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Announcements Commercial

EY announces completion of Pangea3 Legal Managed Services acquisition

LONDON, June 3, 2019 /PRNewswire/ -- EY today announces the closing of the acquisition of the Pangea3 Legal Managed Services (LMS) business from Thomson Reuters. Together with the recent acquisition of Riverview Law, this means that EY is the first organization with service offerings including legal function consulting, industry-leading LMS and legal technology in addition to legal advisory services where permitted, in more than 80 jurisdictions. The acquisition significantly grows the existing EY Law service offerings. With Pangea3, more than 1,100 legal project managers, services professionals and technologists join EY, bringing the total number of EY Law professionals across the globe to 3,500. The acquisition will enhance EY technology-enabled LMS in the three core areas of contract life cycle management, regulatory risk and compliance, and investigations. Kate Barton, EY Global Vice Chair – Tax, says: "Companies are looking to transform their legal departments. Cutting-edge technology, processes and the right people that can integrate legal functions into the business more holistically are key to this transformation. This acquisition deepens the EY bench of skilled resources to help companies modernize their law departments and arrive at the optimal operating model." The acquisition supports the growth of the EY LMS offerings by expanding resources and capabilities, offering legal process automation and a services model across the globe. These capabilities will also introduce measurable efficiencies and help clients transform their legal departments and deliver meaningful value to their businesses. Jeff Banta, EY Global Law Co-Leader, says: "In addition to reducing costs and driving efficiencies, legal departments recognize that the future lies in aligning closely with broader business transformation. Through the acquisition of Pangea3, EY Law services are well positioned to leverage broad professional services experience to create a consistent, market-leading offering across the globe that will shape the legal functions of the future." Renowned for its high-quality solutions and a consistent industry award winner, Pangea3 was the original pioneer in the alternative legal services space. Pangea3 has grown significantly within Thomson Reuters and has 15 years of experience, operating out of eight centers worldwide. It boasts deep technology experience, multi-lingual capabilities and a "follow-the-sun" model, which supports legal workflow and quality control. Eric Laughlin, Managing Director, Legal Managed Services, Ernst & Young LLP, says: "The EY Legal Operations service offerings now stand at the cutting-edge of enterprise legal managed service delivery, providing deep domain knowledge, process rigor and scale to guide and implement business transformation. The combination of legal function consulting and now, with Pangea3, legal managed services, will allow EY to create even more custom services to help clients tackle their most pressing challenges." Learn more about EY Legal Operations. About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation is available via ey.com/privacy. For more information about our organization, please visit ey.com. This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients. About EY Law services To facilitate that EY advice is tailored to the clients' business needs, EY Law services focus on a number of sectors: Automotive; Banking & Capital Markets; Government & Public Sector; Life Sciences; Mining & Metals; Oil & Gas; Power & Utilities; Private Equity; Real Estate; Hospitality & Construction; Technology; and Telecommunications. EY lawyers work alongside professionals from other parts of EY businesses, including Assurance, Tax, Transactions and Advisory. Serving clients across borders, the EY sector-focused, multidisciplinary approach means EY professionals offer highly integrated and pertinent advice you can trust. EY lawyers do not provide US legal services. Virginia Milazzo
EY Global Media Relations
+1 718 473 7376
virginia.milazzo@ey.com
Announcements Commercial

Woodsford Litigation Funding announces key strategic hire and targets significant uptick in investments in 2019/20

LONDON 4 June 2019, Woodsford Litigation Funding, the global provider of litigation financing solutions for businesses, individuals and law firms, has announced further expansion of its international executive team with the appointment of Mitesh Modha to the position of Business Development & Origination Director. Mitesh, who will play a key role in Woodsford’s business development activities outside of North America, joins from Kain Knight, a costs litigation firm, where he was a Director. Woodford’s business development team now spans the globe, with people in San Francisco, Philadelphia, New York, London, Tel Aviv, Singapore and Brisbane. “Our business continues to grow and succeed because we have a winning combination of high quality capital and high quality professionals. Particularly following last year’s injection of significant further capital by our shareholders, Mitesh and other new recruits help complete the ingredients for a successful litigation finance business” said Steven Friel, Woodsford’s CEO. Woodsford’s new Business Development & Origination Director, Mitesh Modha commented, “It’s exciting to be joining one of the world’s leading litigation funders at a time when it is growing so quickly. I am really looking forward to playing my part in taking Woodsford to the next level.” 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 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. Woodsford is currently recruiting for a number of other posts, including a Senior Investment Officer (London), Commercial Manager (London or Philadelphia) and Business Development Manager (Singapore).
Commercial

