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Commercial

Australian Law Reform Commission Issues Recommendations Promoting Fairness in Class Actions

The Australian Law Reform Commission (ALRC) has issued its long-awaited report on suggested improvements to the class action legal climate in Australia. Class actions are on the rise - specifically shareholder actions - thanks in part to broad regulations imposed on public corporations by the government, as well as the rise of litigation funding which is helping fuel law firms that build large-scale cases against alleged corporate malfeasance. Now the ALRC wants to implement measures that it says will "promote fairness and efficiency in class action proceedings, protect litigants and assure the integrity of the civil justice system." The ALRC has released a report outlining two dozen recommendations aimed at reforming the Australian class action ecosystem. The report, which is called: Integrity, Fairness and Efficiency—An Inquiry into Class Action Proceedings and Third-Party Litigation Funders, is the result of over 60 consultations with various stakeholders. Some highlights of the ALRCs report:
  • The implementation of a percentage-based fee model for solicitors would enhance access to justice and decrease associated costs to litigants. Additionally, a voluntary accreditation scheme for solicitors should be established.
  • A security for cost award would reduce the risk of ligation funder influence over a case, or of a funder's failure to meet its financial obligations. Likewise, the Court should maintain broad oversight of any funding agreements, and ensure that they indemnify lead plaintiffs against an adverse costs order.
  • Standardized mechanisms should be put in place that enable the Federal Court to properly manage competing class actions.
  • The Federal Court should appoint an independent costs referee to ascertain the reasonableness of legal costs in class action proceedings.
  • In general, transparency in class action settlements should be promoted and increased.
The ALRC recommends government reviews of the statutory enforcement regimes, as well as the  legal and economic impact of the regulatory implementations, with special emphasis placed on continuous disclosure obligations, given how broadly that allegation can be leveled against corporations whose stock prices suddenly plummet. The ALRC does recognize that further investigation of class action regulation is warranted, and that these recommendations are just that - recommendations, not laws. That said, those looking to drastically reform the class action system now have a viable framework which which to promote their ongoing agenda. We'll have to wait and see to what extent the ALRCs recommendations are implemented by the Australian government.
Announcements Commercial

RPX Announces Licensing Transaction with IP Bridge

SAN FRANCISCO, Jan. 24, 2019 /PRNewswire/ -- RPX Corporation today announced that it secured licensing rights for 10 companies to 595 semiconductor-related patents owned by Godo Kaisha IP Bridge 1 (IP Bridge). "As the nature of patent risk evolves, RPX continues to play a pivotal role in bringing companies together to resolve costly and time-consuming patent problems with greater efficiency than any one company can achieve on its own," said Dan McCurdy, Chief Executive Officer of RPX. "RPX's resources, patent knowledge, and deep ties to industries worldwide uniquely position us to complete complex transactions such as this and to resolve patent-related issues that impact entire industries." "Working with RPX allowed us to more efficiently resolve these ongoing patent licensing disagreements and to deliver a result upon which both IP Bridge and these various semiconductor companies could agree," said Hideyuki Ogata, Executive Manager of IP Bridge. "IP Bridge welcomes any investor or corporation with their patents if it may contribute to IP Bridge's mission of promoting open innovation." The companies receiving licenses to the IP Bridge semiconductor portfolio represent major companies in various segments of the semiconductor ecosystem. 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 December 31, 2018, RPX had invested over $2.4 billion to acquire more than 43,000 US 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. ABOUT IP BRIDGE
IP Bridge is focused on promoting technological innovation and cooperation within Japan and around the world. IP Bridge has worked with investors worldwide, from 26 major global corporations to the Japanese Government, to establish the first and largest fund in Japan (approximately $300M) aimed at global innovation and IP-related investments. IP Bridge's mission is to discover, activate and leverage high-quality, under-utilized intellectual property assets to the benefit of a variety of IP owners based in and outside of Japan. IP Bridge's vision is that these activities will stimulate economic development and a healthy growth of industries worldwide. IP Bridge actively engages leading technology companies, small and medium size enterprises (SMEs) and universities to build large and high-quality portfolios of 3,500 worldwide patents that are growing.  These portfolios are in the fields of wireless communications, semiconductors, video codecs, display technologies, automotive technologies, robotics, home appliances, electric devices, healthcare, environment and energy, food technologies, and medical engineering. Media Contact:
Jen Costa
RPX Corporation
+1.415.852.3180 
media@rpxcorp.com SOURCE RPX Corporation
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Commercial

How China’s Belt and Road Initiative May Help Bring Litigation Funding to the Mainland

