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Community Spotlights

Community Spotlight: James Koutoulas, CEO, JurisTrade & Typhon Capital Management

James Koutoulas is the CEO of JurisTrade as well its asset management affiliate, Typhon Capital Management, which is a multi-strategy hedge fund with US and Cayman private fund platforms. He is also Managing Member of Koutoulas Law, LLC, a law firm specializing in high-profile financial services litigation.

James founded Typhon in 2008 and it has since grown to 25 staff members, 15 (including many award-winning) trading strategies with operations in 4 countries and 8 cities. While running Typhon, he served as lead customer counsel in the MF Global bankruptcy, leading the recovery of all $6.7 billion in customer assets.

He has successfully litigated a multi-billion cryptocurrency fraud class action, a statistical arbitrage IP theft arbitration, a breach of contract jury trial against a billion-dollar asset management, and a capacity-rights guarantee contract dispute against a quantitative hedge fund. He is a frequent contributor to CNBC, thestreet.com, CoinDesk, and other prominent media outlets. He served on the Board and Executive Committee of the National Futures Association, the derivatives self-regulatory organization, where he helped implement the Dodd-Frank rules on the multi-trillion-dollar swaps market and has advised Congress on commodity and bankruptcy laws and regulations.

James has a JD from the Northwestern University School of Law with a securities concentration.

Company Name and Description: JurisTrade has designed a Litigation Asset Marketplace (operated by trading affiliate, Typhon Capital Management) to package and/or securitize litigation finance solutions to law firms, owners of bankruptcy, mass tort, and other litigation claims, and third-party investors looking for exposure to the asset class. JurisTrade offers a new and disruptive solution: it allows law firms, plaintiffs, and/or those with a financial interest in litigation the opportunity to sell or assign an interest in litigation outcomes to qualified investors in a much more efficient manner than is currently available.

Typhon Capital Management is a multi-strategy hedge fund specializing in tactical trading strategies designed to be uncorrelated to traditional markets under most market conditions and have strong negative correlation during periods of stress. Typhon dedicates itself to developing unique strategies that are truly differentiated and perform when almost everything else fails. Typhon uses unique, modular strategies as building blocks to design bespoke products to meet each investor’s individual needs.

Company Website: https://juristrade.com/ & https://typhoncap.com/

Year Founded: JurisTrade – 2023 & Typhon - 2008  

Headquarters:  1691 Michigan Ave Suite 200, Miami Beach, FL 33139

Area of Focus:  JurisTrade – Litigation Finance & Typhon Capital Management – Finance, Alternative Investments

Member Quote: “By adding standardization, liquidity, and transparency to the nascent but growing litigation finance market, we will institutionalize one of the final frontiers in asset management.”

Angeion Group Expands Mass Tort Litigation Management Capabilities Through Merger with Case Works

By Harry Moran and 4 others |

Angeion Group (“Angeion”), the industry leader in end-to-end group litigation support, announced today its merger with Case Works, a premier provider of case data management solutions, including client engagement, medical record retrieval, medical review, and inventory analysis. Neutral, but never passive, this strategic integration of Case Works reinforces Angeion’s forward thinking approach to providing seamless tech-enabled support for complex litigation firms and leading law departments, with efficiency and precision.

The merger of Angeion and Case Works follows majority investments into both companies by private equity firm Renovus Capital Partners (“Renovus”) in 2024. Angeion also acquired bankruptcy administration solutions provider Donlin Recano in late 2024. Renovus worked alongside the companies’ founders and management teams to unify the businesses and deliver a seamless experience for clients and employees throughout the integration.

Case Works has earned a reputation of excellence by ensuring accuracy, completeness, and applicability of case data to support legal requirements. By combining their core capabilities with Angeion’s advanced technology and data-driven approach, this merger further solidifies Angeion’s position as the most trusted partner for navigating complex, high-stakes litigation and settlements.

Effective large-scale litigation and settlements rely on comprehensive, well-organized data and the ability to apply that data effectively within the context of a particular project. Combining Case Works’ proven excellence in capturing and managing critical case information with Angeion Group’s expertise in technology, process efficiency and claims management, provides a more structured, more transparent, and more effective approach to large-scale litigation and settlement management.

“Case Works brings deep expertise and a proven track record of supporting firms with large data and medical record retrieval needs. They are known for their dedication to precision, care and bedside manner,” said Steven Weisbrot, CEO of Angeion Group. “Together, we are raising the bar for what clients can expect—faster, more accurate processes and a commitment to white glove service.”

Angeion Group and Case Works share a common vision: to set the new standard for how large-scale litigation and group settlement support can combine technological efficiency with thoughtful human interaction. Both organizations are driven by a commitment to innovation, precision, and efficiency and are mindful that litigants should expect and receive compassion and respect throughout the group litigation process. This merger will elevate industry standards and ensure that all parties, their council, and the courts benefit from a more streamlined, thoughtful and effective process.

“We’re excited to join forces with Angeion Group,” said Susan Barfield, Founder of Case Works. “Their commitment to innovation and client service aligns perfectly with our own, and we look forward to delivering even greater value to the firms and clients we support.”

“We’re honored to have partnered with these leading companies, building upon our strong track record in tech-enabled legal services,” added Lee Minkoff, Managing Director at Renovus. “We’d also like to thank founders Steve Weisbrot and Susan Barfield for their leadership throughout this game changing merger for the group litigation support industry.”

Angeion remains steadfast in its mission to completely modernize and optimize complex litigation management to the benefit of all stakeholders.

About Case Works

Case Works is the leading provider of tech-enabled litigation support solutions to the country’s premier plaintiff law firms. Based in Austin, Texas, the Company was created with a single mission: To Help Lawyers Help People. Case Works provides a full suite of case management services including claims qualification, intake, medical records retrieval & review, case development, and ongoing plaintiff engagement.

About Angeion Group

Angeion Group is a leading provider of legal notice and settlement administration services, leveraging advanced technology, proven best practices, and expert consulting to manage class actions, mass torts, and collective redress administration. Recognized for its innovation, efficiency, and unwavering client commitment, Angeion Group continues to redefine industry standards.

Nicola Horlick Pauses Digital Bank Launch to Raise Funds for Motor Finance Claims

By Harry Moran and 4 others |

As LFJ covered last week, the group proceedings being brought against motor finance providers over commissions paid to dealers is attracting a significant amount of interest across the legal funding industry, with the possibility of lucrative settlements to come. 

An article in Financial News features an interview with investment fund manager Nicola Horlick, who discusses her focus on litigation funding for the high-profile motor finance claims in the UK. Horlick, founder and CEO of Money&Co, explained that her company is currently raising funds to lend to law firms that are working on the car finance commission claims. Speaking about the significance of these claims to the wider legal funding industry, Horlick argued that “this is the biggest thing that is likely to happen in litigation funding in the next 15 years.”

The emphasis placed on raising funds for these claims has caused Horlick to pause her plans to launch a digital bank in 2025, with the fund manager explaining that they “don’t have the bandwidth to do the fundraise for that and the bank”. Horlick went on to state that fundraising for the claims “has to be the priority”, and that in the time before these claims begin to reach settlements, “we need to help clients amass as many claims as possible.”

Ignite Specialty Risk Expands Litigation Insurance Offering to the EEA

By Harry Moran and 4 others |

As industry observers examine which jurisdictions are ripe for growth in terms of the adoption of litigation funding, there is just as much interest in markets with growing demand for litigation insurance products.

In a recent announcement, Ignite Specialty Risk revealed that the litigation risk insurer has expanded its service offering to include the European Economic Area (EEA). As part of this expansion, Ignite will be able to provide insurance products including After The Event (ATE), and single risk and portfolio Capital Protection Insurance (CPI) to customers in the EEA. 

The company highlighted that this move has been driven by the increased demand for litigation risk insurance in the EEA, following on from the European Union’s implementation of the Representative Actions Directive (RAD). Ignite’s Co-founder and Head of ATE, Jamie Molloy, expanded on this point and said that “the growing demand for specialist litigation insurance in the region reflects the increasing importance of accessible risk-transfer solutions.”