Harbour Litigation Funding Backs Customer Class Action Against AMP

AMP, the Aussie financial giant which is facing a massive shareholder class action being led by law firm Maurice Blackburn on a no win, no fee basis, is facing a second class action - this one on behalf of customers. The action is again being led by Maurice Blackburn, this time funded by Harbour Litigation Funding. As reported in ABC News, the action alleges that AMP routinely overcharged its 2.5 million customer base on administration fees, dating all the way back to 2013. In some cases, the investment firm allegedly charged 1.5% in fees when it was contractually obligated to charge .5%. AMP is facing a shareholder class action in the wake of its massive stock price drop, in addition to a lawsuit by the Australian Securities and Exchange Commission. Key executives are also facing a criminal probe into a separate matter of 'fee for no service.' The customer claim is being brought by Maurice Blackburn and is funded by Harbour Litigation Funding. Harbour is set to receive 20% on any payout up to $125MM, and 10% on any number over that threshold.
Announcements Commercial

Mitry Lawyers to Speak at the 5th Litigation Funding Conference in Sydney on May 31, 2019

Sydney, NSW, Australia--Ticonderoga Ventures, Inc. announces that Mitry Lawyers will speak at the Litigation Funding Conference ( https://litigationfundingconference.com) on May 31, 2019 in Sydney, Australia. Rick Mitry, will speak on the current status of the law of representative proceedings. ABOUT MITRY LAWYERS Mitry Lawyers is a boutique law firm with branches in Sydney and Melbourne, Australia. It’s clientele range across Australia, Asia and the Middle East. “Mitry Lawyers is committed to engaging Australian business with international opportunities as well as promoting Australian opportunities in global markets. We provide the expertise and legal support to facilitate both. We work to ensure our clients are best equipped to take advantage of existing opportunities and remain competitive with a rapidly transforming global market.” Our specialties are private international law including cases for and against Australian and foreign governments, the law of diplomatic and foreign states immunities, commercial litigation, and representative proceedings as well as intellectual property and media. Mitry Lawyers understand the complexities laden within the Australian legal system and endeavor to ensure that clients feel comfortable with the services provided and informed of the practical effect of legal processes. Mitry Lawyers seek to continuously support and promote the education of young law students, through the Macquarie University Mitry Lawyers Award, and the internship of foreign students. ABOUT THE LITIGATION FUNDING CONFERENCE The Litigation Funding Conference is the leading networking and business event for the industry.  Corporate counsel and attorneys from significantly sized law firms seeking finances for high value claims meet directly with third party litigation funding firms, venture capitalists and hedge funds.  Financial professionals and investors representing significant resources attend to fund suits they are expressly interested in. Time, the most valuable commodity at the event, is designed for maximum efficiency in introducing attorneys with those that provide funding to quickly identify the best opportunities and begin the deal making process. Registration for the event can be made at https://litigationfunding.co/register-sydney-2019.php For more information, please visit the website https://www.litigationfundingconference.com or contact: Ticonderoga Ventures, Inc. Marketing and Logistics Representative Tel/ Fax: USA +1 (212) 722-1744 E-mail:  info-21@litigationfundingconference.com Twitter:  @LITIGATIONFUND1
Announcements Commercial

LCM: Court Approval of Settlement and Portfolio and Pipeline Update

Litigation Capital Management Limited (AIM:LIT), a leading international provider of litigation financing solutions, announces that the court has approved a settlement in respect of one of its class action litigation projects. This follows the negotiated settlement in principle of this litigation project announced on 20 March 2019.

Highlights

  • Court approval granted on 28 May 2019 with the effect that the settlement has become final and binding between the parties.
  • Further judgment expected shortly which will determine the precise amount of LCM’s share of these funds following which LCM will make a further announcement with the financial metrics of this litigation project.
  • The settlement funds will be paid within 30 days with LCM’s entitlement set to contribute significantly to profit for the current financial year to 30 June 2019.
  • Fourth litigation project that LCM has completed in the current financial period.

The litigation project relates to a class action LCM funded on behalf of certain former shareholders in a resources company formerly listed on the Australian Stock Exchange. The other party is an international professional services company and prior to a final hearing, both parties participated in a mediation where a settlement in principle was reached.

The terms of the settlement (which are confidential) were approved by the Supreme Court of New South Wales, Australia at a hearing on 28 May 2019. This renders the settlement final and triggers the obligation on the defendant to pay the settlement sum.

Class actions represent one of several types of litigation projects that LCM provides funding for across single-case and portfolios, as well as international arbitration, commercial claims and claims arising out of insolvency.

