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Announcements Commercial

Litigation Funding Investment Market Report 2019 Analysis By Major Players; Sydney-based IMF Bentham Ltd., and Apex

The research report, titled “Global Litigation Funding Investment Market Size and Forecast to 2024,” proposes an evaluation of this market on the basis of its history as well as the present-day performance. The report further emphasizes on each of the topographical segments. The principal driving forces, restrictions, hindering factors, key trends, opportunities, and future prospects of the global market have also been taken into consideration in this market study. Get The Sample Copy Here @ https://bit.ly/331GTv2 Some of the key players operating in this market include: Sydney-based IMF Bentham Ltd., Apex Litigation Finance, and Many More. The report firstly introduced the Litigation Funding Investment market basics: definitions, classifications, applications and industry chain overview; industry policies and plans; product specifications; manufacturing processes; cost structures and so on. Then it analyzed the world's main region market conditions, including the product price, profit, capacity, production, capacity utilization, supply, demand and industry growth rate etc. In the end, the report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand Figures, cost, price, revenue and gross margins. The report includes six parts, dealing with: 1) Basic information 2) The Asia Litigation Funding Investment market. 3) The North American Litigation Funding Investment industry. 4) The European Litigation Funding Investment industry. 5) Market entry and investment feasibility. 6) The report conclusion. TABLE OF CONTENT: •Industry Overview of Litigation Funding Investment Market •Manufacturing Cost Structure Analysis of Litigation Funding Investment Market •Technical Data and Manufacturing Plants Analysis of Litigation Funding Investment Market •Global Litigation Funding Investment Market Overview •Litigation Funding Investment Market Regional Market Analysis •Global (2019-2024) Litigation Funding Investment Market Segment Market Analysis (by Type) •Global (2019-2024) Litigation Funding Investment Market Segment Market Analysis (by Application) •Major Manufacturers Analysis of Litigation Funding Investment Market •Development Trend of Analysis of Litigation Funding Investment Market •Consumers Analysis of Litigation Funding Investment Market •Conclusion of the Global Litigation Funding Investment Market Professional Survey Report 2019 Full Report Description @ https://bit.ly/331GTv2 About us Market research is the new buzzword in the market, which helps in understanding the market potential of any product in the market. This helps in understanding the market players and the growth forecast of the products and so the company. This is where market research companies come into the picture. Reports And Markets is not just another company in this domain but is a part of a veteran group called Algoro Research Consultants Pvt. Ltd. It offers premium progressive statistical surveying, market research reports, analysis & forecast data for a wide range of sectors both for the government and private agencies all across the world. Contact Us: Sanjay Jain Manager - Partner Relations & International Marketing info@reportsandmarkets.com Ph: +1-214-736-7666 (US) +1-352-353-0818 (US) This release was published on openPR.
Announcements Commercial

Crowdfunding Litigation Market Industry: global market trends, share, size and forecast report 2019-2024

Global Crowdfunding Litigation Market Report 2019 is a professional and in-depth research report on the world's major regional market conditions of the Crowdfunding Litigation industry, focusing on the main regions (North America, Europe and Asia) and the main countries (United States, Germany, Japan and China). Get The Sample Copy Here @ bit.ly/2K3XzLb Some of the key players operating in this market include: AxiaFunder’s, Burford Capital,and IMF Bentham The report firstly introduced the Crowdfunding Litigation market basics: definitions, classifications, applications and industry chain overview; industry policies and plans; product specifications; manufacturing processes; cost structures and so on. Then it analyzed the world's main region market conditions, including the product price, profit, capacity, production, capacity utilization, supply, demand and industry growth rate. In the end, the report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis. The report includes six parts, dealing with: 1) Basic information 2) The Asia Crowdfunding Litigation market. 3) The North American Crowdfunding Litigation industry. 4) The European Crowdfunding Litigation industry. 5) Market entry and investment feasibility. 6) The report conclusion. TABLE OF CONTENT:
    • Industry Overview of Crowdfunding Litigation Marke
    • Manufacturing Cost Structure Analysis of Crowdfunding Litigation Market
    • Technical Data and Manufacturing Plants Analysis of Crowdfunding Litigation Market
    • Global Crowdfunding Litigation Market Overview
    • Crowdfunding Litigation Market Regional Market Analysis
    • Global (2019-2026) Crowdfunding Litigation Market Segment Market Analysis (by Type)
    • Global (2019-2026) Crowdfunding Litigation Market Segment Market Analysis (by Application)
    • Major Manufacturers Analysis of Crowdfunding Litigation Market
    • Development Trend of Analysis of Crowdfunding Litigation Market
    • Consumers Analysis of Crowdfunding Litigation Market
    • Conclusion of the Global Crowdfunding Litigation Market Professional Survey Report 2019
Full Report Description @ bit.ly/2K3XzLb
Category: Market Research Publishers and Retailers
Company about: Reports And Markets are part of the Algoro Research Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Are you mastering your market? Do you know what the market potential is for your product, who the market players are and what the growth forecast is? We offer standard global, regional or country specific market research studies for almost every market you can imagine ...

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Commercial

Enforcement in the UK is a Growing Problem

With no automatic enforcement mechanism in place and only 60% of awards under £10,000 being fully enforced, the UK is experiencing a crisis of enforcement. Given that litigation funders must take collection risk into account when proposing an investment thesis, it's worth examining the current enforcement climate in the UK in greater detail. As reported in The Law Gazette, if the defendant fails to pay a court order, the claimant must return to the court and file additional forms (which carry additional fees) merely to enforce the judgment. In small-claims cases, this becomes so burdensome that the aforementioned 60% of awards are never claimed. One solution bandied about is the digitization of the enforcement process. In fact, HMCTS’s £1bn courts and tribunals reform program is set to do just that. The only catch? The program isn't due to come online until 2023. In the meantime, Lord Justice Briggs - who called the issue of enforcement the 'Achilles heel' of the court system in his 2016 civil court review - has appealed for a broader approach to centralizing the process, including the launch of an Online Court to resolve disputes up to £25,000. Unfortunately, given the inherent complexities of enforcement, not many are holding their breath. In higher-value cases - especially cross-border disputes - forms and filing fees are the least of a party's concerns. Take the ongoing saga of Russian oligarch Farkhad Akhmedov's ex-wife Tatiana, who partnered with Burford Capital to enforce a £453 million divorce settlement. Part of the settlement includes impounding Akhmedov's super-yacht, the M.V. Luna, which was slated for collection until a Dubai court overruled the UK High Court's decision to impound. All of this, and we haven't even touched on Brexit, which will surely throw a monkey wrench into the enforcement mechanism of UK courts. Until some form of harmonization takes place, funders will have to account for the added risk of enforcement.
Announcements Commercial

China Lending Forges Partnerships to Accelerate the Development of Its Consumer Financing Business and Expand into Litigation Guarantee Business

