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Announcements Commercial

Litigation Capital Management Announces New Litigation Project

Litigation Capital Management Limited (AIM:LIT) (LCM), a leading international provider of litigation financing solutions, today announces that it has entered into an agreement to provide litigation finance in relation to proceedings which are currently being undertaken in Australasia. These proceedings relate to a commercial dispute regarding the division of significant global assets, which are currently owned by a partnership. The project has a capital commitment to be provided by LCM of A$5.5 million. The terms of the funding agreement are subject to confidentiality between the parties involved and are therefore undisclosed. LCM is managing a portfolio of 17 projects (unconditionally financed), including the project announced today. Patrick Moloney, CEO of LCM, said: “This investment is a further example of LCM diversifying its portfolio of litigation finance projects across industry sector and capital commitment size, ensuring that the company’s investments and potential returns are uncorrelated. Following the recent expansion of LCM into the UK and Europe we expect to see further future diversification in our portfolio of projects both by geographic location and jurisdiction.” Litigation Capital Management Patrick Moloney, Chief Executive Officer Nick Rowles-Davies, Executive Director Canaccord (Nomad and Broker) Tel: 020 7523 8000 Sunil Duggal / Emma Gabriel / Michael Reynolds Hawthorn Advisors lcm@hawthornadvisors.com Lorna Cobbett / Ryan Smith Tel: 020 3745 4960 About LCM Litigation Capital Management (“LCM”) is a leading international provider of litigation financing solutions. This includes single-case and portfolio; 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 Consumer

RD Legal Names Amy Hirsch As Portfolio Manager, Expands Data Analytics

CRESSKILL, N.J., Jan. 10, 2019 /PRNewswire/ -- RD Legal, a leading investment management firm focused on post-settlement litigation finance, said today that it has named Amy B. Hirsch to the additional role of Portfolio Manager for the firm's strategies.  Ms. Hirsch joined RD Legal in 2016 as Co-Chief Investment Officer and Chief Operating Officer. RD Legal also announced that it is expanding its data analytics and engineering functions under Dr. Joanne Chen, Chief Analytics Officer since joining the firm in 2016. Dr. Chen has designed a proprietary methodology for analyzing litigation data. The moves come as the litigation finance sector sees explosive growth. According to a recent report, litigation finance is now as much as a $100 billion market from its earliest beginnings in the 1990s.  Declining returns in traditional investments and a high level of litigation cases are factors behind this growth. "We are delighted to recognize Amy's growing role at RD Legal and to continue to invest in our data and market intelligence technology that enhances our ability to acquire known cashflows linked to settled litigation," said Roni Dersovitz, Founder & CEO. "The growth of RD Legal and of the litigation finance sector comes as institutional investors of all sizes recognize and value the asset class for offering attractive, uncorrelated returns." Amy Hirsch Named to Portfolio Manager In her expanded role, Ms. Hirsch will have day-to-day oversight on all aspects of the firm's onshore strategies including asset allocation, new investments and risk management. Ms. Hirsch oversees RD Legal's operations. Prior to joining full-time, she was an advisor to the firm. Ms. Hirsch also serves as CEO of Paradigm Consulting Services, which provides litigation related expert witness support in the alternative investment space.  Ms. Hirsch has nearly four decades of experience in alternative investments and hedge funds including asset management, due diligence, marketing, and operations. Expanded Data Analytics for RD Legal
 Dr. Chen directs the RD Legal data science group, which is aggressively expanding the analytic and data capabilities of the firm. Dr. Chen has helped create a proprietary methodology for analyzing litigation data. Using technology that has never been applied in this way before, Dr. Chen and her group are able to process the large amount of data that is required to source, screen, and analyze litigation finance opportunities. Ms. Chen is responsible for leading the engineering and data analytics function of the RD Legal companies. Prior to joining the firm, Ms. Chen was Vice President of Data Science at Truveris, Inc., a healthcare SaaS company where she was responsible for data science and product development. About RD Legal  RD Legal was born out of the real-world experiences of former litigators. As many practicing plaintiff's attorneys can relate, one of the hardest problems when managing a case is managing related cashflow needs. RD Legal is based in Bergen County, NJ, and was conceived and founded by Roni Dersovitz, a former personal injury attorney who recognized the challenge attorneys and plaintiffs face with cashflow management. Founded in 1998, RD Legal factors legal receivables and continues to innovate and structure unique opportunities for the legal and investment communities. CONTACT: Matt Yemma 
Peaks Strategies 
909-633-9396 
myemma@PeaksStrategies.com SOURCE RD Legal
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Announcements Commercial

