An announcement from Provenio Litigation revealed that the boutique litigation firm has reached £1 billion in litigation instructions only five years after it launched in 2019. The firm, which was founded by a team of senior litigation lawyers from DLA Piper, has grown the business to expand its services across different areas of litigation and into new jurisdictions, backed by partnerships with third-party funders.

Mark Goodwin, founder and managing partner of Provenio, said that despite the difficulties faced by founding the firm shortly before the Covid pandemic, the ability “to attract business litigation instructions with a combined value of £1 billion shows how far we have come over the last five years.” Goodwin noted that this growth means the firm is now involved in cases across Europe, North America, South America, and the Middle East. 

Explaining the success of Provenio’s growth strategy, Goodwin said that this has been achieved “by attracting high value instructions, breaking into new areas of work and growing the business with a number of our high value cases being supported by the leading litigation funders.” The firm has also broadened its services with the launch earlier this year of Optimise, Provenio’s own insolvency litigation financing solution, which offers support to insolvency practitioners pursuing litigation against directors and third parties.

As LFJ reported in October of last year, Milberg London had previously announced that it had secured litigation funding from Bench Walk Advisors to bring a claim against Valve Corporation, one of the world’s largest gaming companies.

An article from CDR covers the news that this claim has now been formally brought against Steam, the games marketplace owned by Valve, over allegations that it breached UK competition law resulting in consumers being overcharged for purchases from the video game distributor. The opt-out claim was filed last week in the Competition Appeal Tribunal by Vicki Shotbolt, founder of the online safety advocacy group Parent Zone, and is being brought on behalf of up to 14 million UK consumers. The total value of the claim is estimated to reach £656 million, with the affected consumers potentially entitled to compensation of £22 to £44 if the claim is successful.

At the heart of the claim being brought against Steam, is the allegation that its use of a ‘price parity’ condition on game developers results in the end-consumer being charged an excessive price on games. This is because price parity prevents developers from selling the title at a lower price through other distributors, which combined with Steam’s 30% commission on all sales means that consumers are forced to pay an inflated price.

Shotbolt says that the claim aims to hold Valve “to account for breaking the law”, arguing that the company must be stopped from “abusing its dominant position to force publishers to sign up to illegal trading terms and tying consumers in and charging excessive prices.” 

Milberg London are acting for the proposed class, with representation by Robert Palmer KC, Julian Gregory and Will Perry of Monckton Chambers. As aforementioned, third-party funding has been secured from Bench Walk Advisors.

Natasha Pearman, partner at Milberg London, describes Valve’s monopolistic behaviour as part of its “stranglehold on the PC gaming market”, and that the Steam platform “has essentially taken away normal competition by introducing this price parity provision, so there’s no ability for real competition to thrive or emerge on alternative distribution channels.” For more information about the opt-out claim, visit the Steam You Owe Us website.

In a post on LinkedIn, JBSL announced the appointment of Jonathan Weitz as Managing Director and Head of JBSL Advisory Services. 

Weitz joins the JBSL team having most recently served for the past three years as a Vice President at Evercore’s financial services advisory group. Weitz’ brings nearly a decade of experience in the financial services industry, including over six years at Keefe, Bruyette and Woods (KBW), where he held the position of Investment Banking Vice President.

In the announcement, JBSL stated that Weitz’s experience and expertise “will be invaluable to our law firm clients, corporate clients and our coinvestors, in all aspects of balance sheet and legal asset maximization.” His role as head of the company’s advisory services will see Weitz lead JBSL’s support for their clients in “identification of dormant legal assets, capital structuring, strategic acquisition/sales of dockets and law firms, and succession planning.”

With the global litigation finance market largely dominated by those long-established funders who have already planted significant footholds in the major jurisdictions, upstart funders must look for creative ways to grow their businesses at home and abroad. This has once again been demonstrated by the announcement of a partnership between two litigation finance companies, one based in California and the other in Dublin. 

An article in Alternative Credit Investor covers the news that Tribeca Capital is establishing a new division focused on antitrust claims, following the agreement of a new funding facility with Nera Capital. The $50 million in capital represents a significant partnership between the two litigation finance companies, with Tribeca looking to fund claims which target anti-competitive and monopolistic activities by corporations.

