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Asset Reality, Grant Thornton UK LLP, Outer Temple Chambers, Rahman Ravelli and Sandton Capital collaborate to help victims of crypto-related fraud overcome access to justice hurdles.

Asset Reality, Grant Thornton UK LLP, Outer Temple Chambers, Rahman Ravelli and Sandton Capital collaborate to help victims of crypto-related fraud overcome access to justice hurdles.

While crypto-related fraud reached an all-time high in 2021, with illicit addresses receiving US$14bn over the course of the year*, up 79% on the previous year, matters brought before courts remain comparatively low, in large part due to a lack of funding options for otherwise meritorious lower-value claims. Under the new collaboration, Asset Reality, Grant Thornton UK LLP, Outer Temple Chambers, Rahman Ravelli have established a triage system for the initial assessment of claims, with investigatory and corporate intelligence expertise then deployed to contextualise claims for legal assessment. Meritorious claims will be assessed and financed on a portfolio basis by Sandton Capital which has dedicated £50m for crypto-related litigation; with portfolio facilities allowing for greater flexibility to finance multiple claims that otherwise would likely not have met funders’ investment thresholds had each claim been considered on a stand-alone basis. Commenting on the collaboration, Justina Stewart, Barrister at Outer Temple Chambers, says: “This is a real opportunity to push the boundaries of the law by working symbiotically with true experts, for the benefit of those who have been defrauded by increasingly sophisticated crypto frauds. All too often, potentially meritorious crypto fraud claims don’t get off the ground because of lack of funding and joined-up thinking between real specialists. Having been involved for years in and being at the forefront of the fascinating world of crypto-related litigation, our Outer Temple counsel are thrilled to be involved in this collaboration.” Matt Meehan, Head of Sandton UK & Europe, adds: “Crypto fraud investigation, tracing, litigation and recovery is an evolving area of contentious disputes and we will allocate an initial £50m to fund crypto fraud claims. In London, we have assembled world class panels of crypto-focused investigators, solicitors, barristers and asset tracing professionals to support claimants in all aspects. The team at Sandton hopes to alleviate concerns by offering bespoke and transparent funding solutions to support one-stop crypto fraud recovery.” Carmel King, Director at Grant Thornton UK LLP, Insolvency and Asset Recovery, says: “Our team has used (and provided) litigation funding for years, and we know it can facilitate access to justice for impecunious estates and their creditors. I am delighted that this collaboration widens the range of options available to victims of fraud in the investigation, litigation and recovery of their cryptoassets.” *Chainalysis: The 2022 Crypto Crime Report (Feb 2022) •    Asset Reality is the world’s first end-to-end solution for complex assets. Its platform provides services and tools to public and private sector companies investigating, managing and recovering assets. From helping crypto companies support victims of fraud, to enabling governments to manage and realise portfolios of seized assets, its mission is to improve asset recovery for victims and society. Launched via the Techstars accelerator programme, Asset Reality partners with leading digital custodians, blockchain analytic companies and asset recovery practitioners to give users access to the services they need on one easy-to-use platform. Asset Reality is a founding member of CFAAR (Crypto Fraud and Asset Recovery network.) •    Launched in 2021, Grant Thornton UK LLP’s Crypto Initiative combines the firm’s expertise across corporate intelligence, blockchain data analytics, insolvency and asset recovery, digital forensics and forensic expert testimony on matters including cryptoasset tracing and recovery, investment scams, director fraud/mismanagement, fraudulent ICOs, due diligence for regulators and other parties, ransomware/hacks, exchange due diligence and insolvency and dispute resolution. Grant Thornton UK LLP is a founding member of CFAAR. •    Outer Temple Chambers has established itself as one of the leading barristers’ chambers in cryptocurrency disputes. It has barristers at every level of seniority who have already litigated and advised on cryptocurrency disputes in England and Wales and other jurisdictions. Its barristers are also involved in advising legislators on law reform relating to cryptocurrency and smart contracts and are committed to developing the law in this exciting and challenging area. •    Rahman Ravelli has carved itself a reputation for bringing some of the most significant crypto-related fraud cases to date, a number of which have helped establish the law in this area. It is a market-leading legal firm with a track record of success in commercial litigation, financial crime and cross-border investigations. Rahman Ravelli advises individuals and corporations on national and international matters involving asset tracing and recovery, civil fraud, complex business disputes and criminal and regulatory investigations. Rahman Ravelli is a founding member of CFAAR. •    Sandton and its affiliates have executed investments totalling over £1.3bn across a diverse range of industries in Europe and North America. It is backed by leading university endowments, pension funds and financial institutions, Sandton will allocate an initial £50m to fund crypto fraud claims and is supported by a team of crypto-focused professionals assisting claimants in all aspects. Sandton is authorised and regulated by the Financial Conduct Authority (FCA) and the Securities and Exchange Commission (SEC).