Portfolio and pipeline update

LCM currently has a portfolio of 28 projects under management. 18 of those litigation projects are unconditionally funded and 10 projects are conditionally signed. Since LCM’s last announcement in relation to its portfolio, the projects which have moved to be unconditionally funded include:

  • Proceedings in Hong Kong brought on behalf of company in liquidation alleging breach of contract and negligence against a Hong Kong company with a capital commitment to be provided by LCM of US$0.965 million.
  • An ICC arbitration seated in London brought on behalf of a hotel and hospitality developer against a large global company with a capital commitment to be provided by LCM of US$1.5 million.

The balance of new matters are signed up on a conditional basis and will be announced separately in a future update provided that they transition to an unconditional status.

The current pipeline of pre-qualified opportunities continues to demonstrate the large and diverse investment opportunities within the company. LCM currently has approximately 65 pipeline projects across a mix of litigation financing including commercial, international arbitration, insolvency, class actions and corporate portfolios. The estimated potential investment across those 65 projects exceeds A$400 million. That pipeline of investment opportunities is dynamic and changes regularly. The pipeline reflects the global nature of LCM’s business with projects in Australia, the Asia Pacific and EMEA.

Of that pipeline, LCM is undertaking due diligence, or in advanced negotiations with respect to nine corporate portfolio transactions. In respect of some of those corporate portfolio opportunities, commercial term sheets have been issued and negotiations are continuing.

Patrick Moloney, CEO of LCM, said: 

"We’re delighted to receive court approval for the settlement reached earlier this year in March. The completion of this litigation project vindicates our approach to project selection and use of active project management. The profitability and contribution from this project are also likely to be ahead of our expectations at the time of the settlement in principle in March 

“We are very pleased with the status of our current portfolio and pipeline. Both our portfolio and our pipeline demonstrate the successful implementation of our strategies of diversification by geographical region and project type as well as continued growth in the size of our portfolio.

“LCM has a strong and longstanding track record of funding class actions, which continue to make up a proportion of our diversified portfolio and pipeline of litigation projects, alongside corporate portfolios, claims arising out of insolvency, international arbitration and commercial litigation.”

About LCM

Litigation Capital Management (“LCM”) is a leading international provider of litigation financing solutions. This includes single-case and portfolios 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

Announcements Commercial

Bentham IMF Hires Recognized International Arbitration Expert in Canada

Dispute financing company Bentham IMF has hired well-known international arbitration expert Annie Lespérance, FCIArb, as Legal Counsel in its Montreal office as it continues to expand both its arbitration bench strength, and its presence in a growing Quebec market. Annie is the eighth lawyer to join the Canadian team, and will assist in assessing commercial litigation and arbitration matters, where clients seek funding to manage the cost or risk of pursuing a claim. Prior to joining Bentham, Annie practised as a lawyer at Cabinet Yves Fortier (2012-2019) and the Permanent Court of Arbitration (2011-2012), where she acted as Secretary to Arbitral Tribunals in international commercial, investor-State and sports arbitration disputes under a wide range of procedural rules (ICC, ICSID, LCIA, UNCITRAL, PCA, ICDR, SIAC, HKIAC, CAS, SDRCC) and governing laws. Annie has been appointed as an arbitrator and is a member of various arbitration rosters, including NAFTA’s Chapter 19 Roster of Panelists and ICDR Canada’s panel of arbitrators. She has also been recognized as a Fellow of the Chartered Institute of Arbitrators (FCIArb) based in London, UK. Annie’s hire reflects the growth in arbitration funding, as well as the increasing demand for litigation funding across Canada.  Annie will leverage her unique experience acting as arbitral secretary for one of the world’s preeminent arbitrators to conduct due diligence on potential investments, and work with lawyers and clients to manage funded matters. She adds considerable depth to Bentham IMF’s global arbitration team, which also recently welcomed Dana MacGrath, the president of Arbitral Women and a leading international arbitration lawyer who was previously a partner at Sidley Austin in New York. Bentham’s team includes arbitration experts in Canada, the US, the UK, Singapore, Hong Kong and Australia. “Litigation funders have become key players in the arbitration and commercial litigation landscape. I am absolutely delighted to join the world’s oldest and most experienced dispute financing company and a team of sophisticated lawyers,” says Annie. Annie adds to a growing team in Montreal that includes Montreal office leader and former McCarthy Tétrault LLP partner Pierre-Jérôme Bouchard, and senior advisor George Hendy, a veteran Montreal litigator who practised for over 45 years at Ogilvy Renault (now Norton Rose Fulbright Canada), Phillips & Vineberg (now Davies, Ward, Philipps and Vineberg LLP) and Osler, Hoskin & Harcourt. “Annie’s arrival truly complements our team in Montreal. She brings a different and unique experience and will be a great asset for claimants not only in the international arbitration space, including both commercial and investor-state disputes, but also in all types of cases," says Pierre-Jérôme. Annie earned her law degree from Université de Montréal and her LL.M. cum laude, from Leiden University. Annie was called to the Quebec Bar in 2010 and to the Paris Bar in 2011. She is fluent in French, English and Spanish. Bentham IMF is delighted to welcome Annie to the team. She can be reached atalesperance@benthamimf.ca or +1-514-795-8787.
Announcements Commercial

