Litica is pleased to announce it is now a member of the Managing General Agents’ Association (MGAA).

Having joined as members in June, this week marked Litica's first time at the MGAA Annual Conference. It was a full day of interesting speakers and valuable networking opportunities at the exhibition. It was good to reconnect with our peers and industry leaders, explore innovative solutions, and discuss the future of MGAs.

We’re looking forward to becoming more involved in the association as well as leveraging the resources and opportunities that being a member unlocks for our business and our people.

For more information, contact Sam Dansey.

Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, is pleased to announce that, on July 1, 2024, the audit committee (the "Audit Committee") of Burford's board of directors (the "Board") has approved, and the Board has ratified, the appointment of KPMG LLP ("KPMG") as Burford's independent registered public accounting firm. KPMG will review Burford's consolidated financial statements for the three and nine months ending September 30, 2024 and will audit Burford's consolidated financial statements for the fiscal year ending December 31, 2024.

KPMG replaces Ernst & Young LLP ("E&Y"), which has served as Burford's independent auditor since 2010. While Burford is not subject to traditional UK mandatory auditor rotation every ten years, Burford is nevertheless conscious of shareholder feedback about best practices in the UK market and, while it would have been disruptive to have rotated auditors during the transition to US GAAP and the addition of our New York Stock Exchange listing, with those items behind us now is an appropriate moment to abide by those best practices and move to another Big Four accounting firm.

KPMG's appointment is subject to the ratification of Burford's shareholders at an extraordinary general meeting (the "2024 EGM") to be held in due course.

Dismissal of Previous Independent Registered Public Accounting Firm

On July 1, 2024, the Audit Committee has also approved, and the Board has ratified, the dismissal of E&Y as Burford's independent registered public accounting firm, effective immediately following the issuance of Burford's consolidated financial statements for the three and six months ended June 30, 2024.

The reports of E&Y on Burford's consolidated financial statements for the fiscal years ended December 31, 2023 and 2022 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. In connection with the audits of Burford's consolidated financial statements for each of the fiscal years ended December 31, 2023 and 2022 and during the period from the end of the most recently completed fiscal year ended December 31, 2023 through July 1, 2024 (the "Interim Period"), there were no "disagreements" (as defined in Item 304(a)(1)(iv) of Regulation S-K) with E&Y on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which "disagreements", if not resolved to the satisfaction of E&Y, would have caused E&Y to make reference to the subject matter of the "disagreements" in connection with their report for such years. There were no "reportable events" (as described in Item 304(a)(1)(v) of Regulation S-K) during the two fiscal years ended December 31, 2023 and 2022 or the Interim Period, except for certain identified material weaknesses in Burford's internal controls relating to:

• a lack of available evidence to demonstrate the precision of management's review of certain assumptions used in the measurement of the fair value of capital provision assets as disclosed in Burford's annual report on Form 20-F for the year ended December 31, 2023 filed with the US Securities and Exchange Commission (the "SEC") on March 28, 2024, which Burford is in the process of remediating as of the date of this announcement; and
• the determination of Burford's approach to measure the fair value of capital provision assets in accordance with Accounting Standards Codification Topic 820—Fair Value Measurement, as disclosed in Burford's annual report on Form 20-F for the year ended December 31, 2022 filed with the SEC on May 16, 2023, which was remediated at December 31, 2023.

The Audit Committee discussed the "reportable events" with E&Y, and Burford has authorized E&Y to respond fully to the inquiries of KPMG, as successor auditor, concerning the subject matter of such "reportable events".

Pursuant to Item 304(a)(3) of Regulation S-K, Burford provided E&Y with a copy of the disclosures in this announcement prior to furnishing this announcement under the cover of Form 6-K to the SEC, and E&Y has furnished a letter addressed to the SEC stating that E&Y agrees with the statements set forth in this paragraph and the two immediately preceding paragraphs above. A copy of E&Y's letter, dated July 9, 2024, has been furnished as Exhibit 99.1 to the Form 6-K.

Appointment of New Independent Registered Public Accounting Firm

On and effective as of July 1, 2024, KPMG was appointed as Burford's independent registered public accounting firm for the three and nine months ending September 30, 2024 and for the fiscal year ending December 31, 2024. The Audit Committee approved, and the Board ratified, the appointment of KPMG, subject to the shareholder approval at the 2024 EGM. 

