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Announcements Commercial

Mitry Lawyers to Speak at the 5th Litigation Funding Conference in Sydney on May 31, 2019

Sydney, NSW, Australia--Ticonderoga Ventures, Inc. announces that Mitry Lawyers will speak at the Litigation Funding Conference ( https://litigationfundingconference.com) on May 31, 2019 in Sydney, Australia. Rick Mitry, will speak on the current status of the law of representative proceedings. ABOUT MITRY LAWYERS Mitry Lawyers is a boutique law firm with branches in Sydney and Melbourne, Australia. It’s clientele range across Australia, Asia and the Middle East. “Mitry Lawyers is committed to engaging Australian business with international opportunities as well as promoting Australian opportunities in global markets. We provide the expertise and legal support to facilitate both. We work to ensure our clients are best equipped to take advantage of existing opportunities and remain competitive with a rapidly transforming global market.” Our specialties are private international law including cases for and against Australian and foreign governments, the law of diplomatic and foreign states immunities, commercial litigation, and representative proceedings as well as intellectual property and media. Mitry Lawyers understand the complexities laden within the Australian legal system and endeavor to ensure that clients feel comfortable with the services provided and informed of the practical effect of legal processes. Mitry Lawyers seek to continuously support and promote the education of young law students, through the Macquarie University Mitry Lawyers Award, and the internship of foreign students. ABOUT THE LITIGATION FUNDING CONFERENCE The Litigation Funding Conference is the leading networking and business event for the industry.  Corporate counsel and attorneys from significantly sized law firms seeking finances for high value claims meet directly with third party litigation funding firms, venture capitalists and hedge funds.  Financial professionals and investors representing significant resources attend to fund suits they are expressly interested in. Time, the most valuable commodity at the event, is designed for maximum efficiency in introducing attorneys with those that provide funding to quickly identify the best opportunities and begin the deal making process. Registration for the event can be made at https://litigationfunding.co/register-sydney-2019.php For more information, please visit the website https://www.litigationfundingconference.com or contact: Ticonderoga Ventures, Inc. Marketing and Logistics Representative Tel/ Fax: USA +1 (212) 722-1744 E-mail:  info-21@litigationfundingconference.com Twitter:  @LITIGATIONFUND1
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Announcements Commercial

LCM: Court Approval of Settlement and Portfolio and Pipeline Update

Litigation Capital Management Limited (AIM:LIT), a leading international provider of litigation financing solutions, announces that the court has approved a settlement in respect of one of its class action litigation projects. This follows the negotiated settlement in principle of this litigation project announced on 20 March 2019.

Highlights

  • Court approval granted on 28 May 2019 with the effect that the settlement has become final and binding between the parties.
  • Further judgment expected shortly which will determine the precise amount of LCM’s share of these funds following which LCM will make a further announcement with the financial metrics of this litigation project.
  • The settlement funds will be paid within 30 days with LCM’s entitlement set to contribute significantly to profit for the current financial year to 30 June 2019.
  • Fourth litigation project that LCM has completed in the current financial period.

The litigation project relates to a class action LCM funded on behalf of certain former shareholders in a resources company formerly listed on the Australian Stock Exchange. The other party is an international professional services company and prior to a final hearing, both parties participated in a mediation where a settlement in principle was reached.

The terms of the settlement (which are confidential) were approved by the Supreme Court of New South Wales, Australia at a hearing on 28 May 2019. This renders the settlement final and triggers the obligation on the defendant to pay the settlement sum.

Class actions represent one of several types of litigation projects that LCM provides funding for across single-case and portfolios, as well as international arbitration, commercial claims and claims arising out of insolvency.

Portfolio and pipeline update

LCM currently has a portfolio of 28 projects under management. 18 of those litigation projects are unconditionally funded and 10 projects are conditionally signed. Since LCM’s last announcement in relation to its portfolio, the projects which have moved to be unconditionally funded include:

  • Proceedings in Hong Kong brought on behalf of company in liquidation alleging breach of contract and negligence against a Hong Kong company with a capital commitment to be provided by LCM of US$0.965 million.
  • An ICC arbitration seated in London brought on behalf of a hotel and hospitality developer against a large global company with a capital commitment to be provided by LCM of US$1.5 million.

The balance of new matters are signed up on a conditional basis and will be announced separately in a future update provided that they transition to an unconditional status.

The current pipeline of pre-qualified opportunities continues to demonstrate the large and diverse investment opportunities within the company. LCM currently has approximately 65 pipeline projects across a mix of litigation financing including commercial, international arbitration, insolvency, class actions and corporate portfolios. The estimated potential investment across those 65 projects exceeds A$400 million. That pipeline of investment opportunities is dynamic and changes regularly. The pipeline reflects the global nature of LCM’s business with projects in Australia, the Asia Pacific and EMEA.

