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Vannin Capital, the global expert in legal finance, announces today its continued U.S. expansion with two new Managing Directors and an Associate Director in New York and Washington, D.C.
Matthew Atlas joins as a Managing Director and Melissa Feig as Associate Director in New York City. Arthur “Ted” Farrell joins as a Managing Director in Washington, where his litigation expertise will expand Vannin’s local offering, which had previously focused on arbitration.
Scott Mozarsky, Regional Managing Director with overall responsibility for Vannin’s North American business, comments: “The addition of Matthew, Ted and Melissa marks a significant step in Vannin’s growth in North America. Their diverse backgrounds, depth of knowledge and their subject matter expertise add to our already strong foundation of litigation funding capabilities and position us to capitalize on strong market opportunities associated with geographic and product expansion.”
Matthew joins from the Colgate-Palmolive Company, where he was Chief Litigation Counsel for the past five years, managing the company’s litigation matters both globally and in the U.S. Prior to this, he was Vice President and Assistant General Counsel for JPMorgan Chase Bank, NA, supporting the defense of class actions and other litigations involving significant potential liability for the company’s retail financial services units. Matthew began his legal career at Akin, Gump, Strauss, Hauer, & Feld LLP.
Matthew Atlas notes: “Corporations are becoming increasingly aware of the benefits that funding presents, not only as a risk management tool but also as a key part of their strategy to deliver value and growth. I am excited to join Vannin, one of the leaders in litigation finance, at a time when the industry is rapidly expanding in the U.S.”
Prior to joining Vannin, Ted was a Partner at Ruyak Cherian LLP where he represented plaintiffs and defendants in antitrust, intellectual property and other complex commercial disputes in the technology sector. He also advised on merger clearance matters before United States and Foreign Competition Authorities. First joining Ruyak in 2015, Ted has had a successful career as a litigator also practicing at Winston & Strawn LLP and Baker Botts LLP in Washington, D.C.
The addition of Ted to its Washington D.C. team enables Vannin to better service firms and companies in the Mid-Atlantic states including the rapidly growing Research Triangle in North Carolina. Ted Farrell said: “I was drawn to Vannin’s reputation as a market leader in the litigation funding industry and its commitment to strategic growth in the U.S. and internationally. I look forward to helping build out the company’s presence and offering in Washington.”
Melissa joins Vannin’s New York office as an Associate Director, supporting the litigation funder’s team in the U.S. Prior to joining Vannin, Melissa practiced at Morgan, Lewis & Bockius LLP where she focused on complex commercial and distressed asset litigations, consumer class actions, internal and white-collar investigations, regulatory defense and arbitration.
Melissa Feig added: “Vannin is an ambitious and innovative business that is well positioned to capitalize on the continued growth of the litigation funding industry. I am excited to join the team and look forward to contributing to its continued success.”
About Vannin Capital
Established in 2010, Vannin Capital is a global expert in the provision of funding to support individuals, corporate clients and law firms in the successful resolution of high-value litigation and arbitration claims. From single case funding to portfolio finance, we offer creative capital solutions that are tailored to our clients’ needs.
Our global team of legal and financial experts cover the key commercial litigation and arbitration centres from our offices in London, Jersey, Paris, Bonn, New York, Washington, Sydney and Melbourne.
More than just capital, we combine global experience with local knowledge to deliver a high standard of service and expertise to our clients around the world. A major player in the legal finance market, we are a member of the Association of Litigation Funders of England and Wales (ALF), conducting our business to a high standard in line with its code of conduct.
Vannin Capital Holdings Limited Registered in Jersey No. 121561 Registered Office Address: 13-14 Esplanade, St Helier Jersey, JE1 1B vannin.com
Litigation Capital Management (LCM) Limited (AIM:LIT), a leading international provider of litigation financing solutions, announces its reviewed interim results for the six months ended 31 December 2018.
Note: All financial results based on cash accounting methods, as opposed to fair value methods. Any gains or losses are only recognised in LCM’s accounts when a successful judgement or settlement has been determined.
Highlights
Patrick Moloney, CEO of LCM, said:
“We are delighted to present our first set of financial results as an AIM-listed company. The strength of our performance is reflective of the consistent approach and focus we have ensuring that we continue to deliver strong returns across our existing portfolio. We have significantly expanded our operations to create a truly global platform for LCM.
“Our listing on the London Stock Exchange was a key milestone for the company and raised necessary capital to help fund future litigation projects and investments. Since LCM has become a London listed company, we have already seen a notable increase in the litigation funding products that we offer across the mix – including single case, portfolio and corporate transactions.
“Our geographical expansion, with new offices in both London and Singapore, has naturally seen the team grow and industry leading experienced individuals have been added to the Board and senior management team. This has created a strong foundation for LCM to continue to pursue exciting growth opportunities and maintain its position as a leader in the growing litigation finance market.”
