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Commercial People Moves

Rachel McCarthy Appointed Executive Director of The Milestone Foundation

By Harry Moran |

Rachel McCarthy has announced that she is taking on a new role as Executive Director of The Milestone Foundation, a 501(c)(3) nonprofit organization that helps people suffering due to a catastrophic accident. 

In a post on LinkedIn, Rachel notes that she has spent the last eight years working at the core Milestone business, where she has been in post as the Director of Strategic Partnerships for the settlement services trustee.  She also explained that this move marks a return to this role on the non-profit side, having served as the foundation’s first Executive Director for three years from 2017 to 2020. 

The Milestone Foundation provides non-recourse consumer litigation funding to families that require financial support to cover basic living expenses during lawsuits. Since the foundation’s beginnings in 2016, it has provided over $4.5 million to more than 600 families and plaintiffs bringing lawsuits across a variety of areas including personal injury, medical malpractice and class actions.

McCarthy said she looks forward to “the new challenges that will come with managing a bigger, stronger non-profit that's committed to helping people who are going through a personal injury lawsuit and need financial support.”

More information about The Milestone Foundation can be found here.

Community Spotlights

Community Spotlight:  Laura Mann, Founder, Balqis Capital

By John Freund |

Company Name and Description: Balqis Capital is a B2B company specialising in deal origination and providing bespoke, insured opportunities to their network for portfolio diversification. They originate off market, litigation and private credit opportunities to their network of portfolio managers and wealth management firms. They are working on a multi billion pound, insured portfolio currently which is a fantastic addition to portfolios..

Company Website: www.balqiscapital.com   

Year Founded:  2022

Headquarters:  Cyprus, UAE

Area of Focus: We are seeing huge demand in our opportunities, given our extensive network and experience we are able to secure the best in the industry. We are always looking to enhance our proposition for investors globally.

Member Quote: We are excited to see the development of the industry in the UAE in 2025 and beyond.

Commercial Deals

Omni Bridgeway Announces Completion of Fund 9 Transaction with Ares

By Harry Moran |

As LFJ covered in February of this year, a landmark deal between Omni Bridgeway and Ares Management Corporation for the establishment of a new fund was progressing smoothly following the initial announcement of the deal in December 2024.

An announcement from Omni Bridgeway revealed that the litigation funder has completed the Fund 9 transaction, which sees Ares Management Corporation acquire a 70% interest in the fund for a total of A$320 million. The final completion of the transaction includes receipt of the final A$45m payment, following Ares’ prior A$275 payment that was announced as part of the fund’s financial close on 25 February 2025. Omni Bridgeway retains a 30% interest in Fund 9, and will remain as the adviser to the fund alongside its management of the legal assets in the fund.

Omni Bridgeway provided additional details on the establishment of Fund 9, explaining that this latest fund has interests in over 150 investments across its other established funds and one remaining balance sheet investment. The funder also noted that the portfolio legal assets in Fund 9 is comprised of both mature investments and those investments that were recently originated over the course of FY25.

Raymond van Hulst, Managing Director and CEO, provided the following statement on the completion of the transaction: 

“We are extremely proud to lead the field together with Ares through this innovative transaction. It is the first continuation fund for legal assets and is highly significant in its scope and size as a secondary market transaction. The transaction demonstrates that deep pools of institutional secondary capital are available to Omni Bridgeway to mitigate the duration risk associated with legal assets. This is driven by our high quality track record built off an institutional-grade asset management platform with a transparent valuation framework. This transaction comes at a formative time for the industry, with (1) growing institutional investor interest in legal assets given the unique asymmetrical and non-correlated returns even during volatile markets, (2) a growing market demand for legal finance, while (3) the industry is maturing and consolidating reflecting the scale, diversification, skills, experience and track record required to be successful over the long term as a manager in this asset class. This transformative transaction positions Omni Bridgeway well for the opportunity set ahead.” 

Jan-Paul Kobarg, Partner at Ares Management, also provided a comment:

“We are pleased to support OBL with this significant transaction, which underscores Ares' ability to deliver bespoke, creative capital solutions at scale. We look forward to working with Raymond and the OBL team as they build on their leadership in an asset class that we believe will be increasingly targeted by institutional investors due to its ability to generate attractive, uncorrelated returns.”

The full announcement which includes an overview of the deal’s strategic rationale and financials can be read here.

