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Announcements Consumer

TriMark Legal Funding Announces Extension of $3,500 Automatic-Approval Pre-Settlement Funding to Aid People Impacted by Coronavirus/COVID-19

EUGENE, Ore., April 29, 2020 /PRNewswire-PRWeb/ -- TriMark Legal Funding LLC, one of the nation's leading pre-settlement funding companies since 2003, announced today that, due to overwhelming popularity, it has extended its financial relief initiative originally launched on March 24th to provide $3,500 in immediate cash assistance to people nationwide who are currently involved in civil lawsuits and have been negatively impacted by Coronavirus/COVID-19. No ending date has been set. Plaintiffs nationwide are strongly encouraged to apply for risk-free pre-settlement funding from TriMark to take advantage of this truly unprecedented, automatic-approval initiative. Tens of millions of Americans have involuntarily become unemployed due to mandatory stay-at-home quarantines and millions of business closures. TriMark Legal Funding is committed to helping every eligible person by providing $3,500 automatic-approval pre-settlement loans. There are no credit checks, no employment requirements, and no out-of-pocket expenses and lawsuit funding approval is based on the merits of an underlying lawsuit. This offer is available nationwide to plaintiffs in civil lawsuits who need cash now, before their cases settle. To apply right now, please visit https://tlfllc.com/coronavirus-pre-settlement-funding or call (877) 932-2628 and one of our friendly representatives will be happy to assist you. Due to much heavier than normal call volume, the fastest way to receive immediate approval is to apply online. How Coronavirus Lawsuit Loans Work Plaintiffs with qualifying cases* and no prior funding can apply for an immediate $3,500 no-documentation, automatic-approval lawsuit cash advance. Existing clients and anyone with prior settlement loans from any other company are ineligible for this offer. TriMark has eliminated its documentation requirements and has also waived its normal underwriting fees. Here is what TriMark needs: 1). Completed application 2). Copy of plaintiff's driver's license or state-issued ID 3). A brief conversation with plaintiff's attorney Pre-settlement funding agreements are executed electronically via DocuSign and funds can be wired directly into a plaintiff's checking account or sent FedEx Overnight in as little as 24 hours. TriMark can provide non-recourse settlement funding from $500 up to hundreds of thousands of dollars, depending on an individual's case and financial needs. For requests over $3,500, accept the $3,500 first, then request additional funding. Documentation and case evaluation are required for additional funding requests, all requests over $3,500, and all requests requiring the buyout of prior advances. T Thomas Colwell, CEO of TriMark Legal Funding commented, "Many plaintiffs involved in pending litigation were already struggling financially before the Coronavirus pandemic. Now, after nearly 6 weeks of mandatory quarantines and with no real end in sight yet, many of those same people are out of money, out of time, out of options, and they are scared. To make matters worse, months of court closures are going to cause an already lengthy legal process to take even longer. TriMark created this program to be a lifeline to plaintiffs who are in dire financial straits right now and need help immediately." TriMark Legal Funding can consider funding on most personal injury lawsuits including car, truck, motorcycle, drunk driving, and motor vehicle accidents and train, subway, and pedestrian accidents. Catastrophic injuries like crush injuries, burn injuries, spinal cord injuries, and traumatic brain injuries, medical malpractice, and wrongful death. Premises liability cases like dog bites, nursing home abuse, slip and fall accidents, and serious injuries on commercial property. Product liability includes cases like dangerous drugs and defective medical devices such as IVC filters, recalled hip replacements, and hernia mesh. Civil rights violations include police brutality, police misconduct, sexual abuse or assault, prison staff misconduct, and wrongful imprisonment. TriMark also considers employment lawsuits like discrimination, retaliation, whistleblower, wrongful termination, and sexual harassment in the workplace, plus work-related injuries like construction accidents, Jones Act maritime injuries, and FELA railroad workers injuries. Disclaimer – TriMark Legal Funding offers non-recourse lawsuit cash advances. While commonly referred to as lawsuit loans, settlement loans, lawsuit settlement loans, etc., they are not technically loans. A non-recourse lawsuit cash advance requires no monthly payments and repayment is contingent upon a successful settlement or jury verdict. If the case is lost or does not settle, the plaintiff does not repay the advance. *Residents of some states are ineligible for this offer due to state laws or internal funding restrictions. Please see https://tlfllc.com/coronavirus-pre-settlement-funding for restrictions and exclusions. URL: https://TLFLLC.com Contact Information: TriMark Legal Funding LLC 1056 Green Acres Rd #102 Eugene, OR 97408 Email: Info@TLFLLC.com Phone: (877) 932-2628 T Thomas Colwell   SOURCE TriMark Legal Funding LLC
Announcements Commercial