China's Belt and Road Initiative (BRI) is arguably the largest infrastructure project ever. Consequently, there have already been and will continue to be a myriad of disputes that arise. These commercial and investor-state disputes are actually helping mainland China's judicial climate evolve, and with that evolution may eventually come mainstream acceptance of litigation funding. According to Vannin Capital's latest Funding in Focus series, China is indeed undergoing a rapid transformation when it comes to its legal system. The world's most populous nation is taking steps to improve its capacity to resolve disputes, especially when in the area of international arbitration. The ICC, for example, is focusing on large-scale complex disputes, especially as relates to the BRI. And the Chinese Supreme People’s Court is placing a strong emphasis on upholding the arbitral rules set forth in the New York Convention. Mainland China has long-needed a reform of its legal system, and BRI may yet prove to be the spark that finally ignites the flame. What's more, China is keenly aware of the steps that Hong Kong and Singapore have taken to cement their status as the top arbitral centers of Asia, in part by welcoming the use of third party funding in international arbitration disputes. While the practice is recognized in China, it is not yet mainstream, and there are still many knowledge gaps around the benefits of third party funding as well as the various implementations (portfolio funding, for example). Yet China has shown great eagerness when it comes to competition, so it isn't a far cry to assume that broader acceptance of the practice will soon arise. Of course, there are still barriers to entry - enforceability being a key concern. And China's dispute resolution culture is one that leans more towards mediation, hence legal professionals are less-experienced in areas of litigation and arbitration than many funders would like them to be. As Peter Hirst, Co-Chair of the Clyde & Co Global Arbitration Group noted, "For Chinese parties, there is a greater focus on building relationships of trust and confidence. I think it is best summed up in understanding that the contract is seen as the start of a relationship, not the culmination of it." While BRI won't change the culture overnight, it is still forcing China's hand, so to speak.  China has no other choice but to update and reform its legal system, and as the years drag on (BRI was first implemented in 2013), Chinese legal professionals are gaining more and more experience in areas that matter most to funders - namely international commercial arbitration and investor-state disputes. Of course, when it comes to BRI dispute resolution, mainland China will be competing with Singapore and Hong Kong, as well as major international arbitration centers such as New York and London. That said, no one expects China to reach the summit right away. It's a long climb to the top of the mountain, and it seems that BRI is providing the first leg up.
Announcements Commercial

Woodsford Litigation Funding announces further expansion with a wave of senior executive appointments and new Hong Kong based addition to its Investment Advisory Panel (IAP)

LONDON, PHILADELPHIA, HONG KONG 23 January 2019, Woodsford Litigation Funding, the global provider of litigation financing solutions for businesses, individuals and law firms, has announced further expansion of its international executive team and IAP. The appointments of Michael Kallus as Senior Investment Manager (San Francisco), Sarina Singh as Director of Litigation Finance (Philadelphia) and Eamon Wood as a Consultant (New York) will further boost Woodsford’s US operations and for the first time give the business a presence on the West Coast. Simon Powell becomes Woodsford’s second Asian-based IAP member, in addition to John Beechey, reflecting the increasing importance of the region to Woodsford. Simon was previously at Latham & Watkins LLP, where he managed the Hong Kong office. “2018 was a year of explosive growth for Woodsford, we did more deals and committed more cash than ever before. These exciting developments in the US and Asia will enable us to continue on this incredible growth trajectory.” said Steven Friel, Woodsford’s CEO. Woodsford’s new Senior Investment Manager, Michael Kallus commented, “The west coast of the United States is a hotbed of commercial activity and entrepreneurial law firms but, to date, relatively under-served by litigation funders. My appointment signals Woodsford’s commitment to understanding and serving this critical market." Woodsford is currently recruiting for a number of other posts, including a Director of Business Development (London), Commercial Manager (London or Philadelphia) and Business Development Manager (Singapore). About Woodsford Litigation Funding Founded in 2010 and with offices in London, Philadelphia and Singapore, Woodsford Litigation Funding provides tailored litigation financing solutions for businesses, individuals, and law firms. This includes both single case and portfolio litigation funding and arbitration funding. Woodsford’s Executive team blends extensive business experience with world-class legal expertise. Woodsford is a founder member of the Association of Litigation Funders of England and Wales. Interviews, photos and biographies available on request. Media contact Steven Savage Head of Marketing ssavage@woodsfordlf.com UK +44 (0)20 7985 8410 For further information visit http://www.woodsfordlitigationfunding.com or follow on Twitter @WoodsfordLF.
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Announcements Commercial