BEIJING, URUMQI, China and HANGZHOU, China, July 29, 2019 /PRNewswire/ -- China Lending Corporation ("China Lending" or the "Company") (NASDAQ: CLDC), a non-bank financial corporation servicing micro, small and medium sized enterprises in China, today announced that it has entered into a five-year strategic partnership with Zhong Lian Jin An Insurance Brokers Co., Ltd. ("ZLJA"), a leading insurance brokerage company in China with over 90 branches across the nation. The partnership will enable both companies to further expand each other's customer bases and to develop superior, customized consumer financing and insurance products by leveraging their industry expertise, service capabilities, and industry networks. China Lending will utilize its market resources to help ZLJA to effectively expand and manage its insurance customer base and sales channels. In return, ZLJA will leverage its existing customer base to identify potential sales leads for the Company's consumer financing services. The Company also facilitated a tripartite cooperation agreement between ZLJA, Urumqi Haoyi Yuntian Information Technology Co., Ltd. ("Haoyi Yuntian"), a business partner of China Lending, and Gongdao Network Technology Co., Ltd. ("Gongdao") which is focused on developing online litigation solutions. Pursuant to the cooperation agreement, ZLJA will acquire customers seeking litigation guarantee insurance products from Gongdao's online litigation portal and serve as the exclusive insurance broker for such customers in the Xinjiang Uyghur Autonomous Region, and Haoyi Yuntian will provide intellectual property support for the litigation guarantee insurance business. China Lending expects to benefit economically from the transactions by virtue of its partnerships with ZLJA and Haoyi Yuntian. Ms. Jingping Li, co-founder and chief executive officer of China Lending, commented, "We believe that our partnerships with both ZLJA and Gongdao will facilitate our expansion into the insurance business in the Xinjiang Uyghur Autonomous Region. We expect that such expansion will enable us to expand our customer base, diversify our revenue streams, and explore additional monetization opportunities. Our partnerships with industry leaders such as ZLJA and Gongdao are representative of our ongoing efforts to expand into new business verticals while enhancing the quality of our product offerings. Going forward, we will continue to focus on cultivating synergies with our partners. We will also continue to explore new business opportunities with our partners to expand our customer bases and increase our market share while promoting the mutual development of our businesses." About China Lending Corporation  Founded in 2009, China Lending is a non-bank financial corporation and provides comprehensive financial services to micro, small and medium sized enterprises, and individuals. China Lending has headquarters in Urumqi, the capital of Xinjiang Autonomous Region, and Hangzhou, the capital of Zhejiang province. For more information, please visit: www.chinalending.com. Safe Harbor Statement  This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among others, the consummation of the proposed partnership, and can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations of the consummation of the proposed partnership, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. IR Contact: 
At the Company:
Katrina Wu
Email: wuxiaoqing@chinalending.com 
Phone: +86-991-316-9617 Investor Relations:
Jack Wang
ICR Inc.
Email: ICR-TMT@icrinc.com 
Phone: +1 646-224-6936 SOURCE China Lending Corporation

Related Links

http://www.chinalending.com
Announcements Commercial

Collective Action Led by Scott+Scott Europe LLP Launched in the UK Against Major Banks for Foreign Exchange Market Manipulation

London – 29 July, 2019 – A collective action under the Consumer Rights Act 2015 was filed today in the UK’s Competition Appeal Tribunal (CAT) by Scott+Scott Europe LLP against five banks who unlawfully manipulated the foreign exchange (FX) market between 2007 and 2013. The representative of the claimant group, Michael O’Higgins, has filed against Barclays plc, Citibank, Royal Bank of Scotland plc, JPMorgan and UBS on behalf of affected entities, including pension funds, asset managers, hedge funds and corporates. This collective action is being funded by Therium Capital Management, a leading global litigation funder. This legal action follows the European Commission’s (EC) ruling on 16 May 2019 that the above banks had violated EU competition law. The five banks have now been fined more than $8.5bn collectively by eleven regulators globally. The EC held that the banks had exchanged commercially sensitive information and trading plans, coordinating their trading strategies via two cartels. The claim is being brought through the CAT as a collective action on an opt out basis so that all eligible affected entities will benefit from any damages awarded without incurring the prohibitive and duplicative costs of bringing individual claims and without the class having to pay legal fees and costs from any recovery. Michael O’Higgins, director of Michael O’Higgins FX Class Representative Limited, the company set up to bring this claim, is the former Chairman of the Pensions Regulator. He is currently Chairman of the Local Pensions Partnership and of the Channel Island Competition and Regulatory Authorities. “The fines imposed on the banks by the European Commission were an important first step, but they will not compensate those who were damaged or suffered losses. Just as compensation has been won in the US, our legal action in the UK will seek to return hundreds of millions of pounds to pension funds and other corporates who were targeted by the cartel,” said O’Higgins. O’Higgins has instructed Scott+Scott Europe LLP, a specialist dispute resolution firm whose solicitors have extensive expertise in competition litigation. Its US affiliate, Scott+Scott Attorneys at Law LLP, originated and led a class action in the United States against fifteen banks for manipulating the FX market, obtaining over $2.3bn in settlements for which final approval was granted on 6 August 2018.  The Class Representative has also instructed a highly experienced barrister team from Brick Court Chambers led by Daniel Jowell QC. “The FX class action in the US led to widespread relief,” said David R. Scott, Managing Partner of Scott+Scott. “Our experience with this litigation gives us a tremendous advantage in pursuing this case on behalf of victims in the UK and abroad so that they also receive fair and equitable compensation.  Michael O’Higgins’ experience in the pensions industry, which the banks specifically targeted, make him ideally placed to run this claim on behalf of this class.” Who is Eligible? If your business is UK domiciled, and has entered into relevant FX transactions, it is automatically included within the class. If your business has entered into relevant FX transactions but is not UK domiciled (and is not US, Canadian or Australian domiciled), you can formally opt in via www.UKFXcartelclaim.com as soon as the claim is certified. Will there be any costs for class members? Class members will not pay costs or fees to participate in this legal action. The legal action is being funded by Therium Capital Management, a leading global third-party litigation funder, which has funded a large number of high-profile group legal actions in the UK and abroad. In addition to this, Michael O’Higgins FX Class Representative Limited has taken out after-the-event insurance to cover the defendants’ costs in the event that the claim is unsuccessful. For additional information or to register interest please visit the collective action website: www.UKFXcartelclaim.com About Scott+Scott Attorneys at Law LLP Scott+Scott has significant experience prosecuting antitrust, arbitration and securities cases throughout the United States and Europe.  The firm represents corporations, pension funds, foundations, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.  For more information, visit www.scott-scott.com or call +1.800.404.7770 1)         Michael O’Higgins is the current Chairman of the Local Pensions Partnership, of the Channel Islands Competition and Regulatory Authorities.  He has previously been Chairman of the Pensions Regulator, Chairman of the NHS Confederation, Chairman of the Audit Commission, Non-Executive Director and Chair of the Audit Committee for Her Majesty’s Treasury, Chairman of Centrepoint, Managing Partner of PA Consulting, a partner at Price Waterhouse (now PwC) and an academic at various universities including the University of Bath, the London School of Economics, the Australian National University, and Harvard University. 2)         Michael O’Higgins FX Class Representative Limited is the legal entity that has filed a collective action with the UK Competition Appeal Tribunal (CAT) under the Consumer Rights Act 2015.  Michael O’Higgins is the sole director and sole member of the company which is incorporated in England & Wales. 3)         Scott+Scott Attorneys at Law LLP was lead counsel in the US class action first filed in 2013, relating to manipulation of the FX market. The firm secured a USD2.3bn settlement from 15 banks involved, which include HSBC, Barclays, RBS, UBS, BNP Paribas and Deutsche Bank. The firm considered the UK case on an individual basis but counseled its clients to go with a collective action as there will be no fees taken from their potential recovery. 4)         The UK Consumer Rights Act was passed in March 2015 and introduced the possibility of mounting ‘opt-out’ collective actions in breaches of competition law. The Act enables groups that have been wronged in a similar way to recover losses without any risk or expense. All affected UK entities are included in the claim under the ‘opt-out’ system and are therefore able to claim from the aggregate pool of damages. 5)         Therium Capital Management is a leading global provider of litigation, arbitration and specialty legal finance active in England and Wales and internationally since 2009.  Over that period, Therium has funded claims with a total value exceeding $36 billion, including many of the largest and most high-profile funded cases in the UK.  The firm has investment teams in the UK, USA, Australia, Spain, Germany and Oslo, supplementing its resources in its corporate headquarters in Jersey, Channel Islands.  Therium is a founder member of the Association of Litigation Funders of England and Wales.  www.therium.com
Announcements Commercial