During Burford's two most recent fiscal years ended December 31, 2023 and 2022 and the Interim Period, neither Burford nor anyone acting on its behalf has consulted KPMG regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on Burford's consolidated financial statements, and neither a written report nor oral advice was provided to Burford that KPMG concluded was an important factor considered by Burford in reaching a decision as to any accounting, auditing or financial reporting issue or (ii) any matter that was either the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a "reportable event" (as described in Item 304(a)(1)(v) of Regulation S-K).

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai, Sydney and Hong Kong.For more information, please visit www.burfordcapital.com.

Allia Group, the innovative legal finance firm exclusively specializing in healthcare insurer disputes, is excited to announce that Justin Fitzdam has been appointed as General Counsel. Mr. Fitzdam is based in Allia Group’s Nashville office.

Fitzdam has extensive in-house healthcare litigation expertise. In his 11 year tenure at HCA Healthcare, one of the nation’s largest hospital systems and healthcare service providers, he spearheaded the development of their nationwide litigation program against managed care payors. In addition, he oversaw all litigation, regulatory enforcement and compliance, investigations, and related legal issues for a substantial portfolio of HCA’s facilities and affiliates. His strong track record of successful litigation against the largest health insurance companies resulted in several of HCA’s largest judgments.

Over the course of his career, Fitzdam brings nearly 20 years of litigation, mediation, and arbitration experience across a broad range of large, complex, and highly regulated industries.He began his career in private practice at Sullivan & Cromwell LLP and then Boies, Schiller & Flexner LLP where he represented clients on both the plaintiff and defendant sides in all federal and state court levels, including the United States Supreme Court.

Fitzdam holds a J.D. from Cornell Law School and a B.S. in Accounting from the University of Florida.

In his new role, Fitzdam will be responsible for leading and implementing litigation strategy for Allia Group’s portfolio of litigation and will serve as the head legal advisor to the CEO and senior management. In addition, he will also define new areas of growth and oversee the underwriting of legal risks related to new business and transactions.

“We are thrilled to welcome Justin to the team,” said Eliot Listman, CEO of Allia Group. “His expertise with payor litigation in both in network and out of network cases will be indispensable. He is an ideal fit as our strategy grows to include solutions for even the largest hospital systems and physician groups in the battle against big health insurance. We are fortunate to have Justin on the team in our mission to hold payors accountable for bad behavior.”

About Allia Group:

Allia Group specializes in litigation finance solutions to improve the financial position of healthcare providers. To demand responsibility from healthcare insurers, Allia litigates and arbitrates against these payors and structures the purchase of underpaid claims and legal rights to monetize these assets, benefitting providers’ cash flow. Allia has the experience to address the needs of hospital systems, physician groups, and emergency transportation businesses. Visit www.allia.group to learn more.

Former shareholders of STADA Arzneimittel AG who tendered their Stada shares as part of the takeover offer by Nidda Healthcare Holding AG in August or September 2017 are entitled to an additional payment of €8.15 per share. This was decided by the Federal Court of Justice in May 2023. Since Nidda Healthcare Holding AG refuses to make a voluntary additional payment to all former STADA shareholders, SdK Schutzgemeinschaft der Kapitalanleger e.V. is offering litigation financing for a legal claim without any cost risk to the affected former STADA shareholders.

On July 19, 2017, Nidda Healthcare Holding AG, a joint venture of the international financial investors Bain Capital and Cinven Partners, submitted a voluntary public takeover offer to the shareholders of STADA Arzneimittel AG to acquire their shares at a price of € 66.25 per share. Within the acceptance period (until the end of August 16, 2017), the bidder’s offer was accepted by 63.76 % of STADA shareholders and within a further acceptance period (until September 1, 2017) by a further 0.11 % of STADA shareholders. The bidder thus achieved a tender volume, including shares held by STADA, of approx. 63.87 % of STADA’s share capital and voting rights. 

On August 30, 2017, a shareholder holding 8,265,142 shares (13.26 % of the shares and voting rights) agreed to a domination and profit and loss transfer agreement between Nidda Healthcare and STADA if the amount of the compensation under the domination and profit and loss transfer agreement is at least EUR 74.40 per STADA share. Several former shareholders of STADA, who had accepted the lower takeover offer, filed a lawsuit against the bidder demanding the difference between the offer price and the compensation under the domination and profit and loss transfer agreement of EUR 74.40. 

