in Angeion's growth journey," said Weisbrot. "The investment from Renovus is a testament to the dynamic team that has propelled Angeion into the great company that it is today and that will continue to drive its growth into the future. I am extremely proud of what we have accomplished, and I am even more energized for the years ahead."

"Angeion is one of the most differentiated and fastest growing players in class action services," said Renovus Managing Director Lee Minkoff. "Renovus has a track record of identifying unique tech-enabled legal services companies, aligning with management on a growth thesis, and making investments to execute that thesis. This is the exact opportunity we have with Angeion, and we could not be more excited to partner with Steve and the management team."

Marks Baughan served as exclusive financial advisor to Angeion Group.

About Angeion Group

Angeion Group stands at the forefront of settlement administration and legal noticing services. Leveraging advanced technology, proven best practices, and expert consulting, Angeion specializes in managing class actions and other types of mass litigation. Angeion's dedication to efficiency, accountability, and excellence instills confidence in counsel and the court alike. 

About Renovus Capital PartnersFounded in 2010, Renovus Capital Partners is a lower middle-market private equity firm specializing in the Knowledge and Talent industries. From its base in the Philadelphia area, Renovus manages over $2 billion of assets across its several sector focused funds. The firm's current portfolio includes over 30 U.S. based businesses specializing in education and workforce development and services companies in the technology, healthcare and professional services markets. Renovus typically makes control buyout investments in founder owned businesses, leveraging its industry expertise and operator network to make operational improvements, recruit top talent and pursue add-on acquisitions. Visit us at www.renovuscapital.com and follow us on LinkedIn.

Litigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, announces a positive development on an investment within its Fund I portfolio.

LCM has funded a claim advanced in respect of an international arbitration claim brought against the Republic of Poland under the United Nations Commission on International Trade Law (UNCITRAL) Rules. The Tribunal has unanimously held in favour of the funded party that the Republic of Poland breached its obligations under the Australia-Poland Bilateral Investment Treaty and the Energy Charter Treaty.  

The quantum of the award entered in favour of LCM's funded party totals A$490 million plus interest.

LCM's funded party has therefore been successful in the claim. If the award is not subject to challenge and is not satisfied the dispute will move to an enforcement stage. We will assess any further funding requirements once the enforcement strategy has been finalised.

The total investment into the case to date is A$16.6 million (US$11.3 million). This investment comprises A$4.2 million (US$2.8 million) from LCM’s own balance sheet and A$12.4 million (US$8.5 million) of third party capital from Fund I. In line with our usual practice LCM's returns are calculated as a rising multiple of invested capital over time.  

This investment is no longer attended with liability and quantum risk as that has been decided. Final performance will be announced to the market after conclusion of the investment. However, if the award is satisfied within a reasonable period without the need for enforcement, then based upon the contractual terms with the funded party as at the date of this announcement, LCM would be entitled to a multiple of 6 times its own invested capital plus significant performance fees on third party capital invested. 

Patrick Moloney, CEO of LCM, commented: "This announcement represents a very significant milestone in this investment. Subject to any challenge to the very favourable and unanimous award we now move to an enforcement stage. This investment is part of Fund I and therefore stands to benefit from significant performance fees giving it the potential to be the most successful investment in LCM’s history."

About LCM

Litigation Capital Management (LCM) is an alternative asset manager specialising in disputes financing solutions internationally, which operates two business models. The first is direct investments made from LCM's permanent balance sheet capital and the second is third party fund management. Under those two business models, LCM currently pursues three investment strategies: Single-case funding, Portfolio funding and Acquisitions of claims. LCM generates its income from both its direct investments and also performance fees through asset management.

LCM has an unparalleled track record driven by disciplined project selection and robust risk management. Currently headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT.

www.lcmfinance.com

An investment vehicle advised by Tactical Management has successfully acquired Avyana Litigation Funding, further expanding its strategic portfolio in the legal financing sector.

Tactical Management, a globally active turnaround investor, specializes in unlocking the potential of underperforming companies, distressed real estate, and non-performing loans. The firm’s expertise lies in driving value and growth through strategic and operational support across a range of sectors and asset types.

Avyana Litigation Funding is dedicated to democratizing justice by providing financial support for complex legal disputes. As a trusted partner to minority shareholders, investors, and businesses, Avyana not only funds their fight to pursue rightful claims but also helps them monetize these claims, turning legal challenges into financial opportunities.

The acquisition aligns with Tactical Management’s strategic focus on supporting businesses with high-growth potential through innovative solutions. The acquisition of Avyana allows Tactical Management to strengthen its presence in the legal financing market, offering comprehensive services such as:

• Shareholder Disputes: Funding legal battles over shareholder rights, corporate governance, and mismanagement.
• Investor Claims: Supporting claims related to corporate misconduct, fraud, or breach of fiduciary duty.
• Bankruptcy Litigation: Financing litigation to recover debts or protect interests during bankruptcy proceedings.
• Individual or Collective Legal Actions: Providing funding for both individual and group legal actions.

Through this acquisition, Tactical Management enhances its ability to generate value for investors and stakeholders by tapping into the rapidly growing litigation funding market.

Bridge Legal, a leading provider of AI legal workflows, data management, and predictive analytics solutions for litigation funders and the high-volume law firms they support, is pleased to announce the appointment of Chris Dore as Managing Director, Strategic Opportunities.