Sisvel And RPX Conclude Licensing Agreement For Wi-Fi Standard Essential Patents

LUXEMBOURG and SAN FRANCISCO, Jan. 10, 2019 /PRNewswire/ -- Sisvel International S.A. ("Sisvel") and RPX Corporation ("RPX") today announced that they have entered into a multi-faceted agreement that provides a license to a subset of RPX clients covering more than 500 patents that make up the Sisvel Wi-Fi Joint Licensing Program. The Sisvel Wi-Fi Joint Licensing program is a solution designed to license standard essential patents (SEPs) for Wi-Fi enabled devices under fair, reasonable, and non-discriminatory terms and conditions (FRAND). In addition to the assets in the Sisvel Wi-Fi Licensing Program, Sisvel has also licensed the subset of RPX members to approximately 200 non-essential Wi-Fi assets, owned by Sisvel's subsidiary, Hera Wireless S.A. In this transaction, Sisvel, a patent aggregator that brings together world-class patents from leading innovators, and RPX, an aggregator that constructs creative licensing solutions that enable its equally innovative clients to avoid or resolve patent disputes, came together to conclude a highly-efficient transaction that benefits the entire market. This transaction both provides adequate returns for innovators and simple, effective, and cost-efficient access to IP rights for the implementers. This is the first time that RPX has concluded a risk clearance patent transaction with a patent pool administrator. The patents in the transaction are owned by Orange S.A., Fraunhofer IIS, Koninklijke KPN N.V., Columbia University, Hera Wireless S.A., Enact IP S.A., Aegis 11 S.A. In addition to the existing patent owners, Mitsubishi Electric Corp. joined this transaction and will now become a patent owner in the Sisvel Wi-Fi Joint Licensing Program. "This is a great example of how aggregators can find ways to work together to generate benefits for the whole technology ecosystem," said Mattia Fogliacco, CEO of Sisvel. "Through this single transaction we are able to grant easy access to important technology and, at the same time, generate a fair return for the innovators. This one deal generates several benefits, including more clarity for the market and lower transaction costs." "Both RPX and Sisvel represent the interests of a wide group of clients from a variety of industries. This transaction clearly demonstrates the efficiencies of bringing companies together to create a powerful result that balances the interests of patent owners and companies that implement SEPs in their products," said RPX Chief Executive Officer Dan McCurdy. "By acknowledging a shared interest and collectively combining knowledge and resources, companies achieve more effective results at a lower cost than would be possible individually." About RPX
RPX Corporation is the leading provider of patent risk and discovery management solutions. 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 Sisvel
Sisvel International S.A.is the holding company of the Sisvel Group. Sisvel is a world leader in managing intellectual property and maximizing the value of patent rights. Founded in 1982, the Sisvel Group is global in scope and reach, with companies in Italy, the United States, Hong Kong, Japan, Germany, Luxembourg, and the United Kingdom, leveraging on professionals with technical, legal, and licensing expertise. Sisvel has a long history of managing successful patent portfolios including those related to the audio compression standards known as MP3 and MPEG Audio. Sisvel currently operates patent pools and joint licensing programs for the DVB-T2, DVB-S2X, MCP, LTE/LTE-A, 3G, Wi-Fi and Recommendation Engine, together with its Sisvel Wireless licensing program and DSL licensing program. For additional information, please visit: www.sisvel.com. Media Contact: 
Jen Costa 
RPX Corporation 
+1.415.852.3180 
media@rpxcorp.com SOURCE RPX Corporation