In two identical judgments dated 23 May 2023 (case no. II ZR 219/21 and II ZR 220/21), the German Federal Court of Justice (BGH) ruled in favor of two plaintiffs pursuant to sections 31 (5) and (6) WpÜG, referring to the principles of the so-called Celesio case law. In principle, all former shareholders of Stada AG who had initially exchanged their regular shares for the securities tendered for sale with ISIN DE000A2GS5A4 or for securities subsequently tendered for sale with ISIN DE000A2GS5B2 and had subsequently tendered these in the takeover offer are entitled for the payment of the difference. 

Following a request of the Federal Financial Supervisory Authority („BaFin“), the Bidder published a corresponding notice in the Federal Gazette, but pointed out that, in its view, any payment claims by former shareholders could be based on the defense of the statute of limitations. In the opinion of the Bidder, the statute of limitations generally began at the latest at the end of 2017. However, this is incorrect. The claims of the former shareholders of STADA are not yet time-barred: This is because after the courts of the 1st and 2nd instance had still rejected the claim for subsequent payment, only the BGH confirmed this claim for additional payment. The claim for additional payment is therefore not yet time-barred.

The SdK is offering affected former STADA shareholders legal cost financing to enforce their claims for additional payment. The claims can thus be enforced without any cost risk. The SdK, as the financier of the legal costs, assumes all costs of the legal proceedings in return for a profit participation of 30% of the proceeds in the event of success. For more information please contact us at info@sdk.org.The SdK will be happy to answer any questions from its affected members by e-mail at info@sdk.org or by telephone on +49 89 / 2020846-0.

CourtCorrect, the market leader in complaints resolution with AI, is pleased to share that we have successfully completed a funding round from industry veterans to fuel our growth and product development.

CourtCorrect is an AI startup based in London, focusing on the safe deployment of artificial intelligence technologies to improve the efficiency, quality and root cause analysis of complaints resolution. We work with clients across financial services and other regulated industries and process thousands of cases every week.

Investors participating in the round include both existing and new investors such as Alain Dehaze (former CEO of Fortune 500 The Adecco Group), Philippe Verboogen (Managing Director at BlackRock and the driving force behind the Growth of eFront Solutions prior to being acquired by BlackRock for >$1bn) and Dr. David Wicki-Birchler (Head of Compliance at a Swiss Banking Group).

This further funding, coming on top of over £2m in Seed Funding raised from 20VC, Visionaries Club, Ascension VC and Concept Ventures will allow CourtCorrect to invest in its growth trajectory as clients scale their use of the platform and new firms onboard to the future of complaints resolution.

Additionally, this funding enables CourtCorrect to further invest in product development, including assisting clients with root cause analysis as we continue to position the company as the market leader for complaints resolution with AI.

Alain Dehaze had this to say about the funding round:

“We are delighted to support CourtCorrect in her growth ambitions and to build on the strong impact her clients have been seeing from AI. We are looking forward to continuing our collaboration with Ludwig and the team by providing a strategic investment as well as guidance on scaling up the sales function. Good luck to the whole team!”

Ludwig Bull had this to add following the completion of the round:

“This investment comes at the perfect time for CourtCorrect. Following tremendous growth in the last 12 months, we are looking forward to investing directly in our Go-To-Market strategy as well as continue to build out the platform in close collaboration with our clients. I’m sure that this vote of confidence in our team, product and business model will propel CourtCorrect to new heights.”

Thank you to our investors, team members and advisers who supported this investment round.

About CourtCorrect:

CourtCorrect works with clients across financial services and other regulated markets to improve the efficiency, quality and root cause analysis of complaints resolution. By leveraging the most recent advances in AI and with an expert team drawn from machine learning and financial services compliance backgrounds, CourtCorrect processes thousands of cases every week to create a win-win-win for consumers, businesses and regulators.

CourtCorrect assists clients across the resolution process, including generating letters and other correspondence, structuring and extracting key insights from documents, assessing potential outcomes against the backdrop of internal policies and regulations and identifying root causes both in individual cases and in aggregate. As a result, businesses save time, improve the quality of resolution, remediate complaints causes effectively, improve customer retention and align more closely with regulatory rules, including Consumer Duty.Please feel free to contact us at hello@courtcorrect.com or request a free trial of the platform on our website: https://platform.courtcorrect.com/signup