About LCM
A claim has been launched in the UK’s specialist competition court by Justin Gutmann, formerly of Citizens Advice, on behalf of millions of passengers who have paid twice for part of their journeys on Southeastern and South Western routes.
London, February 27th, 2019
A claim on behalf of millions of rail passengers has been filed in the Competition Appeal Tribunal against the operators of the South Western and Southeastern rail franchises.
First MTR South Western Trains, Stagecoach South Western Trains and London & South Eastern Railway are alleged to have not made “boundary” fares readily available for Travelcard holders to purchase, nor making passengers aware of their existence. The rail companies’ failures have left customers with little option but to buy a higher fare than they would have needed because their Travelcard already entitled them to travel for part of their journey.
Boundary fares allow passengers who own a Travelcard to travel beyond the zones covered by their Travelcard without doubling up on payment. Independent research has shown that boundary fares are not readily available through online platforms or over the telephone from South Western or Southeastern and are rarely offered at ticket counters unless expressly requested by passengers. This imposition of an unfair price for fares is an abuse of the companies’ dominant position and in breach of UK and EU competition laws.
The opt-out collective action is being led by Justin Gutmann, an experienced campaigner on both consumer issues and the transport sector.
Gutmann said:
“Passengers in London already pay a lot of money for trains that are often delayed or not even running. Now following extensive research, we have found that some passengers are paying twice for parts of their rail journeys.
We are launching this legal action to ensure that the money that South Western and Southeastern have made from this is returned to those train users.
Millions of rail passengers could be eligible for compensation. Let’s put this right and stop train companies taking passengers for a ride.”
Who is eligible?
Passengers who owned a Travelcard at any time from 1 October 2015 and also purchased a rail fare from a station within the zones of their Travelcard to a destination outside of those zones may be eligible for compensation. Millions of passengers are thought to be affected.
Dorothea Antzoulatos, Director of Charles Lyndon, said “Charles Lyndon has worked extensively with Mr Gutmann to develop this case which seeks to recover compensation for millions of rail passengers who have overpaid as a result of what we believe is the behaviour of the defendants. We are delighted to be working together with Hausfeld & Co to represent Mr Gutmann in what will be the first stand-alone collective action in this country. A case such as this would not have been practicable before the introduction of the Consumer Rights Act 2015 and we hope that as a result of this action millions of rail passengers will be able to recover the compensation that is due to them.”
Anthony Maton, Managing Partner at Hausfeld & Co LLP said: “This claim is about rail passengers being able to recover what is rightfully due to them. This is only the fifth collective action in the Competition Appeal Tribunal and the first brought without the benefit of an underlying regulatory decision. We’re very pleased to be co-counsel for Mr Gutmann on this ground-breaking case.”
Will there be any cost be for class members?
There is no cost for class members. This action is being funded by Woodsford Litigation Funding, a specialist litigation funder. By absorbing both the costs and risks associated with a claim of this size, Woodsford is enabling the claim to be brought and ensuring that as many rail passengers as possible benefit from this legal action.
Woodsford’s Chief Investment Officer, Charlie Morris, stated: “Third party funding facilitates access to justice and is an integral part of bringing collective actions such as this boundary fares claim. Woodsford is looking forward to helping millions of rail passengers achieve the compensation they are entitled to."
What next?
The Tribunal will now determine whether or not Mr Gutmann’s claim is allowed to proceed. If the claim is permitted to go forward then those affected will not have to pay any legal fees, nor contact lawyers.
Affected passengers who live in the UK will be automatically included in the claim although they can choose to opt-out in due course. Affected passengers who do not live in the UK will also be eligible to join the claim but must proactively opt-in. As the case progresses, we will provide more detail as to what rail users will be required to do to either opt-in, or opt-out.
Anyone who would like to receive further information about the claim, can visit the claim website, BoundaryFares.com, to sign up for updates.
Further information
The claim’s website and social media channels are available from the day of launch, at BoundaryFares.com where affected passengers can sign up to receive further information on the legal proceedings.
Justin Gutmann represents the passengers bringing this legal case against South Western and Southeastern. He is aiming to ensure that the train companies have to pay back the money which they earned from passengers paying twice for part of their journeys. This is estimated to be in the region of £93 million.
Mr Gutmann has a wealth of experience working in the consumer rights sphere and he has strong expertise in the transport sector. He has spent a large part of his professional life dedicated to consumer welfare, public policy and market research.
Mr Gutmann’s final job prior to retirement was as Head of Research and Insight at Citizens Advice.
Mr Gutmann also spent eight years working for London Underground as a Market Planning Manager.
Justin Gutmann is represented by Charles Lyndon and Hausfeld & Co LLP.