Proskauer Director Joins Augusta as Chief Operating Officer

Augusta, the UK’s largest litigation and dispute funding institution by case volume - with a team of 70 in London - today announces the appointment of Polly Bahl as Chief Operating Officer, based in London. Polly joins from US law firm Proskauer Rose where, as London Director of Professional and Administrative Resources, she coordinated a range of operational functions. A solicitor by training, Polly qualified with SJ Berwin (now King & Wood Mallesons) where she became a partner specialising in private investment funds, a role which latterly incorporated various operational responsibilities.

Polly’s hiring is the latest addition to Augusta’s senior team following the recent arrivals of Gowling WLG Partner James Foster as Head of International Arbitration and FTI Consulting Managing Director Leor Franks as Chief Marketing Officer. These additions reflect Augusta’s ongoing growth and increasing client demand for dispute and litigation funding. Commenting on the appointment, Louis Young, Managing Director at Augusta, said: “We’re delighted to welcome Polly to Augusta. We’ve been looking to fill this role for some time, and with her wide experience of corporate functions including Risk, IT, HR and Finance and her legal background, Polly will play a key role in this important phase of our growth”. Polly Bahl commented: “I’m really pleased to be part of the continued expansion of Augusta’s operations given the exciting opportunities for further development in the UK and internationally. I’m very much looking forward to working with Augusta's capable team and to help further develop a leading player in litigation and dispute funding”.

About Augusta Ventures:

- Established in 2013, Augusta is the largest litigation and dispute funding institution in the UK by # cases with a team of 70 in London and 85 worldwide. Augusta’s scale enables us to make decisions in market-leading timeframes and fund cases of any size. - Augusta is organised into a series of specialist practice groups: Arbitration, Class Action, Competition, Consumer, Intellectual Property and Litigation, and sectors including Financial Services and Construction & Energy. - By the end of H12019, Augusta had funded 213 claims with a market-leading win ratio of over 80%. - Augusta recently announced £25m funding deals with international law firm Pinsent Masons and leading litigation law firm HFW.

Announcements Commercial

MENA’s Pre-Eminent Financial Restructuring Summit Returns to Dubai This September