IMF, Njord Law Firm and Quinn Emanuel propose shareholder action against Danske Bank over one of the world’s largest money-laundering scandals

(LONDON, UNITED KINGDOM 22 January 2019): IMF Litigation Funding Services Limited (IMF LFS), a wholly owned subsidiary of IMF Bentham Limited (ASX:IMF) (IMF), one of the world’s largest and most respected litigation funders, announced today a proposed shareholder action for shareholders of Danske Bank A/S (CPSE:DANSKE) (Danske Bank), to be led by specialist Danish law firm NJORD Law Firm and leading global litigation law firm Quinn Emanuel. The action will seek compensation for shareholders who lost millions of euros in value as a result of perceived errors and omissions committed by Danske Bank’s management and Danske Bank’s failure to disclose to the market the circumstances and magnitude of alleged unlawful activities within its Estonian branch. Background Danske Bank is the largest financial institution in Denmark and has a presence in sixteen countries. In 2007 Danske Bank acquired an Estonian branch as part of its acquisition of Finnish-based Sampo Bank. The Estonian branch held a non-resident portfolio comprising customers from the Russian Federation and the larger Commonwealth of Independent States, including countries such as Azerbaijan and Ukraine. In 2007 Danske Bank’s management were advised by the Russian Central Bank, via the Danish Financial Supervisory Authority, of concerns regarding the non-resident customers of the Estonian branch, including possible tax and custom payments evasion and criminal activity including money laundering. Despite many warnings, including a report from a whistle-blower employed in the Estonian branch in early 2014, and audit letters from Group Internal Audit, Danske Bank’s anti-money laundering procedures at the Estonian branch failed to respond and were manifestly inadequate. It was not until 19 September 2018 that Danske Bank provided sufficient information to inform the market of the true scale of the problems within Danske Bank. Over the course of 2018, Danske Bank’s shareholders experienced a substantial fall in their share value, Shares trading on 2 January 2018 at the equivalent of €25.62 fell to the equivalent of €18.70, following the disclosure on 19 September 2018, (a fall of €6.92 or 27%). IMF LFS’ Investment Manager Alistair Croft said: “EU Justice Commissioner Vera Jourova has referred to the money laundering uncovered within the Bank as ‘the biggest scandal we have now in Europe.’ The failure to disclose approximately €200bn of suspicious money flowing through its Estonia branch has caused serious harm to Danske’s financial position and its reputation. Reports make clear that Danske Bank continued to downplay the problems publicly and gave the impression they were largely historical matters that were substantially resolved. Although Danske Bank engaged in dialogue over many years with regulators in Estonia and Denmark, management disclosed no inkling of any serious issues to their shareholders.” Christian Benedictsen-Nislev, lead partner at NJORD Law Firm, stated: “In our assessment, Danske Bank failed to provide adequate and timely information to the market of the nature and extent of the problems in the Bank, resulting in inflated share prices. NJORD Law Firm is committed to assist shareholders in seeking compensation for losses suffered as a result hereof." What should Danske Bank shareholders do? The shareholder action is open to investors who suffered loss after acquiring shares in Danske Bank between 29 April 2014 and 19 September 2018 (inclusive). NJORD Law Firm, Quinn Emanuel and IMF encourage all shareholders who acquired shares in Danske Bank during this period to register their interest as soon as possible via IMF’s confidential, dedicated website page (https://www.imf.com.au/danske) or by contacting IMF LFS in London or the lawyers directly. IMF LFS, together with both law firms, will host a group telephone conference call on 31 January 2019 to explain to shareholders how the claim will be run. To register for this call, please email danske@imf.com.au and access details will be posted on IMF’s webpage (https://www.imf.com.au/danske) nearer the time. ABOUT IMF IMF is one of the leading global litigation funders, headquartered in Australia and with offices in the US, Canada, Singapore, Hong Kong and London. IMF has built its reputation as a trusted provider of innovative litigation funding solutions and has established an increasingly diverse portfolio of litigation funding assets. IMF has a highly experienced litigation funding team overseeing its investments. We have a 90% success rate over 179 completed investments and have recovered over AU$1.4 billion for clients since 2001. As at 30 September 2018, there are 74 live investments with an aggregate estimated portfolio for all investments globally of approximately AU$5.8 billion. IMF LFS is a wholly owned subsidiary of IMF and provides dispute finance, investment capital and strategic services for disputes in the EMEA region, which includes the UK, mainland Europe, Middle East and Africa. For further information regarding IMF and its activities, please visit www.imf.com.au ABOUT NJORD LAW NJORD Law Firm is a full-service law firm serving local and international clients through the firm’s offices across the Nordic countries, including Denmark and Estonia. NJORD Law Firm’s litigation department is one of the largest and most experienced among the Top 10 Danish law firms. The firm’s many expert litigators include lawyers specializing in capital markets and securities litigation, and the litigation department has substantial experience with complex, multi-party litigation. For further information about NJORD Law Firm, please visit www.njordlaw.com ABOUT QUINN EMANUEL One of Quinn Emanuel’s largest practice areas is securities litigation. For decades, the firm has represented both plaintiffs and defendants in many of the highest-profile securities cases in the United States. More recently, their global presence has allowed them to advise and represent clients in a broad range of complex securities disputes in major financial markets overseas, including Australia, the U.K., Europe, and Asia. Many of their representations have involved dozens of related shareholder-derivative and class action claims. Over the past eight years, they have achieved verdicts and settlements totalling over $47 billion for their clients in the wave of litigation that arose in the aftermath of the U.S. financial crisis. For further information about Quinn Emanuel, please visit www.quinnemanuel.com
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Commercial