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Pogust Goodhead Appoints Gemma Anderson as Partner, Strengthening Mariana Leadership Team 

By John Freund |

Pogust Goodhead today announces the appointment of Gemma Anderson as partner, a standout addition that reflects the firm’s continued growth and investment in senior talent as the Mariana case advances through the High Court in London. 

Gemma will work on the Mariana litigation alongside Jonathan Wheeler, who leads the case for the firm. Her appointment reunites the pair after fourteen years working together at Morrison & Foerster, where they collaborated on numerous high-stakes disputes. 

Gemma is a highly experienced commercial litigator specialising in complex cross-border disputes. She joins PG from Quinn Emanuel’s London office, where she has spent the last two years as a partner focused on significant, high value commercial cases.  

Alicia Alinia, CEO at Pogust Goodhead, said: “Gemma’s appointment is a fantastic moment for Pogust Goodhead. Her arrival is a clear signal of the team and platform we are building for the future - deep expertise, strong leadership, and the capacity to run major international cases at scale. We’re delighted to welcome her as a partner”. 

Jonathan Wheeler, partner and lead for the Mariana litigation, said: “Gemma is an exceptional disputes lawyer and a natural fit for the Mariana team. We worked closely for fourteen years at Morrison & Foerster, and I’ve seen first-hand the rigour and relentless drive she brings to complex cross-border matters. Her appointment strengthens our ability to deliver for clients as we build on the milestone liability decision and move into the next phase of the case.” 

Gemma Anderson said:  “I’m thrilled to be joining Pogust Goodhead at such a pivotal moment for the Mariana litigation. This is a truly landmark case - not only for the communities affected, but for what it represents globally on access to justice and corporate accountability. I’m looking forward to working with Jonathan and the wider team to help secure a fair outcome for hundreds of thousands of victims.” 

The Mariana proceedings in England involve over 600,000 Brazilian individuals, businesses, municipalities, religious institutions and Indigenous communities affected by the 2015 Fundão dam collapse in Minas Gerais, Brazil. Following the English court’s decision on liability on 14 November 2025, the case is now in its second stage, focused on damages and the quantification of losses. 

High Court Refuses BHP Permission to Appeal Landmark Mariana Liability Judgment 

By John Freund |

Pogust Goodhead welcomes the decision of Mrs Justice O’Farrell DBE refusing BHP’s application for permission to appeal the High Court’s judgment on liability in the Mariana disaster litigation. The ruling marks a major step forward in the pursuit of justice for over 620,000 Brazilian claimants affected by the worst environmental disaster in the country’s history. 

The refusal leaves the High Court’s findings undisturbed at first instance: that BHP is liable under Brazilian law for its role in the catastrophic collapse of the Fundão dam in 2015. In a landmark ruling handed down last November, the Court found the collapse was caused by BHP’s negligence, imprudence and/or lack of skill, confirmed that all claimants are in time and stated that municipalities can pursue their claims in England. 

In today’s ruling, following the consequentials hearing held last December, the court concluded that BHP’s proposed grounds of appeal have “no real prospect of success”. 

In her judgment, Mrs Justice O’Farrell stated:  “In summary, despite the clear and careful submissions of Ms Fatima KC, leading counsel for the defendants, the appeal has no real prospect of success. There is no other compelling reason for the appeal to be heard. Although the Judgment may be of interest to other parties in other jurisdictions, it is a decision on issues of Brazilian law established as fact in this jurisdiction, together with factual and expert evidence. For the above reasons, permission to appeal is refused”. 