RPX Corporation Names Jon Knight EVP, Business Development

SAN FRANCISCO, May 21, 2019 /PRNewswire/ -- RPX Corporation, the leading provider of patent risk management solutions, today announced that Jon Knight has joined RPX as Executive Vice President, Business Development, effective May 13, 2019.

In this role, Mr. Knight is responsible for engaging with businesses of all sizes around the world to understand their patent challenges and inform them of the range of solutions RPX provides to its members to address those challenges.

Mr. Knight brings two decades of experience at International Business Machines Corporation (IBM) to RPX. Most recently, he served as General Manager, Client Financing for IBM Global Financing (IGF), where he was responsible for IGF's end-user financing business. IBM Global Financing is the world's largest IT captive financier with clients in over 60 countries and more than 20 industries. He also served as Vice President for Intellectual Property, responsible for the licensing, sales, enforcement, and joint development of IBM's worldwide intellectual property portfolio.

"The effectiveness and strength of RPX lies in the breadth and depth of expertise members can access on our platform and the IP professionals who work tirelessly to solve members' patent challenges," said RPX CEO Dan McCurdy. "As the RPX membership network grows, so does the scale and efficiency of our defensive patent acquisition efforts and related solutions. Jon's experience makes him remarkably well-suited to help drive that growth. I am excited to welcome Jon to the RPX team and look forward to working with him to bolster what makes us the market leader—the power of the collective."

"RPX's innovative solutions provide companies with actionable, and unrivaled, ways to manage their patent-related risks," said Mr. Knight. "By bringing companies together to solve their shared challenges, RPX creates efficiencies both for its members and the market overall. The value it creates for its members grows stronger with each new member. I am excited to lead the charge to bring more companies into this leading-edge network."

Before joining IBM, Mr. Knight was a Vice President at Merrill Lynch covering financial institutions and has more than 15 years of experience in the financial services industry. Mr. Knight has an MBA in Finance and an MS in Taxation from Fordham University'sGraduate School of Business Administration, and he holds a BA in Economics and Psychology from the College of the Holy Cross. A competitive triathlete, Mr. Knight lives in California with his wife and two daughters.

ABOUT RPX 

RPX Corporation is the leading provider of patent risk solutions, offering defensive buying, acquisition syndication, patent intelligence, insurance services and advisory services. 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 March 31, 2019, RPX had invested over $2.5 billion to acquire more than 46,000 U.S. 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.

Commercial Consumer

LawCoin Brings Litigation Funding to the Blockchain

There have been numerous attempts so far, and here comes another one: LawCoin is poised to introduce litigation finance to the blockchain by allowing accredited retail investors to finance and even trade shares in lawsuits by tokenizing the offerings. As reported in Crypto Briefing, LawCoin President Marc Goldich sees opportunity in bringing litigation funding to the masses via the blockchain. He feels the added transparency and liquidity will do for the Legal Services sector what IPOs have done for private corporations. LawCoin will allow investors to purchase tokens, each of which represents a fraction of a lawsuit. Upon successful completion of the claim, investors will receive their share of the proceeds as a LawCoin, digitally recorded on the blockchain. As the platform evolves, users will eventually be able to trade tokens with one another, creating a sort-of impromptu secondary market. Goldich views litigation funding revolutionary, yet far from efficient. The fact that it’s only available to large institutional and high net worth individuals is something he looks forward to changing. And the difficulty in developing a secondaries market means that early investors can often be stuck in a claim for years, something LawCoin looks to easily change. LawCoin is part of the Tachyon 10-week accelerator. Goldich and fellow co-founder and CEO Noah Axler worry they might be a little early to market with a tokenized offering for litigation funding, yet they remain 100% convinced that this is where the industry is headed. The team have already identified strong cases for their platform, which launches later this summer.