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Commercial

UK Post Office Hit With Bill for Legal Costs in Therium-Funded Horizon Claim

Freeths, the law firm representing the pool of over 500 sub-postmasters who are suing the UK Post Office for wrongful termination and damages due to unfair business practices, has filed a bill for millions of pounds in legal fees from the first of four trials in which the Post Office was found to be contractually liable to the sub-postmasters. As reported in Computer Weekly, Judge Fraser ruled in the first trial that the Post Office implemented a “culture of secrecy” around its Horizon accounting system. Sub-postmasters – or managers of individual branches – blame the system for errors which showed losses when there weren’t any. The sub-postmasters were held responsible for any unexplained revenue shortfalls, and many were fired, driven into bankruptcy, and some even went to prison (one while pregnant). Therium Capital Management is now funding a claimant pool of over 500 sub-postmasters who are seeking recompense for their alleged mistreatment. The first trial was a resounding win for the sub-postmasters, which saw Judge Fraser declare a culture of “oppressive behavior” at the Post Office. Management demanded repayment of funds that were never missing in the first place. Instead, the Horizon accounting system was to blame. The second trial is currently underway. The Post Office has filed a motion for the judge to recuse himself due to a conflict of interest. The hearing for that motion is set to begin on April 3.
Consumer Special Features

Montani semper liberi — “Mountaineers are Always Free”

This article was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding.  Montani semper liberi; "Mountaineers are Always Free" is the motto of the State of West Virginia, but apparently the motto only applies to a select group of Mountaineers. The Legislature of West Virginia passed – and the Governor signed into law – Senate Bill 360 which sets out to regulate Consumer Legal Funding in the state. Unfortunately, SB 360 is a set of meaningless regulations, given that the legislation implements rate restrictions on the Consumer Legal Funding Industry which restrict the product from even being offered to the citizens of the state. So in essence, SB 360 bans the product altogether. A similar rate was introduced and enacted in Arkansas in 2017, and the product has not been offered there since. What is interesting is that Arkansas and West Virginia are among the top 10 poorest states in the country, meaning their citizens are consumers who can least afford to lose a significant source of financial support that would otherwise be available to them. Then again, perhaps that’s the Insurance industry’s reason for targeting these states in the first place. Consumer Legal Funding is a lifeline for people who have a pending legal claim, such as a car accident. It allows them to put food on the table while their case is making its way through the legal system. Like Alice from West Union, WV who stated, “I am unable to work and having a really hard time providing for my kids, and this is a major help.” Or Mary from Follansbee, WV who said “It helped prevent shut off notices, and paid my rent”. Unfortunately, consumers like Mary and Alice will no longer have the ability to help make ends meet thanks to the enactment of SB 360. This legislation was driven by the Insurance industry and the US Chamber of Commerce, with the sole purpose of eliminating access to this vital financial resource. The industry tried to work with the legislature in reaching a compromise that would allow for proper regulation and oversight, yet still permit the industry to operate. But at every turn, the US Chamber of Commerce, the Insurance Industry and their lobbyists swooped in and leveraged their might against consumers in order to prevent this product from being offered. Montani semper liberi – "Mountaineers are Always Free" – that motto is supposed to apply to all citizens of West Virginia. Unfortunately, those with enough clout and influence can relinquish the freedom of citizens to access a financial product which allows them to make ends meet, while the multibillion-dollar insurance industry increases profits and squeezes out the very consumers that SB 360 is ostensibly trying to help. Eric Schuller President Alliance for Responsible Consumer Legal Funding
Commercial Special Features