Byron Sumner, CEO and Co-founder of Ignite, provided the following comment on the launch of services to the EEA: “Building on our US expansion in 2024, we are thrilled to bring our innovative products to EEA-based insureds. Last year, US-based institutional financiers and law firms began using our products to facilitate meaningful risk transfer and improve access to justice. By entering the EEA, we aim to deliver customised solutions that address the unique challenges of cross-border disputes. This strategic step reinforces our commitment to empowering businesses and legal teams with the tools to manage litigation risks effectively.”

Moneypenny Unites Under One Brand as It Celebrates 25 Years of Excellence

By Harry Moran and 4 others |

Moneypenny, the world’s customer conversation expert, proudly marks 25 years of delivering exceptional service and innovation. As part of this milestone, Moneypenny is unifying all of its brands across the US, including VoiceNation, Alphapage, Sunshine Communication Services, and Choice Voice, under one internationally recognized name. 

This transition reinforces Moneypenny’s dedication to a clear and dynamic future for its clients and people while reflecting the values and passion that have driven its success. Started in 2000 after a pivotal missed phone call resulted in a missed business opportunity, Moneypenny has since delivered world-class customer conversations to thousands of global businesses. Over the past 10 years, Moneypenny has expanded its presence across the US, growing under the Moneypenny, VoiceNation, Alphapage, Sunshine Communication Services, andChoice Voicebrands. Now, all will operate under the beloved Moneypenny brand in its Atlanta and Miami offices, as well as virtually in hubs across the country. This unification enhances the ability to offer seamless customer communication solutions and strengthens Moneypenny’s position as the world’s customer conversation experts. 

“As we celebrate 25 years of service, we are excited to express more clearly and concisely our passion to those we serve. By bringing the best of all of our businesses together under one brand, we make it easier for businesses to see the full range of solutions we offer, while also enhancing opportunities for our people. This transition underscores Moneypenny’s commitment to excellence, innovation, and a unified global strategy.” said Richard Culberson, CEO of Moneypenny North America. 

"As a company proudly headquartered in Wrexham UK, a city with a rich history and a growing international profile, Moneypenny is proud to represent that same spirit of fellowship, excellence, and focus on what matters most, people,” said Jesper With-Fogstrup, Group CEO of Moneypenny. “Just as Wrexham soccer has captured hearts across the US, Wrexham’s own Moneypenny has captured hearts by connecting businesses, technology, and people on both sides of the pond. We couldn’t be more excited to have all our teams driven by this shared spirit."

To mark its silver anniversary, Moneypenny will celebrate with a throwback “year 2000” prom for its US teams – a tribute not only to Moneypenny’s remarkable quarter-century history, but also to a time before smartphones, live chat, and a global pandemic put companies on call 24-7By embracing a unified brand, celebrating its legacy, and continuing to invest in its people and AI-driven solutions, Moneypenny is setting the stage for an even stronger future.

About Moneypenny

As the world’s customer conversation experts, Moneypenny’s unique blend of brilliant people and AI technology integrates seamlessly to deliver customer conversations that unlock valuable opportunities for businesses, 24/7. Available across all voice and text channels, Moneypenny responds to and fulfils requirements for thousands of UK and US clients who value their reputation and recognize that the key to sustainable growth is working with a partner who allows them to scale in an agile way. This year, Moneypenny proudly celebrates 25 years of service, having been named one of the “100 Best Companies to Work For” seven times and earning recognition as a Great Place To Work (GPTW). Moneypenny was also named as ‘Best Global Support’ in The Forbes Advisor - The Best Answering Services of 2024.

Key Findings from Westfleet’s 2024 Litigation Finance Market Report

The U.S. litigation finance market continued to cool in 2024, according to the latest Westfleet Insider report. New capital commitments dropped 16% YoY, marking the second straight year of decline. According to the report, this reduction is being driven mostly by tight capital markets rather than any deep issues with litigation finance itself.

That said, the report doesn’t just show a market in retreat—it highlights how the space is adjusting and evolving. For one, deal sizes are getting bigger. Single-matter deals averaged $6.6 million (up from $4.8 million in 2023), while portfolio deals jumped to $16.5 million. Portfolio structures continued to dominate overall, making up about two-thirds of all new capital committed—roughly the same ratio we’ve seen since 2019.

One of the most interesting trends is the continued rise of claim monetization—essentially, turning a legal claim into upfront capital. This strategy made up 26% of new commitments in 2024, up from just 8% three years ago. Corporate claimants, in particular, seem to be driving this trend as they look for cash flow in a tougher funding environment.

Patent litigation is still the biggest slice of the pie, accounting for 32% of all new capital. Notably, most of that funding went into patent portfolios rather than one-off cases—suggesting funders are leaning into more diversified, lower-risk plays in the IP space.

Another first this year: Westfleet started tracking contingent risk insurance, and the data shows 19% of new capital commitments were insured in some way. That’s a big signal that funders are getting more creative about managing risk.

Big Law’s share of the pie grew a bit too, up to 37% of total capital commitments—though the actual dollars going to the top 200 firms fell to $850 million (down from $960 million the year before), simply because the total pool shrank.

Bottom line: while the market’s clearly under pressure, the players that are still active are getting smarter about how they deploy capital. With signs that capital flows could loosen up in 2025, funders focused on monetization, patent portfolios, and insured deals may be best positioned to ride the next wave of growth.

Early-Stage Funding (ESF): Bridging the Gap in Litigation Finance

By Drew Hathaway and 4 others |

The following was contributed by Drew Hathaway, Founding Partner of Ignitis

Litigation funding has become a powerful tool for leveling the playing field in legal disputes, particularly in large-scale collective redress and mass litigation. However, traditional litigation funding models generally focus on established claims, leaving many meritorious cases stranded without the resources to move forward. ESF changes that dynamic, ensuring that strong claims don’t fail due to a lack of early investment.

What is Early-Stage Funding (ESF)?

ESF is a litigation seed funding model designed to provide capital before a case is mature enough for traditional funders. Unlike standard litigation finance, which typically invests after a case has been filed and is well-developed, ESF supports cases at their most critical early phase—covering investigation, legal groundwork, expert reports, and strategic planning.

For many high-stakes claims this early-stage investment is the difference between a case moving forward or being abandoned due to financial constraints.

How Can ESF Be Used?

ESF can be used in various ways. Some examples are:

  • Case Investigation & Viability Assessments: Financing expert reports, forensic analysis, and economic modeling to strengthen claims.
  • Initial Legal Work: Supporting law firms in preparing legal arguments, securing lead claimants, and initiating regulatory engagement.
  • Claimant Outreach & Bookbuilding: Funding the early-stage efforts to build a robust claimant pool in opt-in and opt-out actions.
  • Litigation Structuring & Strategy: Ensuring that the case is structured in a way that will later attract traditional (Round B) litigation funders.

Who Benefits from ESF?

ESF benefits injured parties, law firms, and traditional litigation funders in the following ways:

Claimants: Claimants generally do not have the means to finance their own litigation. For individuals or businesses harmed by corporate misconduct, access to ESF means:

  • Non-recourse capital to get the claim off the ground (meaning the ESF only needs to be paid back if the case is fully funded). 
  • The case moves forward faster, without waiting for full-scale funding.
  • Access to top-tier legal representation capable of success against well-resourced defendants.
  • The claims are properly developed and strategically executed, increasing their chances of success.

Law Firms: Law firms working on large-scale litigation often struggle with taking on the full risk and high costs of early-stage case development. This stage generally takes significant work, bookended with long timelines to securing Round B funding before capital begins to be deployed. For law firms, access to ESF means:

  • They have immediate access to capital to help with law firm cash flows.
  • They no longer must take on full risk for their time and upfront resources needed to secure funding.
  • They can focus their attention on developing the best legal arguments possible rather than worrying about their up-front time commitment.
  • They have a better developed case to present to Round B funders, making it more efficient to secure full funding.