Lex Mundi Publishes Interactive Global Attorney-Client Privilege Guide For General Counsel

HOUSTON, April 28, 2020 /PRNewswire-PRWeb/ -- Lex Mundi, in conjunction with members of the Lex Mundi Litigation, Arbitration and Dispute Resolution Group, has published the first-of-its kind interactive guide - Lex Mundi Global Attorney-Client Privilege Guide. This one-of-a kind guide allows users to compare common and civil law attorney-client privilege information for more than 65 jurisdictions around the world -- all in a side-by-side customized report.

Attorney-client privilege differs significantly between states and countries and also between common and civil law jurisdictions. Some civil law jurisdictions do not recognize the privilege but instead protect the information through professional ethics rules or otherwise. At a time of global financial crisis, when companies are struggling to maintain operations and solvency in the wake of supply chain disruption and demand side collapse, companies know that litigation is looming. Now, more than ever, it is important for companies and their counsel to take steps to protect privileged information in anticipation of the litigation to come.

The Lex Mundi Attorney-Client Privilege Guide details what constitutes attorney-client privilege in common and civil law jurisdictions around the world. Specific topics addressed in the guide include:

  • Elements/Basics
  • Privilege in Corporations
  • Litigation Funding
  • Crime-Fraud Exception
  • Work Product Doctrine/Litigation Privilege
  • Other privileges, including accountant-client privilege, mediation privilege and settlement negotiation privilege

Lex Mundi created the guide with the help of Jenner & Block LLP, Lex Mundi member firm for USA, Illinois. David Greenwald, partner with Jenner & Block LLP, explained, "Our goal in creating this guide is to enable counsel and their clients to identify key differences among jurisdictions' laws and to provide citations to primary sources for further research." He added, "The law of privilege, and the differences between jurisdictions, is often misunderstood. This guide provides ready access to this important information."

The guide's interactive and innovative format allows users to search for and download an individual jurisdiction's report or compare multiple jurisdictions in a side-by-side customizable report. The Lex Mundi Attorney-Client Privilege Guide can be accessed free of charge on the Lex Mundi website at: https://www.lexmundi.com/lexmundi/Attorney-Client_Privilege_Guide.asp.

About Lex Mundi Lex Mundi is the world's leading network of independent law firms delivering consistent, high-quality advice that is critical to solving complex cross-border challenges. Our carefully vetted, and continuously reviewed, top-tier member firms uphold the highest-level service standards while offering preferred access to more than 22,000+ lawyers worldwide in more than 125 countries. Supported by client-focused methods, innovative technologies, joint learning and training, member firms collaborate across borders and industries to deliver joined-up solutions focused on real business results for clients.

Through our innovative service delivery model, clients have the ability to assemble an ideal international legal team, with the best lawyers in the jurisdictions that match their unique footprint, flexed to their most significant legal challenges.

Lex Mundi member law firms are located throughout Europe, the Middle East, Africa, Asia and the Pacific, Latin America and the Caribbean and North America. Through our nonprofit affiliate, the Lex Mundi Pro Bono Foundation, our members also provide pro bono legal assistance to social entrepreneurs around the globe.

For more information, please visit http://www.lexmundi.com and http://www.lexmundiprobono.org.