International Arbitral Tribunals Are Making a Push for More Female Arbitrators

It's Women's History Month, so there's no better time to evaluate the state of equal representation for women (or lack thereof) when it comes to international arbitration. Despite much discussion about 'equal opportunity', arbitral tribunals are still dominated by men. Perhaps that's why in 2015, members of the arbitration community formed The Equal Representation in Arbitration Pledge, which seeks to achieve full parity between women and men on arbitral tribunals across the world. As reported in Vannin Capital's special Women in Focus series, the Pledge was created by Jackie van Haersolte-van Hof, Director General at the London Court of International Arbitration, and Sylvia Noury, London Head of International Arbitration at Freshfields Bruckhaus Deringer. van Haersolte-van Hof was in attendance at an ICC event in Miami when she first formulated the notion of a 'pledge' to increase diversity on arbitral tribunals. She claims inspiration came from large corporations in the US who began to demand greater diversity of the law firms they engaged with. She admits that her initial idea was centered around a goal of broader diversity, but that in order to make that bold leap a first step was needed; and that first step was in the direction of gender diversity. It was Noury who eventually took her idea and ran with it. Throughout 2015, she arranged a series of dinners where the Pledge was formalized and eventually finalized. In May of 2016 it was ultimately launched, and included 300 signatories. That number has ballooned to 3,000 now, as the Pledge has evolved from a back-of-the-napkin response to gender uniformity into a full-scale global movement for gender diversity. A longstanding challenge of diversity has been a lack of senior leadership from women in the legal field. This is primarily due to the fact that women have not been full participants for very long, hence they could not 'climb the ladder' in the same way their male counterparts could. However, that trend is slowly shifting. These days there is a greater influx of women into Legal Services, and both van Haersolte-van Hof and Noury are optimistic that the influx will translate into higher rates of women in senior leadership positions over time. When looking at the arbitral institutions who singed the Pledge, the average number of female arbitrators appointed in 2017 was 20%, that's up from 10% just three years prior. Some specific institutions - like the SCC - are up to 40% appointed females. in addition to fostering a culture of inclusivity, gender diversity has the added benefit of positively-impacting qualitative decision-making. Diverse perspectives have been proven to enhance strategic planning and management. As Noury puts it: "They say that three heads are better than one, but if all are thinking in the same way then that benefit is lost. Diversity brings a different perspective, which is important to avoid “group think” and keep everyone honest. This matters as much in arbitration as it does in the real world." With the push for gender inclusivity in international arbitration, the global Legal Services community is making a bold statement. van Haersolte-van Hof and Noury are leading the way with the Pledge, which may yet prove to be only the tip of the iceberg when it comes to the broader goal of diversity across the board.
Announcements Consumer

Legal-Bay Pre Settlement Funding Announces Increased Focus on IVC Filter Cases

JERSEY CITY, N.J., March 26, 2019 /PRNewswire/ -- Legal-Bay LLC, The Pre Settlement Funding Company, announced today that they will be expanding their funding for IVC lawsuits, effectively immediately. IVC filters are devices which inhibit blood clots in patients, preventing pulmonary embolisms. 80% of the filters sold are put out by C.R. Bard (Eclipse brand Vena Cava filter) and Cook (Celect brand IVC filter). The two companies have come under fire recently for the devices' defective manufacturing including perforations, shifting after implantation, filter fractures, and general ineffectiveness. Legal-Bay is a leading personal injury pre-settlement advocate, and works directly with most of the top mass tort law firms to provide the best pre-settlement cash advance rates in the industry in as little as 24 – 48 hours.  Legal-Bay believes that the IVC Litigation is turning in favor of a potential settlement by year-end in which many plaintiffs will have a better estimate of their IVC lawsuit value and possible settlement amounts. Chris Janish, CEO of Legal-Bay commented, "Our close monitoring of the IVC Litigation has indicated  that a settlement range could be announced in 2019. However, nothing is certain at this time as the defendants are still contesting liability. If a settlement is reached, plaintiffs should understand it could take a long time to receive payouts. In light of this, and due to the increased need we are seeing from our clients, we are now putting an extra focus on providing pre settlement funding to IVC filter plaintiffs." If you are involved in a pending IVC lawsuit and are looking for a pre-settlement cash advance now before your case settles, you can fill out an application form at the company's website: http://lawsuitssettlementfunding.com If you do not have an attorney, feel free to contact Legal-Bay and they can assist you with retaining a top IVC lawyer or IVC law firm that works with clients that need funding. All of Legal-Bay funding programs are risk-free as you only repay the advance if your case is successful. The non-recourse advance is not a lawsuit loan, settlement loan, or pre-settlement loans. Please apply online at:  http://lawsuitssettlementfunding.com or call the company's toll free hotline at: 877.571.0405 where agents are standing by. Source:  Legal-Bay LLC
Commercial