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Commercial

Ex-Litigator Discusses Transition from Big Law to Litigation Funding

Three years ago, Marla Decker was a Senior Associate at Cleary Gottlieb. She left that enviable position to undertake the risk of becoming the first full-time employee at Lake Whillans, an upstart US-based litigation funder. Today, Lake Whillans is one of the premier funding entities in the nation, having recently raised $125MM and being named one of the top four funders by Chambers and Partners. Decker discussed her transition into the brave new world of litigation funding, and what other attorneys can expect should they opt to make a similar move. According to Above the Law, Decker explains that when it came to her Big Law career, the thing she misses most is the adrenaline rush of having just one moment to get it right when in court or deposition. That said, she finds litigation finance to be a more intellectually challenging venture on a consistent basis, due mainly to the scope and breadth of cases she covers as a funder. Decker explains that even though she had a broad practice at Cleary Gottlieb, litigation funding provides so much more diversity. From pharmaceutical-licensing disputes to claims over supply-chain logistics, Decker's days evaluating funding opportunities are never the same. Decker credits her operational skill set from her litigation days with helping her in her new career. She understands the pacing of a case, where parties gain and lose leverage, and which issues tend to be of greater significance. Those are all valuable skills to own when evaluating cases for funding. Decker also credits her client management skills which allow her to liaise with claim holders in meaningful ways. In a sense, the claim holders are to funders what clients are to lawyers: people who need a solution to their problem, and require a certain level of communication and trust. When discussing Lake Whillans' diligence process, Decker outlines a principle phone call to assess whether the case is the right fit, followed by a internal call with the entire Lake Whillans team to discuss the case in greater depth (pursuant to a signed NDA, of course), which is then followed by the issuance of a term sheet. The funder wants to settle on terms first, so they don't conduct unnecessary diligence in case the parties cannot come to an agreement on terms. After that it's your standard DD, with some added discussion over expected timeframe and enforceability of an award thrown in. Decker noted that she performed her own diligence on the funding industry, but has grown surprised by the rapid shifts and evolution of the broader industry during her three-year tenure with Lake Whillans. The transition to portfolio financing, added-interest from large corporations thanks to budgetary pressure and increased awareness of the product, the rise in demand for funding in international arbitration matters, and the ever-increasing volume leads have all been pleasant surprised for Decker. In terms of advice for litigators looking to make the same move she did, Decker advises doing your homework on which funders are out there hiring, expanding and raising money. Understand the focal points of each funder (for example, Lake Whillans doesn't handle patent law, which many funders tend to focus on primarily). It helps to maintain a broad practice where you are exposed to as many different types of cases as possible. And of course, if you'd pursued or acquired funding in the past, that is also a bonus.
Announcements Consumer

YieldStreet’s Unprecedented Growth Generates Over $48MM of Interest for Investors upon Crossing $560MM Invested on Platform

NEW YORK--(BUSINESS WIRE)--Jan 9, 2019--YieldStreet, a digital wealth management platform that is working to change the way that wealth is created, has become the first multi-asset platform to cross over $560MM invested since inception. “We are delivering on our mission of prosperity for all, I’m proud we have now generated more than $48M of earned interest for our investor base that they would have never had access to before” said Milind Mehere, Founder and CEO of YieldStreet, “we are excited to be taking our mission to the next level with the release of our YieldStreet Wallet product that is available to everyone on the platform.” Accredited and retail investors can now earn 2% annually on any cash held in YieldStreet Wallet. YieldStreet Wallet provides daily interest payments where funds are FDIC insured with no minimum balance requirements.* The new product was born out of investor requests to keep funds within the YieldStreet ecosystem where they can earn interest on their idle cash, a complementary product to current investment offerings. “Our offerings within Marine Finance, Legal, Real Estate and Commercial Finance have led us to the $560MM invested milestone. As we continue to grow, we plan to build multibillion-dollar asset class verticals for our investor community using data science and bringing on sector experts to deepen our competencies,” said Michael Weisz, Founder and President of YieldStreet. “This marks an important point for the company as YieldStreet is expanding quickly while maintaining prudent risk management and more than 400% year-over-year revenue growth.” To further company growth, YieldStreet has also brought on three senior additions to the team. Stefanos Fragos  joins as Senior Representative Greece Office and Senior Credit Officer of YieldStreet’s Marine Finance office in Athens, Greece where he will lead underwriting for the Marine asset class. Fragos brings more than 16 years of experience in senior positions at DVB Bank SE, and more than $800M of shipping transactions.  Mitch Rosen  joins as Head of YieldStreet’s Real Estate division where he will lead underwriting for the asset class. His commercial real estate and credit underwriting experience across senior roles at Brigade Capital and Marathon asset management will allow him to make an immediate impact on growth. Jimmy Pandh i joins YieldStreet as Head of Strategic Finance where he will lead strategic projects and M&A activity. Pandhi previously held various finance leadership positions at Fortress Investment Group, Evercore Partners and New York Life. He has been involved in nearly $2BN of acquisitions and integrations and was an integral part of a $6BN IPO. *Funds are held at Evolve bank and trust, an unaffiliated third party bank. About YieldStreet YieldStreet is changing the way wealth is created, providing access to asset based investments historically unavailable to most investors. YieldStreet allows you to participate in opportunities with low stock market correlation and target yields of 8-20%, across litigation finance, real estate, marine and other alternative asset classes. We believe our technology platform creates a unique experience for investors at every level and provides valuable diversification and strength to most portfolios. Get started at  www.yieldstreet.com. View source version on businesswire.com:https://www.businesswire.com/news/home/20190109005247/en/ CONTACT: YieldStreet Liang Zhao, 505-720-6933 Liang@bevelpr.com SOURCE: YieldStreet
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Commercial