Class Action Funding in the EU

The explosive growth of litigation funding has led to a boom in the class action market. Recently, a panel of experts gathered to discuss class action funding in the EU, including how we got to where we are today and where we might be headed in the near future. As reported in CDR, David Greene, a senior partner at UK law firm Edwin Coe, noted that he has been working in the class action space since the 1980s, and that the sector was more of a 'cottage industry' until the global financial crisis. After that event, the amount and sizes of claims grew exponentially, which in turn led to the growth of class actions worldwide. Litigation funding has played no small part in accelerating that growth. Tim Mayer of Therium Capital Management explained that class actions in involve many passive claimants with a bundled claim that is extremely large. That affords funders the opportunity to get creative with their financing schemes, such as offering funding terms that are inclusive of ATE insurance. However, there is a lot of diligence on these types of cases. Often, law firms will approach funders with a claim that is only half-baked, and it can be up to the funder to decipher if there is actually a robust class with a viable claim. Adverse costs are another issue to consider, when it comes to EU and UK group actions. Of course, the number one priority for funders is the budget. Class actions can drag on for extremely long periods, and given how time-sensitive funders are, they have to be extra careful when writing extremely large checks. Class action jurisprudence is also somewhat underdeveloped in the UK, given how nascent the industry is there. Courts are expecting claimants to 'come with their house fully in order,' which implies extra due diligence and prep work when it comes to bringing a successful class action claim. Lucy Pert, formerly of Harbour Litigation Funding, and now with law firm Hausfeld, encourages broader support for a more robust collective redress framework. Currently, the European Commission is considering whether to allow EU member states to develop their own collective redress initiatives. Pert applauds the UK for trying to reform some of those measures, and hopes other nations will soon follow suit.
Commercial

Hedge Funds Showing Increased Interest in Litigation Claims

It's no secret that over the last several years, Wall Street has been pouring money into the litigation space - whether indirectly by capitalizing litigation funders, or directly via their own investments into the space. However the recent revelation of Baupost Group's $1 billion purchase of legal claims against utility company PG&E illustrates both the scope and scale of the hedge fund world's interest in the legal sector. As reported in Yahoo News, billionaire Seth Karman's Baupost Group has long been one of the titans of the hedge fund world. Now Baupost is spreading its wings, having purchased $1 billion of legal claims against utility giant PG&E. Interestingly, Baupost appears to have purchased the claims as a hedge on its investment in PG&E stock. Klarman's fund invested in PG&E, which subsequently plummeted over 80% after the California wildfires left the utility company $30 billion in debt and facing imminent bankruptcy. However, in a process known as subrogation, Baupost also purchased legal claims against PG&E, held by the utility company's insurer. The hedge fund reportedly paid 35 cents on the dollar for those claims, and now maintains the right to sue PG&E, the very same company it invested in. Insurance claims are repayable in a bankruptcy proceeding, however Baupost may be in for a bumpy ride to recoupment, given their status as a general unsecured creditor. That classification essentially places them last in line. This is not the first subrogation claim Baupost has pursued, and it is currently engaged with another similar claim. Sometimes the hedge fund purchases a partial subrogation, and partners with an insurer in the litigation of an entity. All of this shows how far Wall Street is willing to go when it comes to capitalizing legal claims.
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Announcements Consumer

Legal-Bay Announces Plans for Huge Expansion in 2019 Personal Injury Cases and Surgical Funding