Announcements Consumer

USClaims Again Named Best Consumer Litigation Funding Provider

DRB Financial Solutions, LLC, is pleased to announce that its subsidiary, USClaims (www.USClaims.com), America's premier pre-settlement funding company, was recently chosen as America's Best Consumer Litigation Funding Provider by the audience of Corporate Counsel, the leading national legal and business news publication for in-house counsel at global companies. The reader ranking survey is directed by The National Law Journal, which asks its readers to help recognize the best legal service providers in the industry. This year's ballot consisted of more than 59 categories ranging from law firm marketing and communications to technology, litigation support, accounting, banking, and insurance. The landmark victory is USClaims' first with Corporate Counsel and comes as the company continues to expand its presence westward from its offices in New Jersey and Florida. USClaims has consistently been recognized as best-in-class across the nation, including California, Georgia, New York, New Jersey, Connecticut, North Carolina, Pennsylvania, Texas, and Washington DC. Thank you for your votes and confidence in USClaims as your preferred funding company. We are committed to our mission of providing necessary funds to plaintiffs so you, their attorney, has the time to pursue fair settlements, stated Donna Lee Jones, Esq., President of USClaims. USClaims, established in 1996, is the longest continuously operating pre-settlement funding firm in the United States and has been consistently voted among the best in the nation. In 2019 alone, USClaims earned first place rankings by the audience of The National Law Journal in several categories, including Best Law Firm Funding Provider, Best Case Funding [pre-settlement], Best Consumer Litigation Funding Provider and several Hall of Fame awards. In 2014, a Florida-based specialty finance company, DRB Financial Solutions, LLC, acquired the business, a move that has enabled USClaims to assist more customers than ever before. The company offers plaintiffs who are waiting on a lawsuit settlement the opportunity to receive cash before their case is resolved. There are no out of pocket cost, the transactions are non-recourse to the claimant, do not require a credit check, and - best of all - nothing is owed unless the claim is successful. For additional information on USClaims' pre-settlement funding, please call (877) 872-5246 or visit USClaims.com. Funding is subject to approval and is not available in every state.
Commercial

Is Litigation Finance the Key to Surviving an Economic Downturn?

Given that the stock market has fallen almost 20% in the last 30 days, securities claims are expected to surge. The need for increased operational funds and asset liquidity makes Litigation Finance an attractive option for companies facing such claims. Burford Capital explains that while opportunities to recover losses are plentiful—recognizing them requires an expertise not every firm is capable of. Portfolio companies that have misinformed investors may be easy to spot, but recovering those losses will require forensic follow-up, intensive research, and a keen legal mind. For asset managers, it’s essential to determine actual fraud from unlucky circumstances or simply not getting the results clients expect. If a company is not doing well financially, how much sense does it even make to sue? Asset managers must determine how long the case will take and whether the expected payout will be worth the effort. Monetizing claims, or a portion of claims, is also a good way to free up operating capital. When a firm like Burford provides monetization capital, it can only be recovered if the case is successful. This means the firm assumes the risk. Monetization can also free up funds for shareholders, or to cover unexpected expenses. Portfolio financing is also a popular solution to cash shortfalls. By funding multiple claims in an array of jurisdictions, risk is reduced for the funder while the cost is lowered for the firm. Typically, the funder provides non-recourse capital in exchange for the commitment to using that funder for all eligible claims. Under usual terms, the asset manager (along with a funding board) decides whether to pursue each claim. Litigation Finance will be key in the coming months as firms struggle with slowdowns and an influx of cases. Knowing how to use the tools at your disposal may make all the difference in the longevity of any law firm.
Commercial Covid-19

Declaratory Judgements Sought as Lawyers Prepare for COVID-19 Suits

It’s clear that insurers and policyholders are keeping a close eye on the law as it pertains to pandemics. Clauses in contracts specifically related to viral or biological agents will take center stage in new lawsuits that are sure to spring up after COVID-19 precautions have taken a heavy toll on businesses. Bloomberg Law explains that lawsuits seeking early declaratory judgements are often sought by insurers trying to determine their expected liability coverage in a given situation. In such suits, a judge determines whether or not it’s expected that an insurer should cover (or not cover) a claim. This ruling happens independently of any financial claims arising from the case. Though we’re far from opening businesses up to pre-COVID-19 levels, companies are already filing suits against their insurers. For their parts, insurers are searching frantically for escape hatches to avoid covering the myriad claims arising from COVID-19 shutdowns. Some insurers have already been pursuing the idea that business interruption policies do not cover losses related to viruses or other mass-contagions. Travelers Casualty Insurance Co of America has filed against the firm Geragos & Geragos with this argument in mind. G&G claims to welcome this case, but if Travelers wins, that may cause a ripple effect that winds up devastating policyholders relying on their policies to cover them. No doubt, all eyes will be on cases of this type.
Commercial