Of that pipeline, LCM is undertaking due diligence, or in advanced negotiations with respect to nine corporate portfolio transactions. In respect of some of those corporate portfolio opportunities, commercial term sheets have been issued and negotiations are continuing.

Patrick Moloney, CEO of LCM, said: 

"We’re delighted to receive court approval for the settlement reached earlier this year in March. The completion of this litigation project vindicates our approach to project selection and use of active project management. The profitability and contribution from this project are also likely to be ahead of our expectations at the time of the settlement in principle in March 

“We are very pleased with the status of our current portfolio and pipeline. Both our portfolio and our pipeline demonstrate the successful implementation of our strategies of diversification by geographical region and project type as well as continued growth in the size of our portfolio.

“LCM has a strong and longstanding track record of funding class actions, which continue to make up a proportion of our diversified portfolio and pipeline of litigation projects, alongside corporate portfolios, claims arising out of insolvency, international arbitration and commercial litigation.”

About LCM

Litigation Capital Management (“LCM”) is a leading international provider of litigation financing solutions. This includes single-case and portfolios across class actions, commercial claims, claims arising out of insolvency and international arbitration. LCM has an unparalleled track record, driven by effective project selection, active project management and robust risk management. Headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM has been listed on AIM since December 2018, trading under the ticker LIT. www.lcmfinance.com

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Announcements Commercial

Bentham IMF Hires Recognized International Arbitration Expert in Canada

Dispute financing company Bentham IMF has hired well-known international arbitration expert Annie Lespérance, FCIArb, as Legal Counsel in its Montreal office as it continues to expand both its arbitration bench strength, and its presence in a growing Quebec market. Annie is the eighth lawyer to join the Canadian team, and will assist in assessing commercial litigation and arbitration matters, where clients seek funding to manage the cost or risk of pursuing a claim. Prior to joining Bentham, Annie practised as a lawyer at Cabinet Yves Fortier (2012-2019) and the Permanent Court of Arbitration (2011-2012), where she acted as Secretary to Arbitral Tribunals in international commercial, investor-State and sports arbitration disputes under a wide range of procedural rules (ICC, ICSID, LCIA, UNCITRAL, PCA, ICDR, SIAC, HKIAC, CAS, SDRCC) and governing laws. Annie has been appointed as an arbitrator and is a member of various arbitration rosters, including NAFTA’s Chapter 19 Roster of Panelists and ICDR Canada’s panel of arbitrators. She has also been recognized as a Fellow of the Chartered Institute of Arbitrators (FCIArb) based in London, UK. Annie’s hire reflects the growth in arbitration funding, as well as the increasing demand for litigation funding across Canada.  Annie will leverage her unique experience acting as arbitral secretary for one of the world’s preeminent arbitrators to conduct due diligence on potential investments, and work with lawyers and clients to manage funded matters. She adds considerable depth to Bentham IMF’s global arbitration team, which also recently welcomed Dana MacGrath, the president of Arbitral Women and a leading international arbitration lawyer who was previously a partner at Sidley Austin in New York. Bentham’s team includes arbitration experts in Canada, the US, the UK, Singapore, Hong Kong and Australia. “Litigation funders have become key players in the arbitration and commercial litigation landscape. I am absolutely delighted to join the world’s oldest and most experienced dispute financing company and a team of sophisticated lawyers,” says Annie. Annie adds to a growing team in Montreal that includes Montreal office leader and former McCarthy Tétrault LLP partner Pierre-Jérôme Bouchard, and senior advisor George Hendy, a veteran Montreal litigator who practised for over 45 years at Ogilvy Renault (now Norton Rose Fulbright Canada), Phillips & Vineberg (now Davies, Ward, Philipps and Vineberg LLP) and Osler, Hoskin & Harcourt. “Annie’s arrival truly complements our team in Montreal. She brings a different and unique experience and will be a great asset for claimants not only in the international arbitration space, including both commercial and investor-state disputes, but also in all types of cases," says Pierre-Jérôme. Annie earned her law degree from Université de Montréal and her LL.M. cum laude, from Leiden University. Annie was called to the Quebec Bar in 2010 and to the Paris Bar in 2011. She is fluent in French, English and Spanish. Bentham IMF is delighted to welcome Annie to the team. She can be reached atalesperance@benthamimf.ca or +1-514-795-8787.
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Announcements Commercial

RPX Corporation Names Jon Knight EVP, Business Development

SAN FRANCISCO, May 21, 2019 /PRNewswire/ -- RPX Corporation, the leading provider of patent risk management solutions, today announced that Jon Knight has joined RPX as Executive Vice President, Business Development, effective May 13, 2019.