Aisling Byrne, director at Nera Capital, said that partnering with Tribeca “underscores the dedication of our exceptional team and reaffirms our commitment to making a positive impact globally, through the responsible use of litigation finance.” Byrne explained that this partnership supports the company’s growth plan in the United States, and said that allying with Tribeca “not only strengthens our market position but also aligns perfectly with our core values of innovation and integrity.”

Rory Donadio, founder and chief executive of Tribeca Capital, highlighted that “Commercial litigation funding plays a crucial role in ensuring the smooth progression of legal proceedings by covering essential expenses.” He went on to add that the provision of third-party funding to claimants “serves as a valuable financial tool in facilitating smoother case management and access to justice.”

Professor Andreas Stephan and Geradin Partners have today announced that they have secured funding from litigation funder Innsworth for a UK opt-out competition damages claim on behalf of UK-domiciled third-party sellers against Amazon. The claim, estimated to be worth over £2.5 billion, will focus on multiple anti-competitive practices by Amazon that have harmed UK sellers and will be filed shortly in the Competition Appeal Tribunal, the UK’s specialist competition court. 

Andreas Stephan, a leading competition law scholar and the Head of the University of East Anglia Law School, will bring the damages action on behalf of UK third-party sellers who have used Amazon’s platform. He has retained a team composed of Geradin Partners, Kieron Beal KC (Blackstone Chambers), Daniel Carall-Green and Hannah Bernstein (Fountain Court), and Frontier Economics. 

Amazon’s treatment of third-party sellers has come under significant scrutiny from regulators in the United Kingdom, Italy, the European Union and the United States. These regulators have identified competition concerns in relation to Amazon’s position of dominance, and conduct in the market for the supply of e-commerce marketplace services. In some cases, those regulators have imposed sanctions or required commitments from Amazon to address these concerns. Professor Stephan’s claim would be based on showing loss arising from multiple abuses of a dominant position and therefore will provide a comprehensive opportunity for sellers to obtain full compensation for harm caused by Amazon. Estimated damages are over £2.5 billion. 

Professor Stephan said: “Amazon has engaged in a variety of strategies to grow its e-commerce platform, lock sellers into it, prevent the expansion of rivals, and use that privileged position to exploit sellers that use its platform. I am bringing this litigation to give sellers in the UK the opportunity that they might not otherwise have to be compensated for all those unfair practices.” 

Founding Partner of Geradin Partners, Damien Geradin, said: “Amazon is one of the world’s largest companies. As regulators around the world are increasingly finding, Amazon has abused that position in multiple ways to prevent third-party sellers of all sizes from enjoying the benefits that flow from free and fair online commerce. This claim intends to give sellers the opportunity to seek redress for these anti-competitive practices.”

In a post on LinkedIn, Steven Friel, CEO at Woodsford, announced that the second edition of The Law and Business of Litigation Finance has been published by Bloomsbury Professional. The book is a holistic overview of the litigation finance industry and provides a guide to everything from how funders raise capital, to the key legal issues that are faced by those involved in third-party legal funding.

According to Bloomsbury’s listing, the new edition includes additional content on:

• The commercial and finance aspects of litigation funding, including insight into the different stakeholders involved
• Litigation finance in specific jurisdictions including Australia, continental Europe, Singapore, and Hong Kong
• Updates on case law based on new high profile cases in the UK, USA and Australia, and developments in legislation and regulatory measures in those jurisdictions.

As the editor of the book, Friel also thanked all the contributors to the second edition which include: Abdur-Razzaq A., David Capper, Tony Sebok, Helena Clarke, Emily Duffy, Evan Fried, Josh Goodman, Samantha Hewitt, Alex Hickson, Ari Jaffess, Gina Kim, Riley King, Zachary Krug, Michael Lange, Richard Leedham, Alex Lempiner, David G. Liston, Walter Mansfield, John Middlemass, Charlie Morris, Ravi Nayer, Alex Patchen, Lucy Pert, Eric Schuller, Neill Shrimpton, David Siffert, Mark Spiteri, Ben Summerfield, Christian Toms, David T.Joe Tyler, Simon Walsh, Chloe Hanson.

The book is available to pre-order through Bloomsbury’s website, and is scheduled to be released later this week on 13 June.