$350MM Claim Involving Russian Oligarchs Raises Questions

Convicted of fraud in 2007, Alexander Tugushev is now suing a former business partner. The case is being funded by 17 Arm, a firm advised by a former prosecutor and former foreign secretary, and is raising questions due to the high-profile nature of those involved, and because of the use of Litigation Finance. The Guardian reports that the plaintiff, Tugushev, was convicted of receiving a bribe—an allegation that he has consistently denied—for which he served six years. Tugushev’s assertion is that his former business partner owes him a share of their joint business, valued at $350MM. If recovered, 17 Arm would receive a significant but undisclosed portion. Given that the London case involves a man who was banned from Britain, it’s not surprising that people are paying attention. Some are also asserting that the case is an example of litigation funding inspiring litigation for the purpose of profit rather than the pursuit of justice. 17 Arm’s advisory board lends its opinion on which cases appear to be good investments based on potential recovery and likelihood of success. They defend their decision to fund Tugushev’s case despite his earlier conviction, explaining that everyone has the right to be heard in court.  
Announcements Commercial

Tribeca Capital moves into the commercial litigation funding arena

NEW YORK, April 22, 2020 /PRNewswire/ -- Tribeca Capital Group, LLC, a leading voice in the field of consumer pre-settlement funding, is pleased to announce its new initiative designed to expand its lawsuit client base to include high dollar commercial plaintiffs and the law firms who represent them. "While we began as a firm working primarily with individuals in personal injury cases, we've known for some time that as a company we wanted to head in the direction of funding bigger and more complicated cases," said Rory Donadio, Tribeca founder. "We've got the know-how and the financial resources to make that happen." Over the last ten years, the litigation funding industry has grown exponentially from its roots in consumer litigation over car accidents and medical malpractice. After those initial successes, lawsuit funding companies began financing more complex commercial litigation involving contract and compliance issues, class actions and multi-jurisdictional cases. Tribeca is poised to leverage its growth and experience as a successful investor in personal injury litigation to become a leading funder of plaintiff complex commercial lawsuits. "Litigation is expensive," says Donadio. "Those with worthy cases often find themselves literally priced out of a case because of the resources needed to finance the litigation or to keep the plaintiff solvent during a case that can last months or years." As Donadio explains, other plaintiffs settle for less than their cases are worth because they can no longer afford the time or money to continue the fight. "We help level the playing field. And, just like consumer cases, if a commercial litigant doesn't receive a monetary award, we don't get paid either." Lawsuit funding can also directly benefit the law firms, who often don't get paid until the case settles or the plaintiff wins at trial. Complex litigation can have a strong negative impact on the firm's cash flow. Litigation funding can help alleviate that pressure so that the law firm can focus on the litigation and not on whether it can make payroll. "We've put a lot of work into our platform and have been able to help a lot of people," says Donadio. "I'm proud of the work we've done, and I look forward to these new challenges and taking our experience to the next level."
Since 2016, Tribeca has invested $150M in litigation and helped hundreds of plaintiffs. If you need help funding your case, or if you are a law firm prosecuting a case of any size, consumer to complex commercial litigation, contact Rory Donadio, Tribeca Capital Group, LLC, rdonadio@tribecacapllc.com SOURCE Tribeca Capital Group, LLC
Announcements Commercial

AxiaFunder Returns 94% to Investors Through Second Commercial Litigation Case Win

LONDON, April 24, 2020 /PRNewswire/ -- AxiaFunder, the UK's first for-profit litigation funding platform, today announces its second case win, returning 93.75% to investors in just 15 months.

