"BridgePoint is a leader in Canada's litigation finance industry and their long track record of high performance makes them an outstanding partner," said Andrew Moor , President & CEO of Equitable Bank. "As Canada's Challenger Bank this credit facility was attractive to us as it is non-market correlated and includes a diverse portfolio of secured assets in an area not typically well-served in Canada ."
"We are very excited to partner with Equitable," said John Rossos , Co-Founder & Principal of Bridgepoint. "Our business is not a traditional lending business and it is difficult for conventional banks to understand what we do and how we do it. Equitable has a dynamic view of the market and has demonstrated its ability to offer innovative solutions. This partnership will enhance our ability to facilitate access to justice for our clients."
This partnership highlights Equitable Bank's latest achievement by its growing Specialized Finance group and demonstrates how it continues to challenge traditional banking. In the spirit of creating unique opportunities that generate value for Canadian businesses, Equitable Bank's Specialized Finance group focuses on offering secured financing solutions to specialty lenders to finance their growth.
About Equitable Bank
Equitable Bank is a wholly-owned subsidiary of Equitable Group Inc. (TSX:EQB and EQB.PR.C) (Schedule I Bank regulated by the Office of the Superintendent of Financial Institution) with total Assets Under Management of over $33 billion . The Bank serves retail and commercial customers across Canada with a range of savings and lending solutions, offered under the Equitable Bank, EQ Bank, and Equitable Trust brands.
The Bank's commercial lending business consists of Conventional Commercial, Insured Multi-unit Residential, Specialized Financing, and Equipment Leasing assets.
The Bank's retail lending business consists of Alternative Single Family Lending, Prime Single Family Residential, and its decumulation businesses.
To learn more, please visit equitablebank.ca.
About BridgePoint Financial Services
BridgePoint Financial Services Inc. is Canada's leading provider of litigation financing solutions designed to meet the specialized needs of plaintiffs, lawyers and the experts involved in advancing legal claims. BridgePoint's goal is to level the litigation playing field and to protect its clients' rights to full and fair access to justice.
SOURCE Equitable Bank
2 March 2020 - FORBES VENTURES ("Forbes" or the "Company"): Establishment of Litigation Funding Securitisation Vehicle; Technology Agreement with ME Group.
Forbes Ventures announces that its wholly owned UK subsidiary, Forbes Ventures Investment Management Limited (“FVIM”), has entered into an agreement to establish a Securitisation Cell Company (the “SCC”) in Malta. The purpose of the SCC is to facilitate the securitisation of litigation funding assets primarily through the acquisition of litigation funding loans which have been issued in the UK. FVIM’s revenue under the arrangements will be correlated to the volume of securitisation, and the price at which it can acquire the assets which are to be securitised.
The Company also announces that it has entered into an agreement with ME Group Holdings Limited (“ME Group”), a UK-based litigation funding and LegalTech specialist, under which ME Group has been engaged to supply distributed ledger technology (“DLT”) to Forbes and FVIM to facilitate the administration of the securitised litigation funding assets. Under the terms of this agreement, ME Group will also be engaged to manage and administer the DLT platform.
The Company expects that the first securitisation of litigation funding via the SCC will be complete and generating revenue for the Company within approximately 6 months.
Rob Cooper, Chief Executive Officer of Forbes, is a director of and significant shareholder in ME Group. Craig Cornick, who, together with Rob Cooper, jointly owns MEGH UK Limited, which is interested in 59.84% of the Company’s issued share capital, is also a director of and significant shareholder in ME Group.
The Directors of Forbes accept responsibility for the contents of this announcement.
For further information, please contact:
Forbes Ventures Peter Moss, Chairman Rob Cooper, Chief Executive Officer | 01625 568 767 020 3687 0498 |
NEX Exchange Corporate Adviser Peterhouse Capital Limited Mark Anwyl and Allie Feuerlein | 020 7469 0930 |
"We are pleased to have reached this agreement with Excalibur IP. It is yet another example of RPX's unique ability to efficiently secure rights to large patent portfolios," said Dan McCurdy, Chief Executive Officer of RPX. "Our membership continues to grow as companies join RPX to collaboratively clear patent risk in transactions such as this."
RPX members across a wide range of technology sectors are receiving licenses to the Excalibur IP portfolio in connection with this transaction.
ABOUT RPX RPX Corporation is the leading patent risk management platform, offering defensive buying, acquisition syndication, patent intelligence, insurance services, and advisory services. Since its founding in 2008, RPX has introduced efficiency to the patent market by providing a rational alternative to litigation. The San Francisco-based company's pioneering approach combines principal capital, deep patent expertise, and client contributions to generate enhanced patent buying power. By acquiring patents and patent rights, RPX helps to mitigate and manage patent risk for its growing client network.
As of December 31, 2019, RPX had invested over $2.7B to acquire rights to more than 48,000 US and international patent assets on behalf of more than 320 clients in eight key sectors: automotive, consumer electronics and PCs, e-commerce and software, financial services, media content and distribution, mobile communications and devices, networking, and semiconductors.