Dubai: Middle East Global Advisors, a leading financial intelligence platform spearheading the development of knowledge-based economies in the MENASEA markets, will convene The 2nd Annual Corporate Restructuring Summit (CRS 2019) - the MENA region’s pre-eminent Debt Restructuring and NPL-focused Summit, in strategic partnership with Abu Dhabi Global Market (ADGM) on September 11-12 at the Address Dubai Mall in Dubai, UAE. Addressing the theme of “Emergence of New Alliances: Managing Debt & Non-Performing Loans”, the summit’s vision is to facilitate an enabling environment to address the key challenges associated with financial restructuring of corporate debts, effective management of non-performing assets and enabling capital adequacy and profitability through exploring mergers & acquisitions. As a strategic partner of the Summit, Steve Barnett, Executive Director, Business Development, Abu Dhabi Global Market said, “In today’s complex and increasingly volatile marketplace, companies need a stable and conducive environment to grow their businesses. As an innovative and progressive International Financial Centre, ADGM provides a holistic suite of business and licensing solutions, a robust regulatory platform and world-class legislation for entities and corporates to operate efficiently, restructure their business effectively and achieve their ambition in Abu Dhabi, the Middle East and beyond. We look forward to meeting the banks, corporates, funds and restructuring specialists to discuss and exchange insights of current challenges of restructuring and strategic reorganisation of finance and debt-related matters." Following the oil price slump in 2014, numerous industry sectors – predominantly oil & gas, real estate and construction experienced substantial liquidity shortage, leaving corporates heavily invested in these sectors and reliant on Government spending with diminishing profits and an inability to service existing debt exposures and project finances, spiking up the region’s NPL portfolios. In consequence, corporate workouts and financial restructuring have become the norm to aid organizations with troubled balance sheets to combat debt delinquencies and defaults. The recent wave of restructuring reforms in the GCC with UAE issuing the Bankruptcy Law in 2016 - the first of its kind in the region and one at par with international insolvency standards - aims at modernising the existing regime to offer debtors greater opportunities for reorganisation, provide simplified liquidation process, ensure fair treatment of creditors, all of which will boost investor confidence enabling FDIs into the region. Economic stability continues to be a high-priority for the UAE with His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minster of the UAE and Ruler of Dubai, enacting a new DIFC Insolvency Law that will come into effect in August 2019 as it aims at balancing the needs of all stakeholders in the context of distressed and bankruptcy related situations in DIFC. Adding to the ongoing wave of regulatory reforms in GCC’s financial sector, Saudi Arabia and Bahrain introduced their respective bankruptcy laws in 2018, encouraging corporate reorganisation over liquidation. In Saudi Arabia, with the National Transformation Programme 2020 and Vision 2030 setting the stage for major transformation with the aim of optimizing the Kingdom’s business & investment climate, the Bankruptcy Law was introduced as part of Saudi Arabia’s regulatory reforms with the aim of further strengthening the Kingdom’s business environment. To broaden the perspective on Saudi Arabia’s transformation drive, the summit will see an Opening Keynote address by Dr. Fahad Alshathri, Deputy Governor – Supervision, Saudi Arabian Monetary Authority (SAMA) assessing the state of the credit market and measuring the impact of corporate debt on the global and regional economy. The summit will also play host to Mr. Majed Al-Rasheed, Secretary General, Bankruptcy Commission as he shares insights in the Regulators’ Panel focusing on Driving economic growth via FDIs, M&As and minimizing bad debt portfolios. Among the first organizations to avail and benefit from the Saudi Bankruptcy Law, was Ahmad Hamad Algosaibi & Brothers (AHAB), in their bid to achieve successful financial restructuring involving 100+ creditors, following a 10-year long settlement process. Speaking ahead of the Exclusive CEO’s panel, Simon Charlton, Chief Restructuring Officer & Acting Chief Executive Officer, Ahmad Hamad Algosaibi & Brothers said, “The process of social and economic reform in Saudi Arabia under the guidance of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz continues with pace. One of the more significant economic/business developments in the past twelve months has been the enactment of the new Bankruptcy law. Since the beginning of 2019 we have seen the first uses of the New Saudi Arabian Bankruptcy Law; debtors and creditors are availing themselves of the tools and protections of this new law. There are a number of very high profile cases currently before the courts and this is a serious and robust test of this new law and there is significant interest in Saudi Arabia and internationally as to how effective the new procedures for protective settlement, financial restructuring and liquidation will be and how the courts and the various professionals involved particularly Bankruptcy trustees will perform.” Speaking ahead of the regulators panel, Adnan Ahmed Yousif, Chairman, Bahrain Association & Banks and President & Chief Executive, Al Baraka Banking Group expressed, “In the wake of several countries that have had the misfortune of succumbing to the aftermath of a financial crisis, difficulties faced by financial institutions and corporates, and resulted accumulation of NPLs, the 2nd Annual Corporate Restructuring Summit gains substantial importance for both financial institutions and regulators and other governmental bodies. I am honored to be part of an esteemed panel and look forward to discuss Bahrain’s efforts in fostering a supportive environment for businesses in varying stages of its lifecycle, a strong factor that will attract FDIs into the region. In addition, I would like to discuss the different strategies adopted by Bahraini Banks to combat the challenge of NPLs, asset quality and capital adequacy.” If the challenge of rising non-performing assets is not addressed, it can cripple banks’ cash flows and lending abilities, with serious negative consequences reflected throughout the economy. As banks look for ways to clean their balance sheet and dispose non-core assets, they drive opportunities for mergers and acquisitions (M&As) and establishment of distressed loan sale market for potential buyers and sellers. Speaking ahead of the panel on Managing NPL portfolios & driving down regional average, Manoj Chawla, Group Chief Risk Officer, Emirates NBD said, “As the MENA market becomes more sophisticated with respect to debt restructurings there are new and innovative solutions to address the NPL portfolio of local lenders. We are increasingly seeing local lenders explore portfolio-based solutions, debt for equity swaps, secondary market sales and litigation financing as means to address their ever growing NPL books. The local banks are now also better equipped than earlier to deal with distressed situations with experienced work out teams and more advanced risk management procedures. Lenders are also identifying issues early and seeking to work with their customers to address problems in an objective manner.” Key Industry Veterans from leading banks and corporates will headline The Corporate Restructuring Summit 2019 as it aims to spearhead discussions gravitating around the three high-stake areas of effective NPL management, debt restructuring and Mergers & Acquisitions.The confirmed industry leaders at the summit include: Dr. Fahad Alshathri, Deputy Governor - Supervision, Saudi Arabian Monetary Authority (SAMA); Tareq A. Al-Sadhan, Chief Executive Officer, Riyad Bank; Richard Hinchley, Chief Risk Officer, The Saudi British Bank (SABB); Mike Grant, Chief Restructuring Officer, Drake & Scull; David McDiarmid, Partner, Resolute Asset Management; Bruno Navarro, Senior Adviser, Rothschild, Managing Director, IPSO FACTO; Richard Clarke, Senior Vice President – Business Development and Mergers & Acquisitions, GEMS Education; Mohammed Riaz, Head of Financial Restructuring Department, Kuwait Finance House Bahrain; Esteban Buljevich, Head of Special Assets & Restructuring Department, Abu Dhabi Commercial Bank; Naveed Kamal, Corporate Bank Head Middle East & North Africa (MENA), Citi; Amine Antari, Managing Director, Kroll & Sassan Hatam, Partner, Roland Berger, among others. Key Features at CRS 2019 include: Keynote Addresses on bolstering economic growth in the MENA by fostering a conducive environment for doing business & transaction forecasts for MENA 2021; Exclusive CEO’s Panel analyzing some of MENA’s biggest workouts; Regulators Panel on driving economic growth via FDIs, M&As and minimizing bad debt portfolios; Key Panels focused on mergers, acquisitions and divestiture, distressed investing and NPL servicing platforms, managing NPL portfolios and driving down regional average & more. Partners at CRS 2019 include Resolute Asset Management, Eyad Reda Law Firm, Roland Berger, Kroll & Omni Bridgeway. The summit’s Bankruptcy Regulatory Partner is Bankruptcy Commission, Association Partner is Saudi Banks while CNBC Arabia is the Official Broadcast Partner. The summit is expected to draw participation from over 300 prominent banks, corporates, legal-advisory firms, hedge funds, investment banks and debt restructuring specialists from across the MENA onto one platform by spearheading actionable debate, impactful change and high-level outcomes. To find out more about CRS 2019, please visit: www.crs19.com Join the global conversation on Twitter at: @CorpRS #CorpRestructure19 ABOUT THE CORPORATE RESTRUCTURING SUMMIT (CRS) The Corporate Restructuring Summit is an initiative of Middle East Global Advisors, the first of its kind that aims to explore innovative approaches to corporate debt restructuring and NPL management in context of the complex market dynamics in the Middle East North Africa (MENA) region. The summit will gather banks, corporates, legal-advisory firms and debt restructuring specialists from across the MENA onto one platform by spearheading actionable debate, impactful change and high-level outcomes. To find out more, visit www.crs19.com  or follow us on Twitter @CorpRS ABOUT MIDDLE EAST GLOBAL ADVISORS (MEGA) Connecting markets with intelligent insights & strategic execution since 1993 Middle East Global Advisors (MEGA) is the leading gateway connectivity and intelligence platform to Islamic finance opportunities in the rapidly developing economic region that stretches all the way from Morocco in the West to Indonesia in the East- The Middle East North Africa Southeast Asia (MENASEA) connection. For 26 years, our exclusive focus on achieving business results for the Islamic finance industry has enabled us to create significant value for the leading players in the Islamic banking, finance and investment markets. Visit us at www.meglobaladvisors.com  or follow us on Twitter @meglobaladvisor Aanchal Dhawan Marketing Manager Middle East Global Advisors Tel: +971 4 441 4946 Email: aanchal@meglobaladvisors.com
Commercial

Law Firm Financing in the Wake of the NYC Bar Opinion

Last year, the New York City Bar Association issued an advisory opinion suggesting that funding agreements between lawyers and third party funders violates ABA Model Rule 5.4(a), which prohibits fee sharing with non-lawyers. The opinion has sparked furious debate (and much consternation) in the litigation funding community ever since. But practically speaking, how has the NYC Bar's opinion impacted law firm funding? As reported in Above the Law, the Bar's opinion - although strictly advisory in nature - has the potential to sway law firms on the issue of whether or not to seek funding, given such a strict interpretation of Rule 5.4(a). The key issue at the heart of Rule 5.4(a) is the independence of the lawyer when accepting outside funding. To that end, recourse funding has never been prohibited, given that it is widely understood most businesses need recourse funding (loans) in order to expand. Yet it can be argued that non-recourse funding (i.e. third party funding) may restrict a lawyer's independence, given that repayment is contingent on the outcome of the case, which incentivizes the funder to intervene in case strategy. Of course, the funding community counters that its funding agreements render them passive investors, and that the terms therein stipulate that they will not exert control over case strategy. Yet suspicions to the contrary persist. And clearly the NYC Bar wanted to make a statement that in terms of ethical concerns, non-recourse funding is to be treated differently from recourse funding. Although many in the funding community are crying foul over that logic. Although the NYC Bar has no intention of revisiting its opinion, it has established a Litigation Funding Working Group to examine an ethical framework for third party funding. The Working Group's findings are due to be released later this year.
Commercial

Should Litigation Funders Worry About Kirkland’s Push into Contingency-Fee Litigation?