Round B Funders (Traditional Litigation Funders): Frequently Round B Funders are presented with cases that they believe are simply too early for investment. Traditional litigation funders benefit from ESF because:

  • They receive well-developed cases that have already passed viability assessments.
  • They have immediate access to expert reports and legal opinions to better analyze the case and risks.
  • The risk of investment is reduced, since much of the groundwork has been completed and expert opinions are available.
  • Their duration risk is significantly reduced because ESF has been deployed to jump start the case and litigation is ready to commence. 

Conclusion

As litigation finance evolves, ESF is emerging as an essential tool for claimants, law firms and funders alike. By enabling early-stage legal work and de-risking high-potential claims, ESF ensures that justice is not delayed or denied due to financial constraints.

If you are exploring funding options for an early-stage case, ESF could be the solution to unlocking its full potential. 

About the Author

Drew Hathaway is a Founding Partner of Ignitis, where he leads case development, business strategy, and litigation funding initiatives. A U.S.-trained class action lawyer, Drew brings nearly two decades of experience navigating complex, high-stakes disputes and has built a reputation for advancing impactful litigation across borders.

After beginning his career defending medical malpractice cases, Drew transitioned to the plaintiff side in 2016, where he later became a key figure in the growth of international collective redress. He played a central role in launching and scaling European collective actions, helping to secure and deploy over €100 million in funding for cases aimed at holding multinational corporations accountable. Drew has helped millions of Europeans gain access to justice.

Drew’s expertise spans the full lifecycle of cross-border collective litigation—from claim foundation setup and funding structures to jurisdictional strategy, cost and tax modeling, and claims management. His comparative knowledge of U.S. and European systems allows him to operate effectively at the intersection of law and finance, where he regularly collaborates with leading law firms, economists, litigation funders, and academic experts.

He is a frequent speaker on international collective redress and litigation finance and is deeply committed to expanding access to justice for individuals and consumers harmed by systemic corporate misconduct.

He earned his B.A. from the University of North Carolina at Chapel Hill and his J.D. from Campbell University School of Law, where he was a National Moot Court Team member, Order of Old Kivett inductee, and editor of the Campbell Law Observer.

Drew is admitted to practice law in North Carolina, multiple U.S. federal and appellate courts, and in England and Wales.

Community Spotlights

Community Spotlight: Vicky Antzoulatos, Joint Head of Class Actions, Shine Lawyers

Based in Sydney, Australia, Vicky Antzoulatos is the Joint Head of Class Actions at Shine Lawyers. Vicky has spent her career championing the rights of those adversely affected by corporate malfeasance across Australia. She has navigated the complexities of the niche area of class action dispute resolution for over 25 years, taking on some of the world's most formidable corporate entities, including international and Australian banking institutions, shipping conglomerates, and prominent fast-food chains.

Vicky has been involved in the conduct of class actions in Australia since 1999 and her deep knowledge in this area spans a broad range of class actions including employment, consumer, human rights, shareholder and financial services. Through her expertise and unwavering commitment to the pursuit of truth and accountability, Vicky continues to redefine the boundaries of legal excellence in class actions, making an impact on the lives of countless individuals across Australia.

Company Name and Description: Shine Lawyers is an Australian law firm specialising in personal injury compensation and class actions. As one of Australia’s leading class actions firms, Shine Lawyers passionately fights to obtain justice for those who have been wronged and suffered loss at the hands of institutions or corporations.  

Company Website: https://www.shine.com.au/ 

Year Founded: 1976

Headquarters: Brisbane, Queensland, Australia

Area of Focus: Class Actions

Member QuoteThird party litigation funding has allowed class actions to be brought that would never have seen the light of day. It is a critical aspect of modern-day litigation assisting to recalibrate the power imbalance between individuals seeking redress from large corporations or government.

No Talks or Negotiations Between Argentina and Burford over $16B Award

By Harry Moran and 4 others |

The legal fight between Burford Capital and Argentina over the $16.1 billion award in the case brought by investors of the YPF oil and gas company has continued to demonstrate challenges when it comes to judgment enforcement and collection. Although there have been few development since Argentina filed its appeal against the US court’s ruling, a new insight with a key figure at the litigation funder has revealed that the Argentine government is not showing any signs of compromise. 

An article in the Buenos Aires Times provides new insights into the ongoing struggle for Burford Capital to collect on the $16.1 billion award in the YPF case, as Gerardo Mato, who was hired by the funder to act as a mediator with Argentina, has said that there have been no meetings with representatives from the Argentine government. The article provides a behind-the-scenes view of the fight to recover the award, citing quotes from an interview with Mato conducted at Bloomberg’s offices in Buenos Aires.

In the interview, Mato explained that whilst they had “contacted the authorities at the Economy Ministry and legal authorities”, there had been no form of reciprocal communication from Argentina. Mato stated that “there have been no talks for now with the government”, and as of this moment, “no type of negotiation has been established yet.” 

As for the funder’s strategy moving forward with efforts to open a productive dialogue with the Argentine government, Mato argued that “Burford isn’t in any rush on this issue” and that “the best tool that we have is patience.” Whilst all parties await the Appeals Court’s final ruling on Argentina’s appeal against the award, Mato argued that negotiating prior that decision would “benefit the government”. Instead, Mato suggested that if the court provides a favourable ruling to Burford, then Argentina will “have to pay the totality of the suit.” 

Bill Introduced in Minnesota Legislature to Increase Restrictions on Litigation Funding

By Harry Moran and 4 others |

If previous years saw an increase in the amount of discussion and debate around the regulation of litigation funding in the United States, then 2025 has already proven to be the year when many states are moving forward with plans to introduce new rules governing the use of third-party funding.

An article on Red Lake Nation News covers the introduction of new legislation in the Minnesota legislature, with bills brought forward in both the House and Senate aiming to impose new restrictions on third-party litigation funding in the state. The Consumers in Crisis Protection Act, which was introduced in the Senate as SF 2929 and in the House as HF 2677, seeks to introduce new rules governing the use of both consumer and commercial litigation funding agreements in Minnesota court cases.

The current draft of the legislation, authored by Senator Judy Seeberger and Representative Bernie Perryman, includes a wide range of rules governing both the composition of funding agreements and the activities of funders within the state. Similar in content to legislation introduced in other states, the bill mandates the disclosure of litigation funding agreements to all parties involved in the lawsuit, and requires that litigation funders register with the state. 

The bill also tackles the issue of foreign states’ involvement in domestic litigation, as it prohibits litigation funders from “entering into a commercial litigation financing agreement with a foreign entity of concern or a foreign country or person of concern.” The legislation would also require funders to provide the state with annual report which would include: the number of lawsuits funded by the company and a summary of the amounts of funding provided.

Senator Seeberger provided the following comment on the bill: “As legislators, we are acutely aware of the challenges our constituents face, including the cost of insurance. This bill will help shine a light on the funding sources that are driving huge awards in civil lawsuits, something we all pay end up paying for in higher insurance premiums.”

The current version of the Consumers in Crisis Protection Act can be read on the Minnesota Legislature’s website.

Patrick Dempsey Joins Certum Group as Director of Commercial Litigation Strategy

By Harry Moran and 4 others |

Certum Group, the first and only company in America providing both litigation finance and insurance solutions for companies facing the uncertainty of litigation, has added Patrick Dempsey as Director of Commercial Litigation Strategy.  Mr. Dempsey will oversee all facets of Certum’s commercial litigation business, including originating, structuring, and monitoring single-case financing products and portfolio solutions for law firms, corporates, and other litigants.  Mr. Dempsey will also help build out Certum’s consulting services for companies that are looking to invest in or value legal assets but may not have the requisite underwriting expertise. 