Commercial

Lawdragon Publishes 100 Global Leaders in Litigation Finance for 2025

By Harry Moran |

Lawdragon has released its 100 Global Leaders in Litigation Finance list for 2025, with the sixth edition of its annual guide ‘honoring the entrepreneurs who enable litigators and law firms to extend their reach in the types of matters they take on, their strategic pathways, and the enhanced access to justice they provide.’ This year’s list includes 174 senior executives from across the world, with this representing a small increase from the 164 individuals highlighted in the 2024 list.

Of those companies with leaders included on the list, Burford Capital saw the highest number of executives recognised with 14, with Therium Capital close behind at 10 individuals, and LCM which had nine of its team listed. 

Looking at the breakdown by jurisdiction across the 174 litigation finance leaders recognised, the US was the most represented country with 85 individuals listed. The UK came in a close second with 51 leaders recognised, and Australia came behind it with 18 executives profiled.

The full list of individuals recognised in 100 Global Leaders in Litigation Finance list can be found here.

Commercial Regulatory Issues

Kansas Governor Approves Litigation Funding Bill with Limited DIsclosure Requirements

By Harry Moran |

Whilst many state legislatures across the U.S. are moving forward with bills imposing blanket restrictions and oversight measures on litigation funding, one state has demonstrated that there is the possibility for legislation to be drafted with a more balanced approach to the issue.

An article in Bloomberg Law covers the passage of a new litigation funding legislation in Kansas, with Governor Laura Kelly approving a bill that seeks to improve transparency around third-party funding whilst still maintaining reasonable levels of confidentiality for those parties involved in funding agreements.

The Substitute for Senate Bill 54 takes a more nuanced approach than similar bills passed by other state legislatures, requiring disclosure of funding arrangements with foreign funders from countries that are considered an adversary by the US government. A further important limitation on the scope of the disclosure requirements in this bill is that it only requires disclosure of the funding agreements to the judge in each case, with no mandatory disclosure to all parties involved in the litigation.

The bill is also notable for being seen as a compromise between two of the most vocal organisations on either side of the debate around the regulation of funding: the International Legal Finance Association and the US Chamber of Commerce, supported by Kansas’ own Chamber of Commerce. 

Paul Kong, executive director of the International Legal Finance Association, thanked the state’s legislature for arriving at “a reasonable, sensible solution”, and urged opponents of the funding industry not to pursue sweeping regulatory bills “that are a solution in search of a problem that does not exist.” Eric Stafford, senior director of government affairs at the Kansas Chamber of Commerce, similarly expressed satisfaction that “the opponents from last year’s bill and proponents of the bill have been able to reach a compromise.”

The full text of the bill can be read here.

Announcements People Moves

IQuote Limited Strengthens Senior Leadership Team with New Director Appointment

By Harry Moran |

Manchester-based litigation finance firm IQuote Limited has bolstered its senior leadership team with the appointment of a new Director of Campaigns, reinforcing its commitment to expansion and innovation in the sector.

Stepping into the role is Katie Doherty, an experienced litigation finance specialist with a track record of driving growth and operational success. 

She has held senior positions at various law firms prior and has worked alongside IQuote CEO Craig Cornick for over 15 years across multiple roles.

Katie said she was both delighted and grateful for the opportunity and expressed a keen desire to get started as soon as possible. 

“It’s an incredibly exciting time for IQuote as we continue expanding our legal tech partnerships and investing in new opportunities,” Katie said.  “This is a fast-moving industry, and I’m looking forward to leading campaigns that will drive the firm’s next stage of growth.

“I can’t wait to get stuck in. IQuote has evolved massively in respect of its business offerings, the firms we are investing in, and the different campaigns we are now exploring. You have to be constantly thinking on your feet; there’s never a dull moment.”

Originally aspiring to become a solicitor, Doherty began her career in legal administration before transitioning into finance and business strategy.  She first collaborated with Craig in 2010, playing a key role in business operations, asset management, and claims handling. 

Katie thanked her team at IQuote for all their help and support.

“They have all been fantastic, and I have so much admiration for Craig,” she said.

“For him nothing is impossible; if you say, ‘it can’t be done,’ he will immediately tell you that it can and how you can make it happen.”

Craig Cornick, CEO of IQuote Limited, said: “Katie has been instrumental in the success of multiple businesses I’ve led, and her ability to think strategically while keeping operations running smoothly is unmatched.

“She knows how to build and execute campaigns that deliver real results, and that’s exactly what we need as we continue to scale. Her expertise in litigation finance, combined with her hands-on leadership style, makes her a perfect fit for this role.