The breach of contract case, which was funded in February 2019, raised £12,000 to enforce an adjudication award against a property developer. The case was favourably settled following a three-party mediation.

It comes after AxiaFunder's first case win produced a 43.00% return in only eight months with no losses to date.

Cormac Leech, CEO and Founder of AxiaFunder, said: "We are pleased to announce our second case win, which has produced solid returns to our investors through an Innovative Finance ISA eligible bond which was 83% principal protected via insurance. Despite market volatility in the wake of COVID-19, litigation funding offers retail and institutional investors an opportunity to diversify their investment portfolio. Unlike equities, litigation funding is uncorrelated to financial markets and the economy, continuing to generate healthy returns to investors while many other assets classes are underperforming in the current economic climate."

AxiaFunder has a strong pipeline of vetted cases that will be launched over the coming weeks. The first of which is the relaunch of a pre-vetted case backing a 'Francovich' claim – an action seeking damages against a Member State for breaching EU law. The VAT dispute claim is being relaunched to reflect a recent unexpected strike-out application during the funding process. AxiaFunder expects a net 5.5x multiple on investor capital if the case wins at trial, which is expected in around 18 months. Risk Warning: Capital at risk and returns not guaranteed.

Despite COVID-19 and the resulting economic headwinds, AxiaFunder's latest investment opportunity – a portfolio of three commercial litigation cases – was fully funded less than 24 hours after the launch of its marketing campaign.

Leech added: "The litigation funding market is expected to grow as COVID-19 increases insolvency litigation. As the UK's first for-profit litigation funding platform, AxiaFunder is well placed to provide access to capital for many of Britain's SMEs, who would otherwise struggle to afford the cost of litigation.

"AxiaFunder takes a stringent approach to vetting cases and only invests in those that have an estimated probability of a favourable outcome for investors of at least 70%. The vast majority of cases settle before trial with AxiaFunder's investors typically getting paid before the claimant which improves returns."

AxiaFunder itself recently closed an equity round raising over £250,000 of working capital, some of which was raised through Seedrs, the equity crowdfunding platform.

To date AxiaFunder has in total raised £775,000 of litigation funding for 6 commercial cases.

About AxiaFunder

Launched in November 2018, AxiaFunder (an appointed representative Share In Ltd) which is authorised and regulated by the Financial Conduct Authority (FRN 603332) enables both retail and institutional investors to provide funding to claimants who cannot afford to pay for their legal disputes. Investors receive a return on their capital if the case wins, however should note that Capital is at risk and returns are not guaranteed.