A veteran of the legal finance industry, Mr. Dempsey joins Certum from Burford Capital, where he served as a director responsible for originating new investments with law firms and corporates alike.  Prior to Burford, Mr. Dempsey served as the Chief Investment Officer of Therium Capital Management’s U.S. operations.  In private practice, Mr. Dempsey was a litigator at Hogan Lovells and Proskauer, where he regularly took cases through to trial and arbitral hearings across a broad number of industries.

“We are thrilled to have Patrick join our team,” said Joel Fineberg, Certum’s founder and managing director. “His extensive experience across multiple industries and complex commercial areas, along with his ability to build strong relationships with counterparties, will be a very valuable asset as we continue to innovate in the ever-evolving world of litigation funding.” 

“I am excited to join the fantastic team at Certum,” said Mr. Dempsey. “I believe the opportunity is substantial. With its full suite of funding solutions and insurance products, Certum is extremely well-positioned for this next phase of growth within the industry.  I’m looking forward to helping more clients figure out how Certum can help them achieve their litigation and business goals.”

Certum Group created the first and only litigation risk transfer platform that combines insurance, premium finance, and litigation funding to provide tailored solutions for companies, litigants, and law firms. Founded more than 10 years ago, the team is comprised of former litigators, judicial clerks, actuaries, and financial professionals who design risk transfer and funding solutions to meet legal, business, and financial objectives.

Mr. Dempsey earned his J.D. from Tulane University Law School and his B.S. from the University of New Orleans.

About Certum Group

Certum Group provides bespoke solutions for companies facing the uncertainty of litigation. We are the leader in providing comprehensive alternative litigation strategies, including class action settlement insurance, litigation buyout insurance, judgment preservation insurance, adverse judgment insurance, contingency fee insurance, capital protection insurance, litigation funding, and claim monetization. Our team of experienced former litigators, insurance professionals, and risk mitigation specialists helps companies remove the financial and operational volatility arising out of litigation by transferring the outcome risk. Learn more at www.certumgroup.com.

AALF Welcomes RESOLVE Forensic as Newest Associate Member

By Harry Moran and 4 others |

The Association of Litigation Funders of Australia (AALF) announced it has welcomed RESOLVE Forensic as its newest Associate Member. With the addition of this new member, AALF now boasts a total of 21 Associate Members in addition to its eight Funder Members.

The announcement was made in a post on LinkedIn. RESOLVE Forensic is a specialist forensic accounting, business valuation and dispute consulting firm, providing their expertise to support law firms and clients in resolving commercial disputes. The company works across a wide range of sectors including construction and real estate, energy and climate, financial services, and retail. The company was founded in 2024 and is based out of Sydney, but provides services to clients across Australia and the Asia Pacific.

Hugo Loneragan, managing principal at RESOLVE Forensic, provided the following comment on the announcement

“Many thanks Pip Murphy and The Association of Litigation Funders of Australia, we are excited to join the association and are looking forward to working with other talented litigation and dispute professionals in what is shaping to be a busy year ahead!”

More information about RESOLVE Forensic can be found on its website. More details about AALF and its members can be found here.

Community Spotlights

Community Spotlight: David Kerstein, Founder & Managing Director, Arcadia Finance

An early adopter of litigation finance with ten years of experience as a funding professional, David Kerstein uses his depth of knowledge and experience to serve as a trusted and strategic partner and advisor to lawyers and clients seeking to manage litigation risk and spend.

Dave is a sought-after speaker and recognized leader in litigation finance who has been named among Lawdragon’s “Global 100 Leaders in Legal Finance” and selected by Who’s Who Legal as a “Thought Leader in Third Party Funding.” Prior to founding Arcadia Finance in June of 2024 with fellow Managing Directors Ronit Cohen and Joshua Libling, he served as Validity Finance’s Managing Director and Senior Investment Officer.

In addition to co-leading Validity’s origination and structuring teams, he helped to guide Validity’s strategic growth into new and expanded markets and avenues for investment. Prior to joining Validity, Dave was a senior investment manager at Bentham IMF, now Omni Bridgeway. Before entering the world of litigation finance, Dave spent fifteen years as a trial lawyer handling complex commercial disputes at Gibson Dunn. With his deep experience as a litigator, Dave understands the landscape attorneys and their clients face when pursuing important claims and is uniquely positioned to help them navigate it. As a long-suffering Jets, Mets, Knicks and Islanders fan, Dave is keenly aware that facing adversity can build character. He knows that every litigation has obstacles that must be overcome but that those obstacles can be used as stepping-stones that guide us to achieving our goals.

Company Name and Description: At Arcadia Finance, we go beyond traditional litigation finance to provide frictionless funding, empowering clients and partners to achieve their legal goals through customized financial solutions and unparalleled support. Our seamless collaboration, clear deal terms, and broad mandate empower clients to navigate challenges, make informed decisions, and secure capital - fast. Led by industry veterans with over $400 million invested across 80+ deals, Arcadia Finance offers adaptable solutions for all–from litigation boutiques to AmLaw firms and corporations. Arcadia Finance's mission is to invest in meritorious litigation, and with backing from multiple and flexible capital providers, we find new ways to help clients and law firms finance, monetize, and share risk on their legal assets. Our solutions include everything from traditional single-case funding and law firms portfolios, to purchasing companies or patent portfolios whose primary value is litigation. At every stage from pre-litigation to appeal and enforcement, Arcadia has the experience, flexibility, and capital to assist.

Company Website: arcadiafin.com

Year Founded: 2024

Headquarters: New York, New York

Area of Focus: With a focus on U.S.-based commercial and patent litigation and domestic and international arbitration, Arcadia Finance is open to the full spectrum of litigation-based assets, from mass torts to law firm lending to patent acquisition, including cross-border and offshore matters. We consider cases in all federal and state courts, as well domestic and international arbitrations.    

Member Quote: "Over my 25+ years of work in the legal and litigation finance industries, I've seen firsthand how meritorious claims can falter due to financial constraints. That's why I'm passionate about litigation funding – it ensures that the strength of a case, not the size of a wallet, determines its outcome."

Barings Law Managing Director Explains Significance of Motor Finance Claim Ruling

By Harry Moran and 4 others |

The High Court’s ruling in Angel & Ors v Black Horse Ltd earlier this month, which permitted the motor finance claims to proceed on a single claim form, not only signaled a major victory for claimants seeking compensation, but also may prove to have a lasting impact on the future of these group claims.

In an interview with The Law Society Gazette, Craig Cooper, managing director of Barings Law, discusses the recent High Court ruling on the future of the motor finance commission claims. In the interview, Cooper explains the significance of this ruling not only for the motor finance claims but also for future group proceedings, and discusses the challenges raised by working on a claim that has such a high public profile and attracts a lot of media scrutiny.

On the High Court ruling, Cooper highlights that “by allowing these cases to proceed as eight omnibus actions, rather than requiring individual filings, the court has acknowledged the need for efficiency and fairness in addressing large-scale consumer grievances.” Cooper explains that this collective approach will allow consumers to seek justice “without the burden of navigating the legal process alone”, and as a milestone for future claims will underline “the courts’ willingness to streamline complex cases where common legal and factual issues exist.”

Given the high levels of media interest in the motor finance claims, Cooper recognises that Barings Law’s approach has had to “ensure clarity and accuracy in all communications, emphasising the significance of the ruling while maintaining a balanced and professional stance.” Acknowledging the importance of the wider conversation around these claims, Cooper says that “transparency and accessibility have been key in shaping the public narrative and reinforcing the broader implications of the judgment.”

Augusta Ventures Funding German Pesticide Cartel Class Action

By Harry Moran and 4 others |

Whilst funded class actions are most commonly seen in prominent legal funding markets such as the UK, US and Australia, we are increasingly seen large scale group claims being brought in European jurisdictions with the support of litigation funders.

An article in Handelsblatt covers one of the largest class action lawsuits brought in Europe, as Unilegion has filed a lawsuit in the Dortmund Regional Court seeking €200 million in damages over allegations of price fixing in the sale of pesticide by a cartel of agricultural wholesalers in Germany. The claim being brought against the ‘pesticide cartel’ is representing  over 3,2000 farmers, and follows a 2020 investigation by the Bundeskartellamt (Federal Cartel Office) which imposed €157 million in fines on eight wholesalers. 