Recently, law firm Kirkland & Ellis announced a ten-fold increase in investment dollars towards contingency-fee plaintiff-side claims. Alternative fee arrangements have been the most profitable component of the law firm thus far, so management figures 'why not roll the dice' on what's already been working? The question now is: is Kirkland's approach a harbinger of things to come? And if so, how will this impact litigation funders down the road? As reported in Big Law Business, litigation funders have long provided a platform for traditionally risk averse law firms to expose themselves to more risk. While this has turned funding into an extremely profitable industry, it has also created a bit of a double-edged sword. After all, if big law firms like Kirkland start taking on more risk, what do they need litigation funders for? Longford Capital co-founder Michael Nicolas notes this concern, but insists we're not anywhere near a tipping point at the moment. He points out that Kirkland made headlines with its announcement precisely because its decision is so unique. If other big law firms were doing what Kirkland is doing, no one would have batted an eye. The argument essentially is that Big Law is slow to change, and there are still major gaps in the market; namely, the skyrocketing cost of lawsuits which restricts access to justice. As long as those gaps exist, funders have a place at the table. Of course, as Nicolas further notes, in a fully-efficient market, Big Law would actually be competing with litigation funders. They have the money and manpower to adopt the added risk of contingency-fee claims, as Kirkland is now doing. Which means that by exposing Big Law to outsized risk (and the outsized returns that come with it), litigation funders may in fact be breeding their eventual competitors.
Announcements Consumer

Legal-Bay Pre Settlement Funding Preparing For Numerous Bayer Lawsuits

JERSEY CITY, N.J., July 22, 2019 /PRNewswire/ -- Legal-Bay LLC, The Pre Settlement Funding Company, announced today that they have recently seen an increase in Essure birth control lawsuits, and are preparing for numerous presettlement payouts in the coming months.

The Essure brand birth control device is put out by Bayer, who is accused of knowingly distributing a faulty product. More than 17,000 plaintiffs have claimed serious pain and suffering from broken devices including device migration and perforated organs. Bayer continues to deny any wrongdoing and stands by the safety of its product, with all intentions of defending itself against the many lawsuits already filed, and the many more sure to come.

In spite of past dismissals, California, Illinois, and Pennsylvania courts are currently selecting bellwether trial cases and setting court dates. The largest number of pending cases is in California, and their courts have compiled the largest collection of documents and information regarding the Essure devices. California and Pennsylvania are looking to try their cases sometime in 2019, while Illinois courts have already set a trial date, albeit not until 2020.

Chris Janish, CEO of Legal-Bay commented, "Legal-Bay has seen an increase in the filings for Bayer's Essure device. While there are no settlements or jury verdicts in these lawsuits, we nevertheless remain committed to assisting plaintiffs with their presettlement cash advance needs."

If you are involved in an Essure birth control lawsuit and are looking for presettlement cash now, you can fill out an application at: http://lawsuitssettlementfunding.com

Legal-Bay is a leading personal injury pre-settlement advocate, and works directly with many of the top mass tort law firms to provide the best pre-settlement cash advance rates in the industry in as little as 24 – 48 hours. If you do not have an attorney, Legal-Bay can assist you with retaining a top lawyer or law firm that specializes in Essure cases.

All of Legal-Bay funding programs are risk-free as you only repay the advance if your case is successful. The non-recourse advance is not a lawsuit loan, lawsuit loans, pre settlement loan, or pre-settlement loans.

Please apply online at:  http://lawsuitssettlementfunding.com or call the company's toll free hotline at: 877.571.0405 where agents are standing by.

Source:  Legal-Bay LLC

Commercial

How Dividex Packaged a Pair of Danish Class Actions for Litigation Funding

Dividex, the international securities class action broker and case manager, wanted in on a Novo Nordisk class action after the stock shed over $50B in the wake of fraud allegations. The only problem? No litigation funders would bite, given that the Danish Pharma company would have to face the scales of justice on its home turf (international securities actions can no longer be tried in the U.S., pursuant to a 2010 Supreme Court decision). And since funding is needed to get an international securities action off the ground, the deal was dead in the water. Until, that is, Dividex packaged the deal into its own version of a portfolio funding arrangement. As reported in Institutional Investor, Dividex is run by Irwin Schwartz, an attorney who founded law firm BLA Schwartz. Schwartz formed Dividex in 2013 after recognizing a gap in the market - international securities actions cost money to get moving, and funders don't typically have the time or means to source deals themselves (sourcing requires investigating precipitous stock drops and tying those to corporate malfeasance). Hence, Dividex acts a broker and case manager. Schwartz wanted the Novo Nordisk deal, so he bundled it with another high profile Danish securities claim - the Danske bank case (the banks was accused of facilitating Russian money laundering). Schwartz wrangled two of the nation's largest pensions - CalSTRS and the Teacher Retirement System of Texas into the portfolio funding deal. He also secured funding from IMF Bentham, which agreed to accept a fee structure based on the losses of all institutions who participate in the deal (as opposed to a straight back-end percentage or investment multiple). This is the first known case of U.S. institutions grouping together to partner with funders on an international case. Now that Schwartz has broken the mold, expect more examples to follow suit.
Announcements Consumer