JERSEY CITY, N.J., Jan. 14, 2019 /PRNewswire/ -- Legal-Bay, the premier Pre Settlement Funding Company, announced today that they are preparing for huge growth in their personal injury and surgical funding departments. Legal-Bay is one of the leading lawsuit funding companies in the industry who also offers a very fast approval process.
When dealing with a patient who is in the middle of a personal injury lawsuit, advance surgical funding provides a great service to all. The medical provider or surgeon can pay his expenses and staff risk-free as opposed to waiting to get paid from a patient's settlement. The plaintiff's law firm is able to get full value for a case once treatment is completed. And most importantly, the injured party is able to get the treatment they need in order to make a full recovery—as well as maximizing the lawsuit settlement value amount.
Legal-Bay plans for expansion into these key markets across the country with a laser focus on California, Florida, Texas, Ohio, New York, New Jersey, Georgia and Pennsylvania. Chris Janish, CEO, commented on the company's readiness, "We are excited to aggressively enter larger markets in 2019 with both our personal injury cash advances as well as our surgical funding options for plaintiffs who don't have insurance. We feel that the surgical funding market is ripe nationwide with brokers, surgeons, and lawyers who need our financing to help move personal injury lawsuits along to completion." If you have an active lawsuit and need legal funding, Legal-Bay may be able to assist you immediately. They urge clients who need cash now to reach out for help. To apply online, please visit: http://lawsuitssettlementfunding.com or call the company's toll free hotline at 877.571.0405. Legal-Bay's non-recourse pre-settlement funding programs are not a lawsuit funding loan, lawsuit loans, presettlement loan, presettlement loans, pre-settlement loan, or pre-settlement loans as many clients may think. Pre-settlement funding is merely an immediate cash allowance given in advance of a plaintiff's impending monetary award. The cash advance is risk-free, as the money does not need to be repaid should the recipient lose their case. To apply right now, please go to the company's website at: http://lawsuitssettlementfunding.com or call the company toll-free at: 877.571.0405 where agents are standing by. Contact: Chris Janish, CEO
Email:  info@Legal-Bay.com 
Ph.: 877.571.0405 SOURCE Legal-Bay

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Announcements Commercial

Sparkle Capital Announces New Funding Product, Flexible Disbursement Funding

Sparkle Capital are pleased to announce their new funding product, Flexible Disbursement Funding. The product fills a gap in the funding market, providing the flexibility claimants need to cover a range of disbursements. The product will join their current range, alongside 1&20 and Fixed Interest Release Funding. Flexible Disbursement Funding (FDF) is Sparkle Capital’s latest funding product, which is designed to provide specific disbursement funding at fixed rates of interest. It is aimed at funding disbursements such as counsel fees, court / hearing fees and reports. However, due to the flexibility of the product, it can be tailored to any specific funding requirement that may arise. Sparkle Capital provide a range of funding solutions for claimants. They can fund up to £10 million in claims value, however, focus on the sub £5 million claims. Sparkle Capital have few of the restrictions and limitations that most funders have. For more information, please see http://www.sparklecapital.co.uk/. Tets Ishikawa, Acasta Director and Senior Adviser at Sparkle Capital, says: “As a privately owned and funded company, Sparkle Capital is able to act without the restrictions and limitations that many other funders face. Throughout 2018, we saw a significant increase in the number of requests to fund specific risks at competitive rates - a cry from the market for a dedicated product. The litigation funding market is moving away from finding risks that fit the product requirements of the funder, and moving towards a model where funding products can be tailored to the requirements of any given legal matter. Flexible Disbursement Funding embraces this evolution and is making litigation funding more accessible to the cases that require it the most. " Paul Gibson, Head of Legal at Acasta, added: “Acasta and Sparkle have always taken a sensible and pragmatic approach to underwriting cases - an approach that strikes a real chord with law firms. FDF is a reflection of this - a product designed to understand what the real risks and needs are in a particular legal matter, and marry those with our competitive pricing and our ability to design and tailor innovative funding solutions. As a practising solicitor for many years, I believe this is the only way the market can evolve further." Sparkle Capital is administered by Acasta Europe Limited, a provider of legal expenses insurance. Acasta provide After the Event products for a range of claims, including commercial, insolvency and clinical negligence cases.  For more information, please see https://www.acastaeurope.co.uk/. If you are interested in Flexible Disbursement Funding, or any of Sparkle Capital’s other products, you can contact info@sparklecapital.co.uk, where one of our team will be able to help. For further press enquiries, please contact Ellie Bower or Elizabeth Cawley on  marketing@acastaeurope.co.uk or 0161 495 6004.
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