Commercial Investor's Corner Slingshot Capital Special Features

2020 Co-Investment Survey Results

The following article is part of an ongoing column titled ‘Investor Insights.’  Brought to you by Ed Truant, founder and content manager of Slingshot Capital, ‘Investor Insights’ will provide thoughtful and engaging perspectives on all aspects of investing in litigation finance.  EXECUTIVE SUMARY
  • Survey suggests the litigation finance industry has demand for co-investment capital
  • Speed to commitment and having a fully funded commitment ranked highest in terms of co-investor characteristics
  • Most funders expect a co-investment commitment within less than 4 weeks
INVESTOR INSIGHTS
  • While investors might be attracted to co-investment opportunities, diversification is a strong component to successful long-term investing in commercial litigation finance
  • Co-investing should only be considered in the context of creating a portfolio, or to add specific exposures to an existing portfolio, but should never be viewed as a single investment
Slingshot Capital and Litigation Finance Journal recently undertook a survey of commercial litigation finance participants to obtain a deeper understanding of the extent to which there is demand for third-party co-investment capital. The survey was distributed globally, with the majority of responses coming from constituents in the USA (50%) and UK (18%) markets, or from funders that invested globally (18%).  Of the responses, 22% were from advisors/intermediaries and 78% were from funders (with the vast majority of funders having dedicated litigation finance funds). Co-Investment in Litigation Finance  Co-investment opportunities are an attractive sub-set of opportunities for many investors in a variety of asset classes, with particular appeal for private equity (buy-out, growth equity, real estate and venture capital) asset classes.  However, in the context of litigation finance, an investor needs to take a different perspective when considering co-investment opportunities. Whereas it may be perfectly acceptable for a family office, endowment or pension plan to co-invest in a specific private equity opportunity as part of their larger portfolio, the quasi-binary nature of litigation finance should make investors think twice about how they approach investing in litigation finance.  The key difference lies in the probability weighted set of outcomes accorded to each asset class. In a private equity buy-out transaction, a high number produce positive results, and the results vary across a spectrum of potential return outcomes (from 1+ X original investment, to a 5+ X original investment). In litigation finance, even though many cases settle before going to court, there tends to be two outcomes – a win or a loss.  The wins are allocated across a tighter spectrum than private equity, and the losses tend to be absolute (with exceptions).  Accordingly, due to the quasi-binary nature of the outcomes of litigation finance, co-investing should only be considered where the investors are committed to assembling a portfolio of such co-investment opportunities, and have the ability to assess the fundamental aspects of litigation finance.  Alternatively, to the extent an investor has existing investments in litigation finance, but is looking to round out his or her portfolio with specific case exposures to achieve a particular portfolio objective, co-investment opportunities may play a role in that investor’s portfolio construction approach. 2020 Co-Investment Survey results are summarized below: Demand Of the 23 respondents, 70% stated they had a need for co-investment capital, whereas 30% did not.  However, 13% indicated that the need for co-investment was occasional, and that sometimes their LPs had pre-emptive rights with respect to investing in those opportunities. Frequency In terms of frequency of co-investment opportunities, almost 50% of respondents indicated they have from 1 to 5 opportunities in a given year, with just over 20% in the 6-10 range, and a few managers indicating they had 20 such opportunities in a given year.  The number of opportunities directly correlated with the size of the funder and the size of the cases they typically finance. Co-Investor Characteristics Regarding the characteristics that are most important in a co-investment partner, speed to commitment and having a funded capital source ranked the highest, with responsiveness and understanding complex litigation also ranking highly.  However, there was not a huge disparity in terms of the importance of the six criteria listed, suggesting that all criteria were factored into their decision-making process. Keep in mind that the compilation of rankings on the chart below is an average of the six criteria, so a high number on the chart should be viewed as being more important (even though that answer drew more 1's and 2's), whereas a low number on the chart should be viewed as less important. For example, 'Speed to Commitment' and 'Having a Funding Capital Source' both received the most 1's and 2's, but their average ranking is the highest and therefore most important.  'Flexible Capital' received the most 6's, but has the lowest average score, and is therefore the least important metric. When we dive further into the ‘speed to commitment’ characteristic, we find the vast majority of respondents expect a commitment within 3-4 weeks.  It remains to be seen if expectations and reality are in alignment, a good question to include in the next survey. Expected Duration With respect to the underwritten expected duration, most fall within the 12-36 month range, which is consistent with duration expectations for the industry as a whole.  However, 30% of respondents did indicate that duration was a function of the type of case being underwritten, with certain case types (patent, international arbitration, etc.) having longer durations and appeal cases having shorter durations. Co-Investment Structuring In terms of insight into how these co-investment transactions are typically structured, the responses varied.  In the ‘other’ category, some respondents indicated they have used a variety of the choices offered, whereas one respondent stated that they received a specified interest in the profits produced by the investment. Current Co-Investors As it relates to where the current co-investment opportunities are being offered, the majority were offered to other funders, suggesting there is a fair amount of cooperation in the litigation finance marketplace.  However, within the ‘other’ category, most respondents suggested it was a combination of all of the choices listed. This brings to a close the results of our first commercial litigation finance co-investment survey.  Slingshot Capital and Litigation Finance Journal would like to thank those that participated in the survey for their time and feedback. Our next survey will cover fundraising initiatives by fund managers in the commercial litigation finance sector. We anticipate making the fundraising survey an annual survey so we can track fundraising activities over time. If you would like to participate in future surveys, please contact Ed Truant here to register your interest. Edward Truant is the founder of Slingshot Capital Inc. and an investor in the consumer and commercial litigation finance industry.