The agricultural companies found to have been involved in this price-fixing between 1998 and March 2015 are: AGRAVIS Raiffeisen AG , Hanover/Münster AGRO Agrargroßhandel GmbH & Co. KG, BayWa AG, BSL Betriebsmittel Service Logistik GmbH & Co. KG, Getreide AG, Raiffeisen Waren GmbH, Raiffeisen Waren-Zentrale Rhein-Main eG, and ZG Raiffeisen eG.

The lawsuit is being supported by legal representation from the Hamburg office of Taylor Wessing, whilst third-party funding has been secured from Augusta Ventures. A similar class action lawsuit representing German farmers is being brought by Bäuerliche Geschädigtengemeinschaft (BGG), with funding in that case being provided by Transatlantis.

More information about the Pesticide Cartel case can be found on the Unilegion website.

JurisTrade Litigation Asset Marketplace Launches Phase 1 Rollout with over $70 Million in Litigation Funding Opportunities

By Harry Moran and 4 others |

The JurisTrade Platform soft-launched last week with over $70 million in litigation funding opportunities in single cases, funding mass tort dockets and law firm refinancing.

The JurisTrade Litigation Asset Marketplace (“JurisTrade’) provides a transparent electronic platform which facilitates both primary funding opportunities in litigation finance, as well secondary sales of such interests.

The potential market for litigation finance ranges in the several $100s billions, of which only $30 billion is currently funded. JurisTrade is designed to unlock this large unmet demand through its liquid and transparent marketplace.

The litigation finance ecosystem has been clamoring for years for this type of market solution. Similarly to many other major asset classes, JurisTrade was built on a foundation of industry standardization, transparency and process streamlining, which eliminates uncertainty and, thus, attracts liquidity for litigation finance, a bona fide uncorrelated asset class.

Clients of JurisTrade include institutions, law firms, litigation finance funds, and family offices.

JurisTrade’s Phase I rollout includes nine diverse investment opportunities including a high-profile single case, a judgment monetization case, a law firm debt refinancing case, and several mass action-related cases. An OTC service desk is being offered to assist our clients in negotiating terms and structuring all manners of trades and vehicles, among other things. Other market features, technology, and analytics will be offered soon.

Typhon Capital Management, Larry Hite, and two notable family offices are sponsors of JurisTrade, and JurisTrade will be leveraging their collective expertise and experience. Typhon, in particular, provides trading operations on JurisTrade. Clients can use JurisTrade to directly engage in claims trading, such as bankruptcy and mass tort, then leverage Typhon to invest in or create custom passive funds holding any manner of litigation interests or loans, and actively managed funds, such as thematic claim trading, market making, or activist litigations. Typhon can also structure insurance wrappers around litigation-focused investments.

The senior management team of JurisTrade includes James Koutoulas as CEO, Kevin J.P. O’Hara as Chairman, Shawn Hartpence as Chief Commercial Officer, and Andrew Barroway and Larry Hite as strategic limited partners.

"Mr. Koutoulas is a seasoned hedge fund manager and attorney with a unique skillset encompassing derivatives-trading, complex bankruptcy and class action litigation, and software development making him the perfect CEO to bring the emerging asset class of litigation assets to a wider audience. He and I share similar philosophies on structuring vehicles with asymmetric, positively-skewed, and uncorrelated return profiles which will be much appreciated in the litigation investing world," said Larry Hite, Founder of Hite Capital.

"Similarly, Mr. O'Hara's previous C-suite roles at NYSE, CBOT, Archipelago and Gulf Finance House, and as an attorney at the SEC and his financial markets development in Eastern Europe, provide JurisTrade with one of the most accomplished exchange experts to steer our growth."

"Larry Hite is a pioneer of two assets classes – commodity trading and litigation assets. Larry is an original 'Market Wizard' and we are humbled to have him as a founding partner and advisor to JurisTrade," said James Koutoulas, CEO of JurisTrade.

Please sign up to view our initial inventory and be kept up to date at www.juristrade.com.

About Larry Hite:

Larry Hite is a legendary commodities trader and one of the founders of systematic trading. Mr. Hite founded Mint Capital, which was the largest CTA in the world by AUM in 1990. He has since been an active investor in litigation assets where he has invested in thousands of cases.

About Typhon Capital Management:

Typhon Capital Management, led by CEO James Koutoulas, is a multi-strategy hedge fund and platform specializing in tactical futures, quantitative, and cryptocurrency trading. Typhon creates custom portfolios and structured products for institutional investors and wealth management firms and is headquartered in Miami Beach. Mr. Koutoulas also was lead customer counsel in the MF Global bankruptcy, leading the recovery of all $6.7 billion in customer assets.

About Kevin J.P. O'Hara:

Kevin J. P. O’Hara has a decades-long career in business, law and regulation, entrepreneurship, technology, international, investing, and post-graduate teaching. Mr. O’Hara is an active angel investor with several successful exits, including sales to LinkedIn, PayPal, and IQVIA. He has a plethora of private and public company board and governance experience.

He was previously: (1) a C-suite member at CBOT, NYSE, Archipelago, and Gulf Finance House (Bahrain); (2) an attorney at the SEC, DOJ, and a major Chicago law firm (products liability and mass tort defense)(3) a law and business school lecturer at Northwestern University and Loyola University; and (4) an in-county financial and economic advisor in Eastern Europe in 1990s.

About Shawn Hartpence:

Shawn Hartpence has over a decade of experience advising law firms, litigation fund managers and institutional investors on capital formation and litigation investment. Areas of expertise include mass tort portfolio funding, secondary mass tort portfolio trading, single-case funding, portfolio funding, single-case monetization, and capital introduction for niche litigation strategies. Mr. Hartpence is a partner at Ocasio Mass Tort Law, a DC Law Firm and a Board Member of a cutting-edge AI Litigation assessment company.

About Andrew Barroway:

Andrew Barroway is a distinguished litigator and hedge fund manager with a proven track record of success in the investment world. He previously built Barroway, Topaz, Kessler, Meltzer, & Check, LLP, the second largest securities class action firm in the country, and helped lead the $3.2 billion settlement of Tyco Ltd. International. At Merion Investment Management, Mr. Barroway invented the appraisal rights arbitrage trade where he managed $1.2B in the near-riskless strategy, annualizing 13.25% net for 12 years. Mr. Barroway is a strategic limited partner in JurisTrade and the senior portfolio manager of our upcoming Cerus Litigation Fund.

Legal-Bay Lawsuit Funder Launches Legal Funding Calculator for Consumers

By Harry Moran and 4 others |

Legal Bay Presettlement Funding announces their new funding calculator for customers to compare pricing models of lawsuit loans between funding firms. It should be noted that Legal Bay doesn't charge compounding interest like many other legal funding companies, keeping payback costs lower right from the start. As one of the best lawsuit loan companies in the industry, Legal Bay ensures flat pricing, transparent contracts, and a helpful, knowledgeable staff to walk you through every step of the lawsuit loan funding process.

  1. Legal Bay is a direct funder—not a legal funding broker—which is the first distinction customers should make when researching legal funding options. Here's why:
  2. Being a direct funder allows Legal Bay to expedite cases faster, normally within 24-48 hours after applying, once all documents have been received.
  3. Being a direct funder allows Legal Bay to provide lawsuit loans with cap out provisions for cases that qualify without additional broker fees.
  4. Compound rates can grow substantially over the course of your case settlement funding, while flat interest stays the same at about 20% percent every 6 months.
  5. Legal Bay's lawsuit settlement programs are non-recourse which means the client will not have to pay back the loan if the case does not settle.