“She’s got an incredible work ethic also. From the very start, Katie has always been willing to roll up her sleeves and do whatever it takes to get the job done. 

“Whether it was managing complex operations or jumping in to solve unexpected challenges, she’s always been a problem-solver. That kind of determination is what sets her apart and why I’m confident she’ll drive real impact in this position.”

Commercial Special Features

An LFJ Conversation with Sam Ward, Director, Sentinel Legal

By John Freund |
Sam Ward is the Director of Sentinel Legal, the UK’s leading firm specialising in motor finance mis-selling claims, having successfully managed thousands of claims and recovered substantial compensation for consumers who have been mis-sold car finance nationwide.
Sam has taken an unorthodox and bold approach to transparency and marketing. Through engaging video content, insightful podcasts, and candid posts on platforms like LinkedIn, Sam and the entire Sentinel Legal team openly call out unfair practices and share their views and findings publicly, actively redefining what it means to be a consumer champion law firm.
A respected and trusted voice within the industry, Sam regularly provides expert commentary and insightful analysis across major TV Networks and News platforms.
Below is our LFJ Conversation with Sam Ward:
You've been closely involved in the motor finance claim issues in the UK, and attended last week's Supreme Court hearings. Can you describe the atmosphere? What stood out to you most about being there in person? There was clear apprehension at the start of Day 1. We arrived at the court around 9:15 am and faced a huge queue, filled with trolleys stacked with lever arch folders and boxes overflowing with documents for the hearings, it was quite a sight. It probably took us 30 minutes just to get inside. The security checks, complete with metal detectors and X-ray machines, set a very serious and somewhat ominous tone, highlighting the significance of the Supreme Court. Entering the courtroom itself, which was like stepping into an old classroom from Hogwarts, really amplified the gravity of the proceedings. What stood out most was the overwhelming presence of the banks' lawyers. Once seated, the consumer representatives, only about 10 out of the 60-70 people present, felt significantly outnumbered. It really was like a David and Goliath. How engaged did the Lords seem with the arguments being presented? Were there particular lines of questioning that surprised or impressed you? The Lords demonstrated extraordinary engagement. Their probing questions seemed driven by a genuine desire to thoroughly understand the complex issues leading up to the Supreme Court hearing. I was particularly impressed by their rigorous exploration of fiduciary duty and what constitutes genuine consumer consent. The questioning was relentless at times, with periodic interruptions from the Lords where exchanges could last 20 to 30 minutes before returning to the oral submissions. A memorable moment for me was Lord Briggs’ pointed comment to Mr Weir KC: "I don’t think you shrink from the implications that probably for the last 75 years, anything up to half the lenders have been acting dishonestly," with Mr Weir KC confidently responding, "My Lord, I do not shy away from that in the slightest." I couldn’t help but quietly fist pump from my uncomfortable wooden mahogany chair that I had now been sat in for 3 days. I understand the courtroom was packed with lenders and their solicitors, with relatively few consumer representatives present. Why the imbalance? And how did that impact your experience?  The imbalance was striking. The courtroom was predominantly occupied by car finance lenders and their legal teams, clearly illustrating the magnitude and resources invested by the car finance lenders. Consumers were nearly shoehorned into corners, highlighting just how crucial consumer advocacy is. The sheer number of bank representatives frantically typing away on laptops almost drowned out the Lords’ voices at times. For me it wasn’t a good look for the car finance lenders, they all seemed full of anxiety and under strict instructions on what to do and when to do it. The collective daily rate of these solicitors must have been staggering across all three days. Especially when they could have listened to it online….. What key takeaways should the legal funding and claimant communities understand about the hearing?  The core takeaway is the strong emphasis on transparency and fairness in financial transactions. The Lords well articulated questions to both appellant and respondent representatives highlighted their genuine want of understanding as to what has actually gone on here and how they might remedy it. If the Supreme Court upholds the Court of Appeal's unanimous October 2024 judgment, significant shifts in handling undisclosed commissions and conflicts of interest will follow, marking this case as one of the most influential consumer cases in British legal history. This could present substantial opportunities for litigation funders looking for an uncorrelated market to invest in and claimants seeking compensation for mis-sold financial products. How are you and others in the claimant community preparing for what comes next once the judgment is handed down? Sentinel Legal has been one of the leading firms in this space, handling thousands of motor finance claims and recovering over £500,000 in compensation for clients so far, all in the county courts, with no court of appeal or Supreme Court judgement to help us. Currently, we have around 700 claims stayed in UK courts, eagerly awaiting the Supreme Court's judgment to progress accordingly. Our systems are robust, tested through extensive litigation, and fully prepared to handle large scale claimant onboarding effectively. We continue actively onboarding new clients who feel they may have been mis-sold their car finance agreement. We are primed and ready to go should the Supreme Court uphold the Court of Appeals 2024 Judgement.  Sentinel Legal is the largest and most technologically advanced firm in the motor finance claims sector. We've achieved these results entirely in the county courts, without relying on precedent from the Court of Appeal or Supreme Court. Our custom built AI models and proprietary claims handling  systems have been built in house and rigorously battle tested through extensive litigation, positioning us uniquely to manage large scale claimant onboarding seamlessly and efficiently. Sam posts debrief videos of his days at court.  You can view the Day 1 video here.
Commercial Funder's Corner Special Features