Common Fund Orders Have Been Approved by Australian Courts: Now Fair Payouts Are the Focus

The Full Federal Court of Australia and the New South Wales Court of Appeal have found in separate judgments that common fund orders can be approved by courts in class action cases. This is good news for litigation funders and the large pools of claimants they represent. However, the focus of courts will now be on ensuring a fair and reasonable payout to funders, which means the fees they command are under increased scrutiny. As reported in Mondaq, courts in Australia and new South Wales agreed to a joint hearing on the common fund order issue, in what has come to be known as a "super" appeal. The courts jointly heard a trio of cases, and concluded in separate decisions that trial courts do indeed have the authority to issue a common fund order in a class action case. Common fund orders mandate that all claimants contribute to the litigation funder's fee, regardless of whether they signed the funding agreement. In essence, if the funder finances the claim, all group members are responsible for the funder's fee. With the applicability of common fund order confirmed (pending an appeal), the focus now shifts to 'fair and reasonable' payouts. Australian courts, wary of the impact litigation funding is having on the class action environment, want to be certain that funders aren't gouging their clients. As a result, many are predicting that courts will apply extra scrutiny to the fees incurred by litigation funders, in an effort to ensure fairness.
Commercial

Does the Common Interest Doctrine Protect Third Party Funders from Accessing Privileged Information?

When it comes to the issue of disclosure of third party funders and their funding agreements, courts across the United States have consistently held that such information is protected under work product (some legislators have yet to catch on). That said, when it comes to the issue of sharing privileged information with a litigation funder, courts aren't as uniform in their findings. Some hold that the common interest doctrine protects privileged information that is passed on to a funder, and others have ruled the exact opposite. According to National Law Review, courts have been decidedly split on the issue of sharing privileged information with a third party funder - whether that be a prospective funder, or even one that is already contracted. In California, the district court in  Odyssey Wireless, Inc. v. Samsung Elecs. Co., 2016 U.S. Dist. LEXIS 188611 (S.D. Cal. Sept. 19, 2016) found that privileged documents disclosed to a funder do not wave work product, given the common interest that exists between third party funders and the plaintiffs (or in some cases defendants) they finance. However, in Berger v. Seyfarth Shaw LLP, 2008 U.S. Dist. LEXIS 88811 at *7-*8 (N.D. Cal. 2008), a separate district court found that the common interest doctrine does not apply to litigation funders, given that it was originally created to protect multiple litigants represented by a single counsel. Even though the doctrine is applied more broadly today, the court found that funders should not be covered under the umbrella of 'common interest.' Delaware has a similar discrepancy. In Carlyle Investment Mgmt. L.L.C. v. Moonmouth Co. S.A., No. 7841-VCP, 2015 Del. Ch. LEXIS 42 at *28-*30 (Del. Ch. Feb. 24, 2015), the state court found that common interest applies. However, in Leader Techs. Inc. v. Facebook, Inc., 729 F.Supp. 2d 373 (D. Del. 2010), the federal court disagreed, despite the fact that a written common interest agreement was in place between litigator and funder. All of this is quite head-scratching. But such is the nature of a common law jurisdiction when a relatively new enterprise emerges across the legal landscape. Unfortunately for funders, lawyers and claimants, the only thing we can be certain of going forward is that nothing is for certain. Case law remains unsettled, and the inconsistency on this issue arising from courtrooms across America will likely continue.
Announcements Commercial