In this role, Mr. Knight is responsible for engaging with businesses of all sizes around the world to understand their patent challenges and inform them of the range of solutions RPX provides to its members to address those challenges.

Mr. Knight brings two decades of experience at International Business Machines Corporation (IBM) to RPX. Most recently, he served as General Manager, Client Financing for IBM Global Financing (IGF), where he was responsible for IGF's end-user financing business. IBM Global Financing is the world's largest IT captive financier with clients in over 60 countries and more than 20 industries. He also served as Vice President for Intellectual Property, responsible for the licensing, sales, enforcement, and joint development of IBM's worldwide intellectual property portfolio.

"The effectiveness and strength of RPX lies in the breadth and depth of expertise members can access on our platform and the IP professionals who work tirelessly to solve members' patent challenges," said RPX CEO Dan McCurdy. "As the RPX membership network grows, so does the scale and efficiency of our defensive patent acquisition efforts and related solutions. Jon's experience makes him remarkably well-suited to help drive that growth. I am excited to welcome Jon to the RPX team and look forward to working with him to bolster what makes us the market leader—the power of the collective."

"RPX's innovative solutions provide companies with actionable, and unrivaled, ways to manage their patent-related risks," said Mr. Knight. "By bringing companies together to solve their shared challenges, RPX creates efficiencies both for its members and the market overall. The value it creates for its members grows stronger with each new member. I am excited to lead the charge to bring more companies into this leading-edge network."

Before joining IBM, Mr. Knight was a Vice President at Merrill Lynch covering financial institutions and has more than 15 years of experience in the financial services industry. Mr. Knight has an MBA in Finance and an MS in Taxation from Fordham University'sGraduate School of Business Administration, and he holds a BA in Economics and Psychology from the College of the Holy Cross. A competitive triathlete, Mr. Knight lives in California with his wife and two daughters.

ABOUT RPX 

RPX Corporation is the leading provider of patent risk solutions, offering defensive buying, acquisition syndication, patent intelligence, insurance services and advisory services. Since its founding in 2008, RPX has introduced efficiency to the patent market by providing a rational alternative to litigation. The San Francisco-based company's pioneering approach combines principal capital, deep patent expertise, and client contributions to generate enhanced patent buying power. By acquiring patents and patent rights, RPX helps to mitigate and manage patent risk for its growing client network.

As of March 31, 2019, RPX had invested over $2.5 billion to acquire more than 46,000 U.S. and international patent assets and rights on behalf of approximately 320 clients in eight key sectors: automotive, consumer electronics and PCs, E-commerce and software, financial services, media content and distribution, mobile communications and devices, networking, and semiconductors.

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Commercial Consumer

LawCoin Brings Litigation Funding to the Blockchain

There have been numerous attempts so far, and here comes another one: LawCoin is poised to introduce litigation finance to the blockchain by allowing accredited retail investors to finance and even trade shares in lawsuits by tokenizing the offerings. As reported in Crypto Briefing, LawCoin President Marc Goldich sees opportunity in bringing litigation funding to the masses via the blockchain. He feels the added transparency and liquidity will do for the Legal Services sector what IPOs have done for private corporations. LawCoin will allow investors to purchase tokens, each of which represents a fraction of a lawsuit. Upon successful completion of the claim, investors will receive their share of the proceeds as a LawCoin, digitally recorded on the blockchain. As the platform evolves, users will eventually be able to trade tokens with one another, creating a sort-of impromptu secondary market. Goldich views litigation funding revolutionary, yet far from efficient. The fact that it’s only available to large institutional and high net worth individuals is something he looks forward to changing. And the difficulty in developing a secondaries market means that early investors can often be stuck in a claim for years, something LawCoin looks to easily change. LawCoin is part of the Tachyon 10-week accelerator. Goldich and fellow co-founder and CEO Noah Axler worry they might be a little early to market with a tokenized offering for litigation funding, yet they remain 100% convinced that this is where the industry is headed. The team have already identified strong cases for their platform, which launches later this summer.
Consumer

Nevada May Be the Next Battleground in ‘The War on Funding’