Media Contact RPX Corporation media@rpxcorp.com
Market | Australia (AUS$) | UK (£) | USA (US$) |
Implied Commitment Capacity | AUS $1B | £2B | US $10B |
Implied Annual commitments1 | AUS $333MM | £667MM | US $3.3B |
Country | Contingent Fees | Adverse Costs | Litigation Culture | Legal Market | Funding Type |
US | Yes | No | Permissive | $437B US | Legal fees, working capital & disbursements |
UK | Yes | Yes | Moderate | £29B GBP | Legal fees & disbursements |
Australia | No | Yes | Moderate | $21B AUD | Legal Fees, disbursements & indemnities |
Market | Australia (AUS$) | UK (£) | USA (US$) |
Commitment Capacity | AUS $500-750MM | £600-900MM | US $8-12B |
Annual Commitments | AUS $ 2-300MM | £250-350MM | US $3-4B |
Market | Australia (AUS$) | UK (£) | USA (US$) |
Fund Commitment Capacity | AUS $1B | £1.6B | US $5B |
% of Market represented by Funders | 100% | 80% | 50% |
Implied Commitment Capacity | AUS $1B | £2B | US $ 10B |
Implied Annual commitments1 | AUS $333MM | £667MM | US $3.3B |
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The UK Legal Industry generated revenues of £37.1bn in 2019, up 4.8% on 2018 – an all-time record, according to data released today by the Office of National Statistics. To put this in context, overall 2019 UK Services Industries turnover was £2.3tn, up 3.5%.
Legal Industry Activity Looking at activity specifically in the UK Legal industry (Solicitors, Barristers and Patent Agents), turnover in Q4 of 2019 was the highest on record at £10.1bn, the first time the £10bn barrier has been breached for legal services. This was up 11% from Q4 2019. And Legal Services now accounts for 1.6% of UK Services output for the full year 2019. To compare, Accounting Services (accounting, auditing, bookkeeping and tax, i.e. not including consulting) generated £8.2bn in Q4 2019.o Indemnities have a cost and their cost should be used to determine investor returns | o Depending on how indemnity performance is measured, it has the ability to skew portfolio performance |
Key Highlights Offered in the Report:
Key Offerings:
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Alternative Legal Service Providers Market in US – Segmentation
Market Segmentation by Providers
Market Segmentation by Services
Market Segmentation by End-users
Alternative Legal Service Providers Market in US – Dynamics
Companies in the US have, for quite long, had a higher proportion of legal spending than other countries in the rest of the world. Companies in the country spend 170% more on these services when pitted against global companies with banking, real estate, and technology topping the list of spends by industry. The high spends are attributed to the fact that the US has a heavier litigious climate. Apart from that, it is characterized by widely varying laws and complexities in every state driving up volumes in terms of legal advice required. Further, the pay of legal practitioners also tends to be higher in the country with expensive billable hours, demonstrating demand. Another indicator of the growth of the legal industry is the reversal of the decline of legal employment and law school applications in 2018, post years of flat or deteriorating levels.
Key Drivers and Trends fueling Market Growth:
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Major Vendors
Other vendors include - BlackStone Discovery, Clifford Chance, Consilio, Driven, Epiq, Everlaw, Exigent, Greenberg Traurig, Integreon, KLDiscovery, LegalZoom, Lawyers on Demand (LoD), Mindcrest, Reed Smith, Legility, Lumen Legal, Morae Global, Orrick, QuisLex, and Thomson Reuters.
ELEV8: Litigation Finance conference unveils the latest investment opportunities and trends in the exploding litigation market that has grown by over 400% in the last 5 years. For investors, litigation finance presents a vehicle to deploy capital uncorrelated to equity or debt markets, with the opportunity to realize significant returns. The conference connects investors, law firms, plaintiff, thought leaders and regulatory agencies in order to facilitate actionable dialogue and foster a robust entrepreneurial ecosystem. In support of that mission, we sponsor an ongoing effort to share information and build confidence in deal making to accelerate the growth of litigation finance.
We’re announcing the program on February 15th, and in advance of that release we’re reaching out to key organizations that would benefit from participating in the program and supporting the growth of the industry.
Hear from authoritative speakers and experts on litigation finance. Close deals, network, and learn about this exploding industry and the current state of litigation financing opportunities over the next 12 months.
Participants include decision-makers with the following roles and titles: Private Equity Investors, Hedge Fund Investors. Corporate C-Suite Executives. General Counsel, Chief Litigation Counsel, Intellectual Property Executives, Strategic Advisors, Inventors, Analysts and Media, Technology Transfer Executives, Law Firm Litigators & Attorneys, Bankruptcy Attorneys, Arbitrators and Mediators, Insurance Executives, Litigation Finance Investors and organizations interested in understanding the rapidly growing litigation finance market.
To contact our team and learn more please click here.