Woodsford Litigation Funding opens office in Tel Aviv

LONDON and TEL AVIV – Monday 25th March 2019, Woodsford Litigation Funding, the global provider of litigation financing solutions for businesses, individuals and law firms, has announced the opening of an office on Rothschild Boulevard in central Tel-Aviv. Woodsford has also announced the appointment of Yoav Navon as Director of Litigation Finance, Israel. Yoav was previously engaged by Woodsford as a Consultant. The office opening and the elevation of Yoav Navon, who has represented Woodsford in Tel Aviv for almost a year, illustrates Woodsford’s long term view of the potential for the Israeli market. Yoav Navon commented, “Having represented Woodsford in Israel for the past 10 months, I am now glad to have cemented my position at one of the leading global funders.  I can see the appetite for and understanding of the benefits funding offers is growing rapidly here.  We are already funding a number of Israeli parties in high stakes litigation, and we see real potential for growth, particularly in intellectual property litigation and international arbitration but in other areas too. ” “We are a growing, increasingly global business with a presence on both coasts of the US, the UK, Singapore and Australia. We engaged with Yoav last year as we believed there were a number of factors that made Israel another attractive and potentially lucrative market for us. With the opportunities we are now seeing in Israel, appointing Yoav to a permanent position and opening an office in Tel Aviv are the obvious next steps. Woodsford is looking to invest around $200m in 2019/20 in meritorious claims of all types, and we anticipate around 10% of that will be invested in Israeli claimants.” said Steven Friel, Woodsford’s CEO. About Woodsford Litigation Funding Founded in 2010 and with offices in London, Philadelphia Singapore and Tel Aviv, Woodsford Litigation Funding provides tailored litigation financing solutions for businesses, individuals, and law firms. This includes both single case and portfolio litigation funding, group action funding and arbitration funding. Woodsford’s Executive team blends extensive business experience with world-class legal expertise. Woodsford is a founder member of the Association of Litigation Funders of England and Wales. For further information visit http://www.woodsfordlitigationfunding.com or follow on Twitter @WoodsfordLF.
Announcements Commercial

Litigation Capital Management (AIM:LIT) announces global cooperation agreement with leading law firm

Litigation Capital Management Limited (AIM:LIT) (LCM), a leading international provider of litigation financing solutions, announces that it has entered into a global cooperation agreement with a leading international law firm.

The global cooperation agreement puts LCM in prime position to finance disputes undertaken by the law firm and its clients. LCM has agreed to make available access to significant funding for disputes as they arise for the law firm and its clients, regardless of geography or jurisdiction; that meet the Company’s rigorous due diligence process.

The law firm, which is headquartered in London, operates across six continents through a network of 50 offices and over 400 partners. The law firm is one of the most active in the litigation space globally and works with clients across sectors including aviation, energy and natural resources, infrastructure, trade and commodities, and insurance.

Patrick Moloney, Chief Executive Officer of LCM, said:

“We’re delighted to have agreed this global cooperation agreement with one of the leading law firms worldwide and one of the most active in the litigation space. The partners at the firm will have access to funding that LCM is providing, regardless of jurisdiction or geography.

“Our on-the-ground presence through offices in London, Sydney and Singapore allows us to support the law firm and its clients. This agreement will increase the number of potential funding opportunities available to LCM, in addition to our already substantial pipeline of investment opportunities, which we continually evaluate in line with our rigorous due-diligence procedures.”

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.
Announcements Commercial

Therium Exceeds $1 Billion Milestone In Latest Fundraise From Global Institutional Investors

Jersey, Channel Islands, 25 March, 2019. Therium Group Holdings Limited, a leading global provider of litigation, arbitration and specialty legal finance, today announced that it has exceeded an important $1billion milestone of funds raised, following a latest fund raise of £325 million from three global institutional investors, including a sovereign wealth fund, to finance litigation and arbitration globally. It is Therium’s largest fund and follows the £200 million raised in February 2018.

John Byrne, Co-Founder and CEO of Therium Capital Management Limited, said: “We are thrilled to announce the closing of our latest fund, Therium’s largest to date. Raising over $1 billion is an important milestone for the industry and underscores Therium’s leading position in the litigation finance industry globally. Interest from high quality institutional investors was stronger than ever, driven by the rapid growth of the firm, the very strong outlook for our business globally and our track record. We are delighted to have the backing of world leading institutional investors in our new fund and we are very excited about the ongoing high growth opportunity ahead for Therium, which is now in its 11th year.”