The Consumer Legal Funding industry is facing another test in the state of Nevada, where bill SB 432 has already passed the Senate and now awaits a floor vote in the House. The bill seeks to cap funding fees at 40% annually, and include additional regulations such as the disclosure of all fees and disallowance of commissions and referral fees. As reported in the Nevada Current, Nevada may be on the cusp of becoming one of roughly half-a-dozen states to regulate the Consumer Legal Funding industry. George Burns, retired Commissioner of the Nevada Department of Business’s Financial Institutions Division worries that Consumer Legal Funding will negatively impact consumers who are used to traditional loan terms. Of course, the industry counters that their product is not a loan, given that funding is non-recourse and therefore not obligated to be repaid when cases are lost at trial. A recent study by Cardozo Law professor Anthony Sebok, which analyzed over 200,000 funded claims, found that in 12% of all cases the funding company incurred losses - and in 10% the funder lost their entire capital commitment. Many industry opponents have attempted to paint the funding industry in the same light as payday lending, yet there are stark contrasts: Consumer Legal Funding does not impact credit, nor does the customer face a worse financial stake - even if the case is lost - such as repossession of assets. Despite this, industry opponents such as the U.S. Chamber of Commerce continue their push against Consumer Legal Funders. With SB 432's passage, Nevada is shaping up to be the next point of confrontation in an ongoing dispute over whether funders are to be considered lenders or investors.
Announcements Commercial

Legal Capital Research Institute (Shenzhen) to Speak at the 5th Litigation Funding Conference in Sydney on May 31, 2019

Ticonderoga Ventures, Inc. announces that Legal Capital Research Institute (Shenzhen) will speak at the 5th Litigation Funding Conference ( https://litigationfundingconference.com) on May 31, 2019 in Sydney, Australia. Medivh HU, Managing Director at Legal Capital Research Institute (Shenzhen) will speak on the china market for litigation funding. Video:  https://www.youtube.com/watch?v=g_2FYWr6lKg ABOUT LEGAL CAPITAL RESEARCH INSTITUTE (SHENZHEN) Legal Capital Research Institute (Shenzhen) was founded by Shenzhen Qianhai DS Legal Capital Co. Ltd. in December, 2017 as a non-profit research organization. The establishment of this Institute aims to explore the intrinsic logic between law and capital, to prompt the development of legal service market, to promote China’s progress in economy and the rule of law, as well as to safeguard the social justice. The establishment of the Institute can effectively make up for the current short of theoretical researches into relevant topics. Through the research, the Institute helps to advocate the transformation and innovation of legal service in China and meanwhile, call for new legislative actions from government perspective. The objective for Institute is seeks to realize an orderly development of Third-Party Funding in China. The Institute works with several governmental bodies, universities, arbitration institutions, non-governmental international and domestic organizations to research and discuss the litigation funding industry and its regulations in several aspects. ABOUT THE LITIGATION FUNDING CONFERENCE The Litigation Funding Conference is the leading networking and business event for the industry.  Corporate counsel and attorneys from significantly sized law firms seeking finances for high value claims meet directly with third party litigation funding firms, venture capitalists and hedge funds.  Financial professionals and investors representing significant resources attend to fund suits they are expressly interested in. Time, the most valuable commodity at the event, is designed for maximum efficiency in introducing attorneys with those that provide funding to quickly identify the best opportunities and begin the deal making process. Registration for the event can be made at https://litigationfunding.co/register-sydney-2019.php For more information, please visit the website https://www.litigationfundingconference.com or contact: Ticonderoga Ventures, Inc. Marketing and Logistics Representative Tel/ Fax: USA +1 (212) 722-1744 E-mail:  info-21@litigationfundingconference.com Twitter:  @LITIGATIONFUND1
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Commercial

The Rise of Third Party Funding in India

Third party funding has been legal in India since at least 1954, when the Supreme Court ruled that there is nothing morally wrong with outside funding of legal cases, as long as an attorney is not the one doing the funding. In 1996, changes were adopted to the Arbitration and Conciliation Act which further attracted the attention of third party funders. Now, thanks in large part to the construction and infrastructure industry, third party funding is gaining a foothold in the world's second most-populous nation. According to CNBC, many Indian construction/infra firms are in desperate need of liquidity, given that there is often a significant delay from government agencies in providing the rights to develop on land parcels. Company assets often remain idle on the books, which negatively impact balance sheets. As a result, many infra firms in India have outstanding legal claims against government agencies. Yet lengthy trial timelines coupled with insolvency woes leave these firms in dire straits. That's where outside financing comes into play. With several big arbitration payouts being handed down recently against government agencies (Jindal ITF Ltd won Rs 2015 crore in a claim against NTPC Ltd, and Delhi Airport Metro Express Private Limited won Rs 2950 crore against Delhi Metro Rail Corporation), the appetite for third party funding in India is growing stronger by the year.