At the December hearing, the claimants - represented by Pogust Goodhead - argued that BHP’s application was an attempt to overturn detailed findings of fact reached after an extensive five-month trial, by recasting its disagreement with the outcome as alleged procedural flaws. The claimants submitted that appellate courts do not re-try factual findings and that BHP’s approach was, in substance, an attempt to secure a retrial. 

Today’s judgment confirmed that the liability judgment involved findings of Brazilian law as fact, based on extensive expert and factual evidence, and rejected the defendants’ arguments, who now have 28 days to apply to the Court of Appeal.  

Jonathan Wheeler, Partner at Pogust Goodhead and lead of the Mariana litigation, said:  “This is a major step forward. Today’s decision reinforces the strength and robustness of the High Court’s findings and brings hundreds of thousands of claimants a step closer to redress for the immense harm they have suffered.” 

“BHP’s application for permission to appeal shows it continues to treat this as a case to be managed, not a humanitarian and environmental disaster that demands a just outcome. Every further procedural manoeuvre brings more delay, more cost and more harm for people who have already waited more than a decade for proper compensation.” 

Mônica dos Santos, a resident of Bento Rodrigues (a district in Mariana) whose house was buried by the avalanche of tailings, commented:  "This is an important victory. Ten years have passed since the crime, and more than 80 residents of Bento Rodrigues have died without receiving their new homes. Hundreds of us have not received fair compensation for what we have been through. It is unacceptable that, after so much suffering and so many lives interrupted, the company is still trying to delay the process to escape its responsibility." 

Legal costs 

The Court confirmed that the claimants were the successful party and ordered the defendants to pay 90% of the claimants’ Stage 1 Trial costs, subject to detailed assessment, and to make a £43 million payment on account. The Court also made clear that the order relates to Stage 1 Trial costs only; broader case costs will depend on the ultimate outcome of the proceedings. 

The costs award reflects the scale and complexity of the Mariana case and the way PG has conducted this litigation for more than seven years on a no-win, no-fee basis - funding an unprecedented claimant cohort and extensive client-facing infrastructure in Brazil without charging clients. This recovery is separate from any damages award and does not reduce, replace or affect the compensation clients may ultimately receive. 

Sigma Funding Secures $35,000,000 Credit Facility, Bryant Park Capital Serves as Financial Advisor

By John Freund |

Bryant Park Capital (“BPC”) announced today that Sigma Funding has recently closed a $35 million senior credit facility with a bank lender. Sigma Funding is a rapidly growing litigation finance company focused on providing capital solutions across the legal ecosystem.

Sigma’s experienced executive team oversees a portfolio of businesses spanning insurance-linked litigation and other sectors, bringing a proven track record of successful growth and meaningful exits.

Bryant Park Capital, a leading middle-market investment bank, served as financial advisor to Sigma Funding in connection with the transaction.

“Bryant Park Capital was an indispensable advisor to Sigma and worked closely with our management team throughout the process,” said Charlit Bonilla, CEO of Sigma Funding. “BPC’s experience in the litigation finance space was critical in identifying potential banking partners and ultimately structuring our credit facility. Their extensive industry knowledge helped bring this deal to a successful close, and we are grateful for their support. We look forward to doing more business with the BPC team.”

About Sigma Funding

Founded in 2021, Sigma Funding is a leading New York–based litigation funding platform that provides pre- and post-settlement advances to plaintiffs involved in contingency lawsuits, as well as financing solutions for healthcare providers and attorneys. The company is the successor to the founders’ prior venture, Anchor Fundings, a pre-settlement litigation funder that was acquired by a competitor. 

For more information about Sigma Funding, please visit www.sigmafunding.com.

About Bryant Park Capital

Bryant Park Capital is an investment bank providing M&A and corporate finance advisory services to emerging growth and middle-market public and private companies. BPC has deep expertise across several sectors, including specialty finance and financial services. The firm has raised various forms of credit and growth equity and has advised on mergers and acquisitions for its clients. BPC professionals have completed more than 400 engagements representing an aggregate transaction value exceeding $30 billion.

For more information about Bryant Park Capital, please visit www.bryantparkcapital.com.