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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

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.

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.

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 CaliforniaFloridaTexasOhioNew YorkNew JerseyGeorgia 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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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.

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

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

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

LUXEMBOURG and SAN FRANCISCOJan. 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 Italythe United StatesHong KongJapanGermanyLuxembourg, 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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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.