In-House Counsel Discusses Value of Litigation Funding

Nancy Saltzman, former Executive Vice President, Chief Compliance Officer and General Counsel to NY-based operations management and analytics firm EXL Group, discussed the value of litigation finance to corporations, and how the instrument is influencing corporate legal spend. Saltzman sat down with Above the Law to discuss some key issues relating to litigation finance. According to Saltzman, one of the core information gaps between law firms and corporate legal departments is that law firm simply don't understand the cost pressures that corporations are under. She finds law firms too theoretical, and claims that approach ends up costing corporations time and money. Saltzman laments that while winning is the goal to a law firm, it isn't everything to a corporation - keeping costs down is of paramount concern. When asked if legal departments should be viewed as cost or revenue centers, Saltzman argues that corporates should never view their legal departments as revenue centers. That said, when the opportunity to generate presents itself, corporates should proactively seize it - and use all tools at their disposal to do so. "It’s about improving the time to revenue for what you’re producing," Saltzman says. Saltzman isn't the first in-house counsel to balk at the notion of transforming the legal department from a cost center into a profit center. However, the fact that she is willing to proactively seize opportunities to generate revenue speaks volumes about the slow penetration of litigation finance into the corporate legal world.
Commercial

What to Expect from International Arbitration in the UK, EU and Globally in 2019

Global litigation finance and international arbitration are inextricably linked - with the former being legalized for use in the latter in both Singapore and Hong Kong (many believe as a test case for eventual broader expansion). With that in mind, it's worth considering what lies ahead for the international arbitration sector. Read on to find out-- According to Lexology, there are some major issues to pay attention to with regard to international arbitration in 2019. First and foremost on the list is Brexit. While there's no telling when it comes to politics, Brexit is indeed expected to take place this year. London-based Clyde and Co. sees Brexit having a negligible, or potentially even positive effect on the state of international arbitration in London long-term. That said, in the short term, parties may turn to New York to eschew any bureaucratic nightmares that may arise from the Brexit wind-up. Anti-globalization is another trend worth watching out for. Nationalistic political shifts may prompt increased arbitration between investors and states. And with traditional investor-state dispute mechanisms like the ICSID losing a bit of steam internationally (thanks in part to the EUs proposed Multilateral Investment Court), there is much to watch out for on this front. Litigation funders have also ramped up their participation in investor-state disputes, as LFJ recently reported. No mention of global arbitration trends in 2019 would be complete without some discussion of Belt and Road (BRI). BRI is arguably the largest single investment ever made (Noah's Arc? The Pyramids?) Given the sheer size and scale of the BRI project, it stands to reason that dispute resolution centers in the region are going to be kept busy for some time. Throw into the mix the fact that Chinese culture encourages mediation and settlement as opposed to litigation, and arbitrators (and funders) have a lot to get excited about. And finally, it's worth putting London Disputes Week on your 2019 calendar. The event will be held from May 7-10, and will showcase prominent lawyers, judges, arbitrators, academics in the field of dispute resolution. You can bet all of the above will be discussed, as well as any international arbitration topics that happen to be trending during the event.
Announcements Commercial

LCM Continues Expansion With New Hire

SYDNEY, 9th January 2019: Litigation Capital Management (“LCM”), a leading international provider of litigation financing solutions, today announces the appointment of Philip Lomax as an Investment Manager in the company’s Sydney office. This continues LCM’s recent expansion following the launch of offices in London and Singapore in November 2018.