Neil Purslow, Co-Founder and Chief Investment Officer of Therium Capital Management Limited, said: “The demand for our litigation and arbitration funding continues at pace across all of our jurisdictions. The benefits of funding are becoming increasingly widespread across the world; from claimants that would not otherwise have the capital to launch their claims, to the largest corporates that use funding to transform claims into financial assets. In line with this, we are seeing a steady rise of single case funding as well as litigation and arbitration financing across multiple dispute types.”

Therium recently announced the opening of an office in Australia, to serve Asia-Pacific, where the firm has been funding cases since 2011. The firm also has investment teams in the UK, USA, Germany, Spain and Norway. Therium was the first commercial litigation funder to have operations on the ground in Germany and Scandinavia and it was the first European firm to launch a full service business in the US.

Therium will use the new funds to continue to invest in litigation and arbitration cases globally across sectors including financial services, energy and mining, industrials, technology, media and entertainment, and across all forms of commercial litigation and arbitration. Therium invests in a broad range of complex commercial disputes, from securities and shareholder actions, international arbitration, competition and anti-trust cases, through to intellectual property, insolvency and group and class actions. Furthermore, demand for Therium’s specialty legal finance solutions from corporates and law firms continues apace across jurisdictions. The new fund is expected to be deployed within two years.

In November 2018, Therium won the ‘Insolvency Litigation Funder of the Year’ award at the Turnaround Restructuring and Insolvency awards in London in recognition of its cross border insolvency funding expertise and leading track record.

In Chambers and Partners’ inaugural litigation support directory 2018, Therium was ranked as a Tier 1 litigation funder, and Neil Purslow was named a leading individual in the litigation funding industry. Therium is a founder member of the Association of Litigation Funders of England and Wales.

Last month, Therium Capital Management was top ranked as one of the two “Leading” litigation and arbitration funding firms in the UK by legal and business directory Leaders League, in their 2019 ranking of litigation funding. Therium was also ranked as “Excellent” in the 2019 US ranking

Case highlights, which are in the public domain, include:

  • Sharp and others v Lloyds Banking Group (re Lloyds’s acquisition of HBOS)
  • Noel Edmonds v Lloyds Banking Group
  • Consumers v VW re Dieselgate
  • Road Haulage Association v Truck manufacturers
  • Richard Lloyd v Google Inc (re data protection)
  • UK retailers v Mastercard and Visa (re interchange fees)
  • PCP Capital Partners v Barclays Bank plc
  • Bates & Ors v Post Office Ltd
  • Atlant Entreprenor v City of Oslo
  • Webb v GetSwift Ltd
  • Shareholders v Commonwealth Bank of Australia Ltd

About Therium

Therium is a leading global provider of litigation, arbitration and specialty legal finance active in England and Wales and internationally since 2009.  Over that period, Therium has funded claims with a total value exceeding £34 billion including many of the largest and most high profile funded cases.  The firm has investment teams in the UK, USA, Australia, Spain, Germany and Oslo, supplementing its resources in its corporate headquarters in Jersey, Channel Islands.

Therium has established a track record of success in litigation finance in all forms including single case litigation and arbitration funding, funding law firms and funding portfolios of litigation and arbitration claims.  This track record enabled the firm to raise the then single largest investment into litigation finance of £200 million in 2015.  The latest raise builds upon the previous raise of £200m which closed in only February 2018.

Therium has raised over $1 billion since its foundation, which includes the latest £325 million fund raised in March 2019.

Therium has consistently been at the forefront of innovation in litigation finance, pioneering the combined use of insurance tools alongside funding vehicles, and introducing portfolio funding products into the UK.  The firm’s ability to develop innovative funding arrangements and bespoke financial solutions for litigants and law firms complements its unmatched experience and rigorous approach to funding a wide range of commercial disputes throughout the world.

www.therium.com