Legal-Bay Pre Settlement Funding Focusing On IVC Filter Cases

JERSEY CITY, N.J., July 17, 2019 /PRNewswire/ -- Legal-Bay LLC, The Pre Settlement Funding Company, announced today that they continue to see a large volume of IVC filter patients needing cash advances. Top IVC filter manufacturers have recently lost bellwether trials, and Legal-Bay believes this could signal a shift toward settling pending cases within the upcoming months. IVC filters are devices which inhibit blood clots in patients, preventing pulmonary embolisms. 80% of the filters sold are put out by C.R. Bard and Cook, and juries in recent litigation are finding that many of these devices are proving defective. Plaintiffs claim they are dealing with perforations, shifting after implantation, filter fractures, and general ineffectiveness. Cook specifically has already lost a major trial when an Indianapolis jury awarded $3 million to a woman who suffered a cardiac injury from her faulty IVC filter. And with mass tort filings in Florida, Pennsylvania, and California state courts, many more bellwether trials are slated to occur. *As of June 2019, there have been over 9,000 IVC cases filed nationwide.  Chris Janish, CEO of Legal-Bay, commented, "We are seeing a lot of applications regarding IVC plaintiffs needing lawsuit cash as trials with Bard and Cook loom closer. To date, no settlements have occurred and there are no assurances that Bard or Cook will settle their claims or for what values. Regardless, we continue to aid plaintiffs who've suffered injuries from these devices." If you are involved in an IVC lawsuit and are looking for a pre-settlement cash advance now before your case settles, you can fill out an application form at the company's website: http://lawsuitssettlementfunding.com Legal-Bay is a leading personal injury pre-settlement advocate, and works directly with many of the top mass tort law firms to provide the best pre-settlement cash advance rates in the industry in as little as 24-48 hours.  They urge people who have not yet contacted a lawyer to reach out now; Legal-Bay can assist you with retaining a top IVC lawyer or law firm that works with clients who need funding. All of Legal-Bay's funding programs are risk-free as you only repay the advance if your case is successful. Please apply online at: http://lawsuitssettlementfunding.com or call: 877.571.0405
Announcements Commercial

Canadian Innovator JL Energy Transportation Inc. Successfully Defends Patent Challenge From Major Canada/US Pipeline and Gas Processing Companies

CALGARY, July 17, 2019 /CNW/ - JL Energy Transportation Inc. ("JETI", more: www.jlenergy.com) announces that it has successfully defended a Federal Court challenge to its gas transportation patent, with the Court confirming the validity of its key patent terms. This endorsement clears the way for JETI's continuation of its license and patent infringement claims against an alliance of major Canadian and US pipeline and gas processing companies. The defendant companies currently include: Alliance Pipeline Limited Partnership, Alliance Pipeline Ltd., Alliance Pipeline L.P., Alliance Pipeline Inc., (collectively, "Alliance"), Aux Sable Liquid Products LP (formerly known as Alliance Pipeline NGL, LP) and Aux Sable Liquid Products Inc. (formerly known as Alliance Pipeline NGL Inc.)(together, "Aux Sable").  As previously announced on March 6, 2019, JETI is claiming significant damages as a result of Alliance's and Aux Sable's alleged infringements of JETI's licences and intellectual property rights. Background In the early 1990s a team led by John Lagadin, the founder of JETI, invented a novel and innovative method for more efficiently and cost-effectively transporting enriched natural gas via a single pipeline carrying both natural gas and natural gas liquids ("NGLs") from the Western Canadian Sedimentary Basin to the lucrative US mid-western natural gas and NGL market. It was a ground-breaking invention that caught the eye of 22 producers, including some of North America's largest energy companies. These companies subsequently formed the "Alliance Pipeline" which went into service December 1, 2000. JETI licensed the technology (subsequently patented in a number of jurisdictions around the world) to the Alliance and Aux Sable companies, who between 1996 and 2000 planned and constructed a 3,848 km pipeline from BC and Alberta to Chicago as part of an integrated energy system to export Western Canadian enriched natural gas to be processed at the US market hub in a world class processing facility.  The Alliance Pipeline was one of the most significant infrastructure projects in North America at the time. It has since delivered an average of 1.6 billion cubic feet of enriched gas every day to the Chicago market (more than 1/5th of Canada's natural gas exports). This major success story of Canadian innovation, built on the entrepreneurialism of the JETI team, has provided Canada access to a valuable export market and contributed billions of dollars to Canada's GDP and Alberta's royalty revenues. Proceedings JETI alleges in Alberta Court of Queen's Bench Court File No. 1601-06322 that Alliance and Aux Sablehave in recent years used its proprietary and patented technology to transport and process rich natural gas on additional pipelines in British Columbia, Alberta and North Dakota without licence or authorization. Aux Sable subsequently challenged of one of JETI's patents in Federal Court File No. T-1612-16. The Federal Court invalidated claims 9 and 10, but decided that all of claims 1 through 8 of the patent are valid, being the key elements of the technology upon which the Alliance / Aux Sablesystem is built and continues to operate. As previously announced, Bentham IMF Capital Limited ("Bentham"), the Canadian arm of leading global litigation funder IMF Bentham (ASX:IMF) is funding JETI's actions against Alliance and Aux Sable. JETI is represented by MLT Aikins LLP. John Lagadin, President of JETI, said: "We are very pleased to have the Federal Court validate the key claims in our patent. This endorsement allows us to continue our already lengthy quest for justice, and we look forward to a successful outcome once the courts have been presented with the facts in the case. We remain appreciative to have Bentham on board to successfully defend our patent and fund our continuing actions as their significant due diligence, capital at risk, and proven track record, validates our confidence in our long standing claims." About the Defendants The Alliance Pipeline system consists of an approximately 3,848-kilometre (2,391-mile) integrated Canadian and US natural gas transmission pipeline system, delivering rich natural gas from the Western Canadian Sedimentary Basin and the Williston Basin to the Chicago market hub. The Alliance system delivers, on average, about 45.3 million standard cubic metres (or 1.6 billion standard cubic feet) of natural gas per day. More: www.alliancepipeline.com. Alliance Pipeline Limited Partnership (Alliance Canada) owns the Canadian portion of the Alliance Pipeline system. Alliance Pipeline L.P. (Alliance U.S.A.) owns the U.S. portion of the Alliance Pipeline system. Alliance is represented by Rose LLP. Aux Sable commenced operation as part of the Alliance Pipeline and Aux Sable dense phase gas system. At that time, two companies were established, one in the United States, and one in Canada, to manage the natural gas liquids business associated with the Alliance Pipeline. In 2010, a second U.S. company, Aux Sable Midstream (ASM) was established to focus on other midstream developments in the United States. Aux Sable owns and operates a world-scale natural gas liquids extraction and fractionation facility in Illinois near the terminus of the Alliance Pipeline. The facility is currently capable of processing 2.1 billion cubic feet per day of natural gas and can produce approximately 107,000 barrels per day of specification natural gas liquid products. Aux Sable's rich gas premiums provide market access to rich gas producers in Canada and the U.S. that cannot be realized through conventional field extraction and local NGL sales. Aux Sable is represented by McCarthy Tetrault LLP. About Bentham IMF Bentham IMF Capital Limited is the Canadian arm of IMF Bentham Limited (ASX: IMF), one of the leading global litigation & dispute financiers, headquartered in Australia and with offices in Canada, the US, Singapore, Hong Kong and London. IMF has built its reputation as a trusted provider of innovative litigation funding solutions and has established an increasingly diverse portfolio of litigation & dispute financing assets. IMF has been a leading pioneer of litigation financing in Australia since 2001, playing a significant role in the initial steps towards a globalized industry via its international expansion in Canada, the US, Asia and Europe.  IMF has a highly experienced litigation funding team overseeing its investments delivering a 90% success rate across 179 completed cases (at 30 September 2018). More: www.benthamimf.ca. SOURCE JL Energy Transportation Inc.
Commercial