Chris Janish, CEO of Legal-Bay, commented, "Our funding calculator gives consumers an invaluable tool to compare payback costs. Plaintiffs will see that our direct funder platform means you deal directly with our staff and underwriters—not a broker. Our direct funding model allows for the fastest approvals, reduced rates, and no added broker fees, keeping your costs low. Legal-Bay's flat pricing—as opposed to compounding interest—and our best price guarantee ensures the lowest rates in the litigation finance industry. On large funding amounts, consumers should be aware of payback costs. The savings of Legal-Bay's flat-rate pricing versus contracts with compounding interest can be substantial."

Legal-Bay's funding model is designed to put more money back in the plaintiff's pocket at settlement. If you or a loved one need an immediate lawsuit loan in advance of your impending lawsuit settlement, please apply online HERE or call toll free at 877.571.0405 where agents are standing by.

Legal-Bay assists plaintiffs in all types of lawsuits, including commercial and mass tort litigation, personal injury cases, slip and fall accidents, property damage, car accidents, medical malpractice, wildfires, and many more. If you're looking for the lowest rates in legal funding, legal funding companies without broker, flat rate pricing or simple pricing legal funding companies, easy to use funding calculator, calculator for lawsuit loans, then Legal Bay is here to help.

Their loan for settlement funding programs are designed to provide immediate cash in advance of a plaintiff's anticipated monetary award. While it's common to refer to these legal funding requests as settlement loans, loans for settlements, law suit loans, loans for lawsuits, etc., the "lawsuit loan" funds are, in fact, non-recourse. That means there's no risk when it comes to loans in lawsuit settlements because there is no obligation to repay the money if the recipient loses their case. Therefore, terms like settlement loan, loans for lawsuit, loans on settlement, or lawsuit loan funds don't necessarily apply, as the "loan on lawsuit" isn't really a loan at all, but rather a stress-free cash advance.

For more information about lawsuit loans, please visit us HERE or call toll free at 877.571.0405 where a skilled agent can answer any questions you may have.

Raising the Bar for Client Services in the Legal Industry

By Richard Culberson and 4 others |

The following was contributed by Richard Culberson, the CEO North America of Moneypenny, the world’s customer conversation experts, specializing in call answering and live chat solutions.

Delivering exceptional client service in the legal industry isn’t about grand gestures or over-the-top perks. Instead, it’s about providing seamless, efficient, and consistent experience—ensuring clients feel supported, informed, and confident in your expertise.

Legal professionals instinctively prioritize client satisfaction, knowing that trust and reputation are everything in the industry. However, keeping clients happy doesn’t require excessive handholding or elaborate corporate hospitality. True exceptional service comes from delivering reliable, solutions-focused support that alleviates stress and allows clients to focus on their priorities.

What Does Seamless Client Service Look Like in Law?

The key is demonstrating value by making legal processes smoother, less stressful, and more efficient. Clients don’t just seek legal expertise—they seek peace of mind that comes from knowing their matter is in good hands, that communication will be clear, and that their legal team will proactively anticipate their needs.

For law firms to reach this high level in client service, it means keeping promises, handling matters efficiently, and exceeding expectations where it matters most—through expertise, responsiveness, and a seamless experience.

How to Build Long-Term Client Loyalty

Focusing on client experience is often a thankless task in the short term, as good service is expected, while poor service is called out. However, over time, delivering consistently excellent service will build trust and loyalty because when clients know they can rely on you, they are more likely to return for future matters and refer others to your firm.

However, being dependable doesn’t mean standing still. Instead, by understanding client touchpoints and pain points, legal professionals can provide even greater value—sometimes before clients even realize they need it.

The Role of Personalization in Legal Client Service

Every client is unique, and every client has unique needs, and it goes without saying that tailoring your approach to those needs is a key differentiator in the legal industry. Even if it is the same type of case as the one you have just handled, it is still unique and requires personalized updates, proactive case management, and thoughtful communication. This will only serve to enhance the client experience and demonstrate that your firm values their business.

What’s more, providing this level of service turns satisfied clients into ambassadors for your firm. While appreciation gifts or hospitality, for example, can be a nice touch, they are meaningless without the reliable service behind them. The true measure of outstanding client service is in making complex legal matters as smooth and stress-free as possible.

Seven Pillars of Seamless Legal Client Service

To consistently deliver outstanding client service, legal professionals should focus on these key principles:

  1. Understand Your Client – Know their goals, concerns, and expectations.
  2. Deliver Convenience and Ease of Use – Make processes straightforward and accessible.
  3. Be Proactive – Anticipate client needs before they arise.
  4. Personalize Your Approach – Tailor communication and solutions to each client.
  5. Communicate Clearly and Regularly – Keep clients informed without overwhelming them.
  6. Keep Your Promises – Reliability builds trust and long-term relationships.
  7. Seek and Act on Feedback – Continuously improve based on client insights.

Reframing the goal from going “above and beyond” to making the legal journey as effortless as possible will create a strong foundation for long-term success. And by doing so, law firms can build lasting client loyalty and a reputation for excellence that sets them apart in an increasingly competitive industry.

Community Spotlights

Community Spotlight: Georgios Tzoumakas, Director of Capital & Investor Relations, Heirloom Fair Legal

By John Freund and 4 others |

Georgios is a seasoned finance professional with extensive experience across investment banking, technology, and the Food & Beverage industry. With a strong academic foundation, he holds a master’s in finance from the London School of Economics (LSE) and a master’s in management from Cass Business School, equipping him with deep financial expertise and strategic insight.

He began his career at a boutique investment bank in London, where he honed his skills in deal structuring, financial modelling, and capital markets. His career includes a pivotal role at Diageo, where he contributed to the overall marketing strategy for its premium alcoholic products. He has also been actively involved in the tech space, leveraging his financial acumen to drive innovation and business growth.

Currently, Georgios holds a pivotal role at Heirloom Fair Legal, which specialises in legal financings in the individual and small business consumer claims sector. As the Director of Capital & Investor Relations, he coordinates Heirloom’s co-investment program, allowing families to benefit from Heirloom’s deep experience and expertise. Through his leadership, he helps families who are interested in the sector but don’t have the extensive internal resources needed to learn more about this space and access the opportunities within it.

Heirloom focuses on funding meritorious legal cases and firms with strong recovery prospects, leveraging deep industry expertise and a robust network of legal and financial professionals. Georgios helps co-investors and families understand this unique asset class, which offers attractive, risk-adjusted returns, independent of traditional market cycles.

Headquarters: London, UK

Area of Focus: Family office services, Legal finance 

Member Quote: “Countless claims fail to reach the courts – not for lack of validity, but due to financial constraints and the absence of expert guidance. At Heirloom, we are steadfast in our commitment to advancing access to justice by providing both the strategic expertise and financial backing necessary to bring deserving cases to light. As pioneers in motor finance claims, we are leading the charge in holding institutions to account and ensuring claimants receive the redress they rightfully deserve.“

LCM Releases Interim Results for the Half Year ended 31 December 2024

By Harry Moran and 4 others |

Litigation Capital Management Limited (LCM) has released the following announcement detailing its interim results for the half year ended 31 December 2024:

Highlights

  • Seven realisations in period generating A$51m of revenue
  • Net realised gains of A$37.4m (HY24: A$19.6m), with concluded investments generating a 3.67x multiple of cash invested (MOIC)
  • Total income of A$4.7m (HY24: A$21.6m) due to A$32m negative fair value movement driven by fair value write-offs on concluded investments 
  • Loss after tax for the period of A$8.4m (HY24: profit A$7.3m)
  • Net assets of A$181.8m (HY24: A$188.9m)
  • Book value per share of 86.3 pence (FY24: 94.4 pence)
  • Total new commitments of A$34m added in the period (HY24: A$90m)

Outlook

  • Fund management momentum accelerating, with Fund III on track for launch before 30 June 2025
  • New commitments expected to rebound in the second half of FY25.