Philip is an England and Wales qualified lawyer and has worked in litigation and arbitration funding since 2015. Prior to joining LCM, Philip was an Investment Manager with another global litigation financier in London and Sydney, funding a range of cases across multiple jurisdictions.

Previously, Philip worked in private practice for Elborne Mitchell LLP, where he was a member of the commercial litigation and arbitration team, with a focus on general commercial and shipping disputes.  Philip holds a law degree from the University of Sussex, where he graduated with first class honours.

Patrick Moloney, Chief Executive Officer of LCM, said: “We are pleased to welcome Philip as the latest addition to the APAC team at LCM. Not only does Philip bring direct experience in litigation funding, but his international experience will bolster our growing global capability.”

About Litigation Capital Management (LCM)

Litigation Capital Management ("LCM") is a leading international provider of litigation financing solutions. This includes single-case and portfolio; 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 (part of the London Stock Exchange) since December 2018, trading under the ticker LIT. www.lcmfinance.com

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Consumer

The CFPBs Wild Year, and What to Expect for the Year Ahead

The Consumer Financial Protection Bureau (CFPB) was established under President Obama to enforce consumer protections and regulate lenders and investment entities who may cause harm to both customers and society at large. But 2018 may have been a turning point for the organization, which experienced not one but two new directors, a brief and odd flirtation with a name change, and a challenge to its very constitutionality by Consumer Legal Funder, RD Legal. As reported in Manatt, 2018 was not necessarily a great year for the CFPB. Acting director Mick Mulvaney took over the organization in late 2017 after Obama appointee Richard Cordray stepped down from his post. Mulvaney had long-criticized the broad overreach enacted by Cordray's CFPB, and his first major act as director was to place all enforcement actions on hold while they underwent an internal review. Mulvaney also requested zero dollars from the Trump Administration for the bureau's activities budget. Certainly no one can question Mulvaney's commitment to scaling back operations! One of Mulvaney's odder moments as acting director was his flirtation with a name change, from CFPB to BCFP (say that five times fast). BCFP stands for Bureau of Consumer Financial Protection, which of course is very different from the Consumer Financial Protection Bureau. The name change was ultimately scrapped, but many accused Mulvaney of creating an unnecessary distraction for the organization, in order to avoid doing any real regulating (which he is clearly opposed to). The most notable incident involving the CFPB in 2018 - at least as far as LFJ is concerned - came amidst the CPFBs joint claim with the New York Attorney General's Office (NYAG) against Consumer Legal Funder, RD Legal. The CFPB and NYAG accused RD Legal of defrauding 9/11 victims and ex-NFL players by using predatory lending tactics. For its part, RD Legal counters that its financing should be classified as an investment, not a loan (this is an ongoing debate in the Consumer Legal Funding world). However, quite interestingly, RD Legal filed a motion for dismissal based on the argument that the CFPB is by nature unconstitutional, given that the agency is led by a single director with the power to be fired by the President of the United States. That creates an inherent conflict, according to RD's motion. Federal Judge Loretta Preska agreed, echoing an earlier ruling by a three-judge panel (one of those judges was the soon-to-be-elected Supreme Court Justice Brett Kavanaugh). Judge Preska dropped the CFPB from the suit, and eventually did the same with the NYAG. The CFPB is currently appealing Judge Preska's decision. So it goes without saying that a lot hangs in the balance in terms of the CFPBs very constitutionality, and its ability to bring cases against alleged offenders. Eventually, Kathy Kraninger was appointed as Mulvanye's successor to the CFPB. That sets up some expectations for the year ahead. While Kraninger did work under Mulvaney at the Office of Management and Budget, she isn't expected to be as steadfast in her opposition to the organization she now runs. That said, she's not expected to be anywhere near the aggressive attack dog that former director Cordray has been characterized as (by both his supporters and detractors). It is expected that  Kraninger will carve out a middle path between the two. That is assuming, of course, that the very constitutionality of the CFPB is upheld, and the organization continues to function. However, it's also worth noting that with the Democrats taking over the House of Representatives, Rep. Maxine Waters is the odds-on-favorite to lead the House Financial Services Committee. With a presidential election looming in 2020, expect some back-and-forth (to put it lightly) between Rep. Waters and director Kraninger. To sum it all up, 2018 was a year of fireworks for the CFPB. Don't expect as much headline entertainment in 2019, but a few big bangs wouldn't surprise us.