The Perils of Crowdfunding Litigation

GoFundMe recently cancelled an Australian rugby player's crowdfunded legal campaign, and the story made international headlines. Now some experts are scrutinizing the ethical and practical concerns of crowdfunding litigation; some of which will sound very familiar to litigation funders, yet others are unique to the crowdfunding niche. According to the Australasian Lawyer, the underlying case involves ex-rugby player Israel Folau, who was fired from Rugby Australia in May after making anti-LGBT remarks. Folau turned to crowdfunding website GoFundMe to fund his legal campaign, only to have the site cancel his campaign on the grounds that his remarks violate their anti-discrimination policies. The case has made both national and international headlines, and has brought crowdfunding legal campaigns into the public spotlight, and raised all sorts of ethical concerns. Chief among them are issues of disclosure and privilege - two subjects very familiar to litigation funders. But there are unique concerns relating to crowdfunding. For one, when crowdfunding a legal campaign, claimants do not know who they are accepting money from. This naturally poses ethical concerns as law firms receive payment from unknown parties (not an issue where litigation funding is concerned). Another concern is whether the crowdfunded campaign waives privilege. Privilege battles have been waged in regard to litigation funding, but funders are sophisticated entities who often consult and advise the claimant's legal team - crowdfunders are not. This creates a potential dilemma and could prompt discovery motions by defense on the grounds that privilege has been waived. The Law Council of Australia is exploring the issue of crowdfunding and considering a regulatory framework. Other jurisdictions may soon follow suit. Courts may also jump into the fray, taking crowdfunding into account when issuing security for costs, for example. Just like litigation funding, the growth of crowdfunding's popularity is spurring calls for greater regulation.
Announcements Commercial

BroadRiver Welcomes Emma Dickson as General Counsel and Chief Compliance Officer

NEW YORK--(BUSINESS WIRE)-- BroadRiver Asset Management, L.P., a New York based manager of alternative assets announced today that Emma Dickson has joined the firm as General Counsel and Chief Compliance Officer and a key member of the firm’s management team.

“Legal excellence and outstanding compliance have been hallmarks of our firm since its inception,” said Philip Siller, Co-CEO of BroadRiver Asset Management. “Emma brings to BroadRiver years of diverse experience supervising investment funds and leading compliance teams, both in-house and at leading law firms. We look forward to working with her in building our offerings and providing exceptional service to our clients.”

Ms. Dickson was most recently Counsel to the Investment Funds Group at the Akin Gump office in London, UK. From 2014 to 2017, she was General Counsel at Criterion Capital Management, LLC, a San Francisco-based investment adviser. Prior to joining Criterion in 2014, she worked as an Attorney for Man Investments, focusing on fund launches, securities regulation issues, and general corporate counsel functions. Prior to joining Man in 2008, Ms. Dickson was an associate in the Investment Management Group at Schulte Roth & Zabel, LLP, where she handled a variety of legal issues related to alternative investment funds.

Ms. Dickson received a B.A. in History from Columbia University and a JD/MBA from Georgetown University Law Center & McDonough School of Business.

BroadRiver, which closed on its third longevity fund in September of 2018, seeks to provide clients with exposure to assets that have compelling risk-adjusted returns, low volatility, and negligible correlation to financial markets. BroadRiver’s highly selective approach to asset selection is underpinned by proprietary analytics and a deep commitment to research, resulting in carefully structured portfolios with strong, predictable cash flows.

Ms. Dickson’s focus will be to add her legal proficiency to the firm’s expertise in structuring and managing the firm’s new and existing funds in a range of non-correlated asset classes. The new strategies include exposure to litigation finance, global trade receivables, and other uncorrelated income assets. She will complement BroadRiver’s management team, positioning the firm to add to its $1.4 billion in assets under management.

About BroadRiver Asset Management

With assets under management of $1.4 billion, the firm focuses on alternative investment management strategies involving non-capital markets assets. It boasts one of the deepest and longest-tenured longevity-risk investment teams, having served institutional clients for almost twenty years.

For more information, please visit www.broadrivercap.com.

Commercial

$4 Billion Therium-Funded Google Class Action Sees Light of Day in UK Court of Appeal

After being tossed out by the High Court, the $4 billion Therium-funded Google class action has reached the UK Court of Appeals. The lead applicant, Richard Lloyd - a former consumer rights organization director - is claiming Google owes 4.4 million Brits hundreds of pounds each for its nefarious 'Safari Workaround' software, which was allegedly used to spy on iPhone users. As reported in The Register, the claim covers all UK citizens who used Safari's browser on their iPhone between June 2011 and February 2012. During that time, the suit alleges, Google tricked Safari into installing a cookie on its browser that allowed the Tech giant to snoop on users as they browsed the internet. This is in direct violation of the Data Protection Act  of 1998. Google has already paid extremely modest fines (less than $50MM) to US regulators over the Safari Workaround scandal. But Lloyd and Therium are attempting to bring a US-style class action (technically a representative action, since the UK does not do class actions) which aims to secure billions of pounds for millions of UK citizens. Therium will collect up to 50% of any payout, and is allegedly paying Lloyd a salary of £50k for up to four years to act as frontman for the claim. A High Court ruling last year squashed the case before it had a chance to even get going. Now, in the Court of Appeal, Lloyd and Therium are hoping to jumpstart their multibillion-pound claim.
Commercial

Domino’s Could Be on the Hook for AUD $100MM in Therium-Funded Class Action

Law firm Phi Finney McDonald and litigation funder Therium Capital Management are filing a class action which alleges that Domino's underpaid delivery drivers and in-store workers. Estimates put the total claim amount around AUD $100MM. As reported in Livewire Markets, the action is being brought on behalf of employees at Domino's franchises between June 2013 and January 2018. The suit to recapture the difference between the company's enterprise bargaining agreement (EBA) and the amount workers would have been compensated has no EBA been in effect. Domino's total savings under its EBA agreement is around $200MM, and it has been roughly estimated that half of its franchisees are covered under the claim - therefore the total claim amount has a rough estimate of AUD $100MM. So far, only 1,000 workers have signed up for the class action, which means any payout would be far less than the above amount. That said, Phi Finney and Therium are actively courting more claimants. Domino's insists its EBA was still valid through January of 2018, and therefore intends to vigorously defend itself in court. The company's EBA expired in June of 2013, yet no subsequent agreement was put into place. Therefore, the company will argue that its EBA remained in effect (even though it expired). Domino's stock took a brief hit on news of the action, but has quickly recovered.
Announcements Consumer

Defrauded Investor Hires Ileana Ros-Lehtinen to Help Enforce $6 Billion Award Against a Member of Qatar’s Ruling Family