Commenting on the results, Patrick Moloney, CEO of Litigation Capital Management, said: “The first half of the year reflected the inherent volatility of litigation finance. While we secured significant wins in two arbitration cases, we also faced setbacks with two class action losses at trial, which are now subject to appeal. Our transition to a fund management model continues to gain momentum, and as we scale, we expect to reduce financial unpredictability. We remain disciplined in capital allocation, focused on generating strong long-term returns for our investors and shareholders.”

LCM will be hosting a webinar for investors today at 11.00 a.m. The presentation is open to all existing and potential shareholders. If you would like to attend this presentation, please register using the following link:

The full release from LCM, including detailed financial breakdowns and the Chief Executive’s full statement, can be read here.

Funders Partner with Law Firms on Sexual Abuse Lawsuits

By Harry Moran and 4 others |

The value of litigation funding in being able to offer victims, who otherwise would lack the required financial resources, access to justice, is seen as one of its greatest strengths. This beneficial quality can be seen most clearly in cases that not only seek legal redress, but also act as a force for social and moral justice. 

An article on Bloomberg Law examines the growing use of third-party funding by law firms to bring sexual abuse lawsuits against organizations including the Catholic Church, Boy Scouts and prisons. This turn towards working with litigation funders has been caused in part by the increase in volume of these claims, driven by changes made by states to the window in which past sexual abuse claims can be brought.

The similarities between mass tort claims and sexual abuse suits is highlighted as an attractive feature for legal funders. Jessica Pride, a sexual assault lawyer for survivors in San Diego, explained that “there weren’t as many mass torts to go after and all of a sudden everybody became a #MeToo lawyer when they realized that those kinds of cases were paying out.”

Bloomberg’s article highlights a number of examples of law firms working with third-party funders on these kinds of cases, including: Andrews & Thornton working with Corbin Capital and Catalur Capital from 2020 to 2023, Slater Slater & Schulman taking on loans from multiple entities between 2021 and 2024, Jeff Anderson and Associates receiving funding from Delaware LLC Kensal Green since 2021.

A recent press release from Legal-Bay, shared by LFJ, offers another example of a legal funder setting dedicated capital aside for the backing of sexual abuse and harassment lawsuits.

Community Spotlights

Community Spotlight: Craig Allsopp, Joint Head of Class Actions, Shine Lawyers

By John Freund and 4 others |

Based in Sydney, Australia, Craig Allsopp is the Joint Head of Class Actions at Shine Lawyers. Craig has over two decades of experience in class actions and large-scale litigation in both the private and public sectors. His unwavering commitment to justice has left an indelible mark on Australia’s legal landscape, positioning him as a trailblazer in shareholder dispute resolutions. Craig’s distinguished career is studded with triumphs that have shaped legal precedent. In every case he sees through, Craig strives to obtain justice for thousands of people impacted by the misconduct of corporations, the big banks and other major financial service institutions, and Australian governments. In particular, Craig has worked on some of Australia’s highest profile shareholder and social justice class actions.

Craig's dedication to legal excellence and social justice is demonstrated by the profound impact he has on the legal landscape. He has set a standard for advocacy and achieving substantive change in the pursuit of fairness and accountability, particularly in corporate and government sectors.

Company Name and Description: Shine Lawyers is an Australian law firm specialising in personal injury compensation and class actions. As one of Australia’s leading class actions firms, Shine Lawyers passionately fights to obtain justice for those who have been wronged and suffered loss at the hands of institutions or corporations.  

Company Websitehttps://www.shine.com.au/ 

Year Founded: 1976

Headquarters: Brisbane, Queensland, Australia

Area of Focus: Class Actions

Member QuoteThird-party litigation funding has significantly improved access to justice in Australian class actions allowing individuals to pursue representative claims against corporations and governments for various alleged misconducts.

Westpac Announces A$130m Settlement for Flex Commissions Class Action

By Harry Moran and 4 others |

The Banking Royal Commission established by the Australian government uncovered a wide range of misconduct and failing by the country’s financial institutions, with a slew of litigation and class action claims being brought in the aftermath. Six years on from the commission’s final report, some of these class actions are only now reaching a conclusion.

An article in Reuters covers the news that the Westpac Group has agreed to settle a class action brought against it by car loan customers, over “flex commissions” paid to car dealers by Westpac and St George Finance. The provisional settlement, which is subject to court approval, is for A$130 million and would see the class action resolved without Westpac accepting any admission of liability.

The claim was brought by law firm Maurice Blackburn in 2020 on behalf of consumers who entered into a finance agreement for the purchase of a car issued under Westpac or St George’s credit licence, between 1 March 2013 to 31 October 2018. In its announcement, Westpac said that it has not paid these flex commissions to car dealers since 2018, and had ceased providing new lending through its dealer introduced auto finance business since 2022.

At the time of reporting, Maurice Blackburn had not yet issued a statement on the announced settlement.

The full announcement from Westpac Group can be read here. More information about the class action can be found on the Supreme Court of Victoria’s website.

Omni Bridgeway Appoints David Breeney as Global Chief Financial Officer

By Harry Moran and 4 others |

An announcement from Omni Bridgeway confirms the appointment of David Breeney as Global Chief Financial Officer (GCFO), having officially taken over the role on 1 March 2025. The appointment sees Breeney move up from his previous position as Deputy CFO, having first joined Omni Bridgeway as Global Head of Financial Control in November 2023.

Prior to his time at Omni Bridgeway, Breeney spent 12 years at asset management firm Challenger Limited, where he served as Financial Controller for funds management and real estate. In the announcement, Omni Bridgeway said that “the background and experience of Mr. Breeney align well with the stated strategy of accelerated transition towards a fund and asset management model.”

The announcement also revealed that the departing GCFO, Guillaume Leger, will be leading the establishment of a capital formation team to coordinate fund capital raising activities of the group. After a period of three months in this role, Leger will be leaving the company and Omni Bridgeway will look to hire a permanent senior capital formation professional as a replacement.A separate announcement from Latitude Group Holdings confirms that Guillaume Leger will become the company’s new Chief Financial Officer on 16 June 2025.

Emmerson Announces First Draw Down from $11m Litigation Fund

By Harry Moran and 4 others |

As LFJ reported in January, a mining company’s investor-state dispute with the Moroccan government over a potash project has led the company to seek and secure third-party funding for its arbitration claim.

An announcement from Emmerson Plc reveals that the potash development company has drawn down the first tranche of its litigation funding, following the signing of an $11 million Capital Provision Agreement (CPA) with an unnamed litigation funder earlier this year. Emmerson explained that this initial draw down will cover all the company’s legal costs to date, whilst allowing its legal team to prepare and complete the next steps in the arbitration proceedings brought against the Moroccan government.

The announcement also detailed that alongside this first draw down, Emmerson and its subsidiaries in the UK and Morocco have “granted certain securities and charges over their assets to the funding counterparty in relation to amounts drawn down.”

The company explained that this is a normal action for litigation funding agreements, with the granting of these securities not to be enforced unless Emmerson fails to meet its obligations under the CPA.

Steve Din and Phil Hales Join Heirloom Fair Legal from Doorway Capital

By Harry Moran and 4 others |

The beginning of 2025 has already been a busy few months for Heirloom Fair Legal, with the funder expanding to the UK through its acquisition of Hayes Connor Solicitors last month, and the legal finance company is continuing to build on that momentum through two new appointments.

An article in The Law Society Gazette covers the appointment of two senior executives at Heirloom Fair Legal (HFL), with Steve Din and Phil Hales joining the funder. Din has taken up the role of senior vice-president at HFL and Hales has been appointed to the position of vice-president of funding relationships, with both sitting on HFL’s investment committee alongside the company’s co-founders.

Both Din and Hales join HFL from Doorway Capital, with Din founding Doorway in 2015 and Hales having spent the last three years at the company as business development director. Commenting on his move to HFL, Din said that the funder’s “larger infrastructure and bespoke approach” would allow them to “provide more flexible structures and be more creative in designing funding packages that meet the legal ecosystem’s needs.”

These new hires form part of HFL’s ambitious growth strategy, with the funder planning to exceed $250 million in funding to law firms and claimants by the end of 2026.