With over 15 years of experience as a litigator and litigation funder specializing in mass torts, single-event, and class-action matters, Chris brings a wealth of expertise to Bridge Legal. Prior to joining the company, he served as a Partner at Edelson PC, a nationally recognized mass tort and class-action law firm, and most recently as a Director at Burford Capital, the world's largest litigation funder.

In his new role, Chris will focus on expanding and managing Bridge Legal's capital market strategies in high-volume consumer litigation. He will leverage the company's industry leading marketing, intake, case maturation, and AI-driven software platform—Bridgify—to strengthen relationships within the mass tort, mass arbitration, and single-event space. His efforts aim to enhance the sophistication of services offered to Bridge Legal's law firm and litigation funder clients, providing them with the tools and resources necessary to thrive amidst increasing data complexity and operational risk.

"Bridgify's AI workflow capabilities are transforming the way litigation funders and law firms operate by providing unprecedented visibility over their investments and case portfolios," said Ed Scanlan, Founder & CEO of Bridge Legal. "We are thrilled to welcome Chris to our leadership team. His extensive experience in mass torts and litigation funding aligns perfectly with our strategic vision. With his leadership, we aim to further enhance Bridgify's AI-driven solutions to meet the evolving needs of litigation funders and the firms they support. Chris's role will be pivotal in deepening our relationships within the industry and elevating the services we provide."

"I'm excited to join the leading legal tech company in the industry," said Chris. "Bridgify represents the future of high-volume legal services and litigation funding by integrating AI to streamline and enhance every facet of investment and case management. By focusing on expanding capital investments in high-volume consumer litigation and leveraging Bridge Legal's innovative platforms, we can provide unparalleled value to our clients. I look forward to contributing to Bridge Legal's mission of increasing human access to justice and helping to lead the company into its next chapter."

About Bridge Legal

Bridge Legal is the leading provider of AI workflow and predictive analytics solutions for litigation funders and the law firms they support. From its Chicago office, the company also offers marketing and intake services to help firms build their dockets, as well as back-office support for rapid case prove-up, including Plaintiff Fact Sheets and medical record reviews. Combined with its flagship platform, Bridgify—which includes data management and normalization, AI-driven workflow automation, integration management, predictive analytics, client communication and asset monitoring and fund management—this provides a game-changing, flexible offering unmatched in the industry. By integrating advanced technology with industry expertise, Bridge Legal empowers its clients to streamline operations, enhance client services, and drive profitable growth in an increasingly complex legal landscape.

The Center on Civil Justice at New York University School of Law mission is dedicated to the U.S. civil justice system and the continued fulfillment of its purpose. The Center brings together the unmatched strengths of the NYU Law faculty in the fields of procedure and complex litigation with the sophisticated practitioners and judges who make up our Board of Advisers.  Together we endeavor to support our civil courts as a place for people to fairly and efficiently resolve their problems and access justice.

The Center on Civil Justice at NYU School of Law will host a one-day conference on October 28, 2024 on the subject of legislative efforts to regulate third-party legal funding with the goal of connecting the debates on key legal funding issues taking place in academia and among practitioners, lobbyists and legislators, in the US and in Europe.  

The conference will consist of three panels, each focusing on a different legal funding reform effort. These include U.S. legislative efforts to regulate commercial litigation financing and consumer legal funding, in addition to an examination of European and other international legislative attempts to regulate third-party funding. The bill sponsors will be invited to present, along with experts on the topics the bill covers.

The event will take place on October 28, 2024, from 9am - 3:30pm.  We encourage everyone to attend in-person at Greenberg Lounge of Vanderbilt Hall, 40 Washington Square South, NY, NY 10012.

For those who cannot do so, the event will also be livestreamed via Zoom.  A link will be sent out to everyone who RSVPs.

The event is free, and we will be applying for CLE credit. 

Register Here: https://forms.gle/Z5UuQcB2geNhRe7dA.

9:15 AM – 9:30 AM – Opening Remarks

9:30 AM – 11:00 AM - Panel 1: Disclosure of Commercial Litigation Financing Agreements

While much of the state legislation enacted on third-party litigation finance has focused on consumer legal funding, states and the federal government have begun to think about the regulation of commercial litigation funding as well.  Specifically, the issue of whether, under what circumstances, and to what extent to disclose commercial third-party funding has been one of the most significant policy questions facing the industry for years.   Legislation has been introduced or passed in West Virginia, Wisconsin, and US Congress regarding disclosure of commercial funding agreements, and we will discuss these bills and others and how they will impact the commercial funding landscape.

11:15 AM – 12:45 PM – Panel 2: New York A.115 - Consumer Funding

Much, if not most, state legislation focuses specifically on consumer legal funding and not commercial litigation financing.  New York State alone has five different such bills.  This panel chooses to focus on A.115, which has passed the New York State Senate but not the Assembly – the bill that has so far advanced the furthest.  This bill caps returns to funders at the military lending rate.  Other bills do not place such a cap at all but require full disclosure of the contract.  This panel will discuss what is the best way forward to regulate the product in New York and across the country.

12:45 PM – 1:30 PM – Lunch

1:30 PM – 3:00 PM – Panel 3: EU P9_TA (2022) 0308 - International Legislation

In 2022, the EU Parliament adopted a resolution to introduce legislation creating minimum standards for third-party funding in the EU.  The European Commission has yet to submit a formal proposal for the EU Parliament and European Commission to consider.  However, the principals outlined in the resolution highlight many significant discussion points within the industry and demonstrate the state of international regulation of the industry.

3:00 PM – 3:15 PM – Closing Remarks

RSVP for the event here: https://forms.gle/Z5UuQcB2geNhRe7dA.