UK Supreme Court Hears Crucial Case on Motor Finance Commissions

By Tom Webster |

The following was contributed by Tom Webster, Chief Commercial Officer for Sentry Funding.

At the start of this month the Supreme Court heard an appeal in three motor finance test cases with huge ramifications for lenders.  

In Johnson v FirstRand Bank Ltd, Wrench v FirstRand Bank Ltd and Hopcraft v Close Brothers Ltd, the appeal court held last October that the car dealers involved were also acting as credit brokers, and owed a ‘disinterested duty’ to the claimants, as well as a fiduciary one. It found a conflict of interest, and no informed consumer consent to the receipt of the commission, in all three cases. But it held that that in itself was not enough to make the lender a primary wrongdoer. For this, the commission must be secret. However, if there is partial disclosure that suffices to negate secrecy, the lender can still be held liable in equity as an accessory to the broker’s breach of fiduciary duty.

The appeal court found there was no disclosure in Hopcraft, and insufficient disclosure in Wrench to negate secrecy. The payment of the commission in those cases was secret, and so the lenders were liable as primary wrongdoers. In Johnson, the appeal court held that the lenders were liable as accessories for procuring the brokers’ breach of fiduciary duty by making the commission payment.

The appeal court ruling sent shockwaves through the industry, and the two lenders involved, Close Brothers and FirstRand Bank (MotoNovo), challenged the decision in a three-day Supreme Court hearing from 1 – 3 April. Commentators have pointed to the huge significance of the case, which could lead to compensation claims of up to £30bn. Close Brothers is reported to have set aside £165m to cover potential claims, while FirstRand has set aside £140m. Other lenders are reported to have set aside even more substantial sums:  £1.15bn for Lloyds, £290m for Santander UK and £95m for Barclays. 

The Financial Conduct Authority is considering setting up a redress scheme to deal with claims, which is currently on hold as it awaits the judgment of the Supreme Court this summer.

Will the Supreme Court uphold the lenders’ appeals, or will the Court of Appeal’s logic win out? My own view is that the appeals are likely to fail, and October’s Court of Appeal decision will be upheld. Lenders will therefore face substantial compensation bills as they find themselves faced with a huge number of claims. What’s more, the ramifications of this significant Supreme Court ruling are likely to reach beyond the motor finance sector, to other areas where businesses provide credit through intermediaries who take a commission, without making that crystal clear to the consumer.

Sentry supports litigation funders looking to deploy funds into cases in which consumers were not aware of the commissions they were being charged when they bought a car on finance, as well as a number of other miss-selling and hidden commission claim types.

Commercial People Moves

Harshiv Thakerar Joins Gallagher as Head of Disputes Risk

In an announcement posted on LinkedIn, Gallagher announced the appointment of Harshiv Thakerar as Head of Disputes Risk based in the firm’s Middle East office. 

Thakerar’s new position will see him lead the insurance and risk management company’s dispute resolution practice in the Middle East and Africa, engaging with law firms and litigation funders in the region. Gallagher offers a range of dispute resolution and investment insurance solutions, including after the event (ATE) and contingent legal risk insurance.

Thakerar joins Gallagher having most recently served as Chief Investment Officer at litigation funder Asertis, where he also sat as board director. Thakerar brings a wealth of experience in the legal sector, having also spent time as a solicitor at Mishcon de Reya before moving into the world of litigation funding. Prior to his time at Asertis, Thakerar also held positions as Head of Litigation Funding at Global Growth Capital and Head of Commercial Litigation at Augusta Ventures.