Geoff Dover, co-founder of HFL, highlighted the experience that Din and Hales would bring to the company, pointing out that “at Doorway, they led the way in putting law firms large and small onto solid financial foundations.” Dover went on to add: “We look forward to their contributions toward partnering with law firms and service providers that share our goal of resolving disputes more quickly and cost effectively by combining technology, legal advice and finance solutions.”

CAT Certifies Asertis-Funded Bulk Mail Claim Against Royal Mail Owner

By Harry Moran and 4 others |

Whilst there is much discussion about what level of disclosure should be required around litigation funding, it is rare that outsiders to a claim can gain insight into the structure of these funding agreements. However, the certification of opt-out collective proceedings by the Competition Appeal Tribunal (CAT) has offered a rare view of one such funding arrangement.

A judgment handed down by the Competition Appeal Tribunal yesterday granted the application for a Collective Proceedings Order (CPO) in the case of Bulk Mail Claim Limited v International Distribution Services Plc (formerly Royal Mail Plc). The Tribunal certified the opt-out collective proceedings, finding that the Proposed Class Representative’s (PCR) methodology “is sufficiently credible and plausible”, and further stated that it was “satisfied that there is at least a good arguable case that there has been an overcharge.”

The Bulk Mail Claim focuses on allegations that International Distribution Services abused its market dominance to overcharge customers for its bulk mail services. The proposed class is provisionally estimated to consist of 290,477 customers who purchased bulk mail retail services, with the value of the claim estimated to reach £1 billion. Mr Robin Aaronson, an economist specialising in competition policy, is acting as the director of the PCR and Asertis is providing litigation funding for the claim.

As part of its assessment of the CPO application, the CAT evaluated the terms of the litigation funding agreement between the PCR and Asertis, and found “that they do not appear to be unreasonable.” The judgment also offered some detail on the funder’s return as specified in the agreement, which is laid out below:

“In the event of success, the drawn funds will be repaid, plus a multiplier comprising two elements: a priority multiplier of 1.5x of the drawn funds and a balancing multiplier of 0.5x for the first 12 months. There is also an increase in the balancing multiplier of 0.1875 per every quarter. There is a cap of 5.75 overall, which applies to the aggregate of the priority multiplier and the balancing multiplier.”

The Tribunal also noted that the funding agreement had been amended to address its prior concerns that the agreement “did not expressly specify that prior to any settlement there should be a written legal opinion or memorandum on the proposed settlement.” Similarly, the Tribunal responded to concerns raised by the defendant that “Asertis would not be able to meet an adverse costs order”, finding that the PCR’s legal team had provided confirmation of Asertis’ financial position, bolstered by an ATE insurance policy with “a limit of indemnity of £15 million post-CPO”.

The CAT’s judgment can be read in full here.

More information about the Bulk Mail Claim can be found on its website.

Tenadio Corp Completes $60 Million in Financing for Patent Litigation Program

By Harry Moran and 4 others |

Tenadio Corp, a consulting firm specializing in advising patent owners and inventors, announced it has completed an additional $60 million in financing for the Patent Capital Funding Program (“PCF”), a litigation finance program established by Tenadio’s founding principal, Michael Ciuffo. 

Waterford Capital, Inc., a Dallas, Texas based broker-dealer, was the sole placement agent for the transaction, which was privately placed with institutional investors. 

“The PCF Program is off to a great start for 2025. We are excited to have added new partners and participants in this round of funding and are very encouraged with recent events in patent litigation that will further strengthen our clients’ positions in defending the value in their intellectual property rights,” said Michael Ciuffo. 

“The Patent Capital Funding Program continues to be a reliable funding source for patent owners, having raised approximately $315 million in patent infringement litigation financing to date. We are so grateful for the collaboration of everyone involved, which is a key to the Program’s success, and we look forward to continuing its expansion,” said Dave Piotrowski, Managing Director of Waterford Capital. 

About Tenadio Corp

Tenadio Corp utilizes decades of experience in structured finance and litigation funding to develop optimal funding structures for patent holders and infringement litigation. Tenadio works with its advisors and partners to offer a full platform of patent litigation services, including patent valuation, monetization, funding options, and lead counsel selection. Tenadio provides a thorough evaluation of each patent infringement case, creating a structure that provides an attractive investment opportunity while simultaneously monetizing proceeds associated with future infringement cases. 

About Waterford Capital

Waterford Capital, Inc. is a leading arranger of litigation finance and other structured finance and asset securitization transactions. The firm arranges capital for clients in connection with patent infringement financing, asset-backed credit facilities, private placements of asset-backed securities, and whole loan sale programs. Waterford Capital is a registered broker-dealer and member FINRA/SIPC.

Oklahoma House Passes Foreign Litigation Funding Prevention Act

By Harry Moran and 4 others |

As LFJ covered last week, we are continuing to see a push for new regulations governing third-party legal funding in the U.S., with more and more states moving forward with bills aiming to increase disclosure requirements.

An announcement from the Oklahoma House of Representatives details the passage of House Bill 2619, known as the Foreign Litigation Funding Prevention Act. Much like other bills progressing through state legislatures across the country, HB 2619 has a dual focus on increasing transparency around third-party funding, and on the involvement of foreign actors in domestic litigation. HB 2619 passed the House by a vote of 88-2.

The current draft of the bill requires any party to comply with disclosure requests and produce any commercial litigation funding agreements that they have entered into. Furthermore, the bill dictates that this disclosure must include a certification “as to whether any funds encumbered by the terms of the agreement have been or will be sourced from a foreign state or agency or instrumentality of a foreign state.” This certification would also require the disclosure of the identity of the foreign funder. Consumer litigation funding agreements are exempt from these rules.

Representative Erick Harris, who authored the bill, explained the aims of this legislation in the following statement:

"We must ensure that our courts remain a place for justice, free from manipulation by foreign powers seeking to influence the outcomes of cases for their own benefit. This bill strengthens the integrity of Oklahoma's legal system and prohibits foreign adversaries, like Russia and China, from attempting to fund litigation that could undermine the fairness of our courts. This legislation will help preserve the sanctity of our judicial process and protect the rights of Oklahomans from external interference."

The full text of the bill can be accessed on the Oklahoma State Legislature’s website.

Juris Capital Joins the International Legal Finance Association

By Harry Moran and 4 others |

The International Legal Finance Association (ILFA), the only global association of commercial legal finance companies, announced that Juris Capital has joined their association, adding to their rapidly growing membership base. 

Juris Capital is committed to delivering innovation solutions for financial stability for commercial litigation and arbitration along with investments in law firms through creative billing arrangements. Juris Capital’s team has over twenty years of experience investing in commercial litigation, all of their principals are licensed attorneys or certified public accountants. 

"Juris is excited to join ILFA to provide perspective from its over 15 years of operation," said David Desser, Juris Managing Director. 

"We believe the industry faces an inflection point, where the choice of policies will affect outcomes for businesses, consumers, and funders, and we will support ILFA's effort to secure sound policies in the United States and abroad." said Dane Lund, Juris Managing Director. 

Rupert Cunningham, Global Director of Growth and Membership Engagement at ILFA, commented on Juris Capital joining ILFA, saying “I’m delighted to welcome Juris Capital to ILFA’s growing ranks. Juris’ team bring with them a great deal of experience in litigation finance and we at ILFA look forward to working with David and Dane, whose expertise will be invaluable in our efforts to support and represent the legal finance sector globally.”

About the International Legal Finance Association  

The International Legal Finance Association (ILFA) represents the global commercial legal finance community, and its mission is to engage, educate and influence legislative, regulatory and judicial landscapes as the voice of the commercial legal finance industry. It is the only global association of commercial legal finance companies and is an independent, non-profit trade association promoting the highest standards of operation and service for the commercial legal finance sector. ILFA has local chapter representation around the world. 

For more information, visit www.ilfa.com and find us on LinkedIn and X @ILFA_Official.