DOHA, Qatar, July 15, 2019 /PRNewswire/ -- The Swifthold Foundation, which was defrauded by Sheikh Fahad Bin Ahmad bin Mohamed Bin Thani and his Qatari company, Fast Trading Group, today announced that it has hired Akin Gump, the international law firm, to help advise and obtain finality through enforcement of the Qatari court's acknowledgment of the UK High Court judgment. The representation will be led by Ms. Ileana Ros-Lehtinen, Senior Advisor, Member of Congress (Ret) and former Chairwoman of the House Foreign Affairs Committee. Swifthold recently won a key decision that will allow enforcement of its UK High Court judgment in Qatar, according to Delta Capital Partners, the American litigation finance and support firm that the foundation has retained. On April 28, 2019, the Qatari Court issued a Writ of Execution allowing Swifthold to seek enforcement of the English court judgment against Sheikh Fahad Bin Ahmad bin Mohamed Bin Thani, a prominent member of the Qatari royal family, and Fast Trading Group. Ros-Lehtinen stated, "I have agreed to help obtain finality through enforcement of the Qatari court's acknowledgment of the UK High Court judgment. It is past time to right these wrongs. Qatar needs to see that this judgment is enforced in accordance with internationally accepted judicial standards and without further delay." Sheikh Fahad is a member of the Qatari royal family. He has defrauded a family foundation, now run by its founder's widow, and other global investors. The highest court in the UK, where until recently the Sheikh and his family have lived and drawn from its quality of life, has leveled a judgment of nearly $6 billion for the damages caused by his fraud. A spokesperson for Delta stated, "We are pleased to have Ms. Ros-Lehtinen on our team, given her experience advocating fair dealings in the Middle East." A spokesperson for the Swifthold Foundation commented, "We are hopeful that this expanded team, which won the judgment and now the writ of execution, will help prompt a timely resolution." The Qatari law firm that obtained the writ of execution reports that the first hearing date with the enforcement court on July 4, 2019 was successful and the Court is now proceeding with enforcement. The Court on its own motion will now contact various agencies and financial institutions to commence enforcement against the defendant's assets. A spokesperson for Delta stated, "We look forward to this key step of enforcing the judgment against the Sheikh's assets." For additional information, please visit http://sheikh-fahad-judgment.com/. SOURCE Delta Capital Partners
Commercial

UK-Based AI Firm Aims to Predict Case Outcomes for Litigation Funders

Anyone involved in litigation would love to have a crystal ball to help predict how things will pan out. If one UK-based startup is to be believed, that crystal ball may already exist. As reported in National Magazine, CourtQuant is leveraging AI software to predict case outcomes. The startup's 23-year old founder - Ludwig Bull - says his main clients are litigation funders and insurance firms, and has aims to bring global law firms aboard as well. CourtQuant claims to maintain 90% accuracy when predicting win rates for specific lawyers, the likelihood of a settlement, and even timelines for cases. The startup is based in the UK, but looking to expand to the U.S., Canada and globally. Litigation funders would be among the first to sign up for any software that can accurately predict such outcomes, given that they are investing capital into those very outcomes. CourtQuant even claims it can provide a specific estimate of how much the plaintiff is likely to win. However, AI is only as good as its data sets, and there is a concern over the quality of legal data sets, given that out-of-court settlements are not a matter of public record and therefore not included in the data. So how accurate can the software really be? Add to that the need for large amounts of data to enhance the predictive ability. Which means that in jurisdictions like Canada, with under 40 million people and both a common and civil law legal system, there might simply not be enough outcomes for AI to make an accurate prediction. Yet despite these concerns, the promise of AI is too great to ignore. As such, many funders are actively sourcing software providers to give them that all-important predictive edge. Only time will tell if startups like CourtQuant are worth the investment.
Commercial

Concern About Defendant Insolvency in Harbour-Funded New Zealand Class Action

Law firm Adina Thorn is bringing a class action - funded by Harbour Litigation Funding - on behalf of homeowners who experienced damage to their properties due to leaky cladding installed by the James Hardie multi-national conglomerate. The James Hardie parent company is based in Ireland, and attempting to exclude it and all international subsidiaries from liability, leaving the New Zealand holding company as the sole defendant. However, Thorn claims the New Zealand holding company is balance sheet insolvent, and that the parent company should therefore be on the hook. As reported in Stuff, the claim comprises thousands of properties build or re-clad with James Hardie cladding between 1983-2011. As a result, the potential payout is in the many millions of dollars. According to Thorn, the James Hardie New Zealand holding company maintains a balance sheet deficit of $5.8MM - thanks to a $13MM dividend paid to the parent company in Ireland. Thorn also claims that the company owes $43MM in debts and unpaid loans. Thorn cited the New Zealand holding company's poor financials as reason to include the parent company in the lawsuit. Although the James Hardie parent company has been moving to extract itself from liability, it has so far bee unsuccessful. Thorn is bringing a similar cladding class action against Carter Holt Harvey, which argued that Thorn's use of litigation funding - in this case, also from Harbour - was 'objectionable' and that the law firm should have sought permission from the court before bringing a funded claim. The High Court swatted down both of those arguments, however, and the funded class action has been permitted to proceed.
Commercial

Kirkland & Ellis Launches Contingency-Only Plaintiff-Side Practice

Kirkland & Ellis - the nation's largest law firm by gross revenue - has announced plans to expand its contingency-fee practice with the launch of a division that focuses on the high risk/reward fee arrangement. Kirkland has represented over 100 plaintiff-side cases on a pure contingency basis over the past decade, and now seeks to expand that number by as much as 10x. As reported in Big Law Business, the move by Kirkland comes as the firm has produced significant wins on its contingency-only business model. Just last month, the law firm secured an $82MM verdict for Bracket Holding Corp. in a pure contingency claim. Kirkland - which until now has been mostly focused on defense - is following in Quinn Emanuel's footsteps of pursuing pure contingency fee claims. The class action specialist won over $30 billion in lawsuits by suing big banks in the wake of The Great Recession. Kirkland also hasn't been shy about partnering with litigation funders. In 2015, Kirkland represented Miller UK, an equipment manufacturer suing Caterpillar Inc. in an IP claim over a piece of machinery. Miller UK leveraged litigation funding from Arena Consulting, and eventually scored a $75MM award thanks to Kirkland and Arena's participation. Of course, Kirkland's latest announcement places the firm in direct competition with litigation funders. At least on paper. Should Kirkland overstretch itself (as can happen if cases drag on longer than expected), the law firm may soon turn to litigation funders for what essentially amounts to bridge financing, or perhaps a secondaries market.
Consumer Special Features

What Does it Mean to Live Paycheck to Paycheck?

The following was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).  According to Investopedia: “Paycheck to paycheck is an expression used to describe an individual who would be unable to meet financial obligations if unemployed because his or her salary is predominantly devoted to expenses. Persons subsisting paycheck to paycheck have limited or no savings and are at greater financial risk if suddenly unemployed than individuals who have amassed a cushion of savings.” According to Forbes, 78% of workers are living paycheck to paycheck. That statistic encapsulates more than just hourly workers. Investopedia states that 25% of American families making $150,000 or more a year live paycheck to paycheck. So what happens when that paycheck gets interrupted and bills don’t get paid? Answer: consumers fall behind on their mortgage, rent, and credit card payments. As a result, credit scores suffer and the financial spiral grows more severe. A recent article published by The Center for the New Middle Class classified ‘loss of income’ as the number one reason credit scores go down. For consumers who have suffered a loss of income due to a car accident or other personal injury legal claim, a solution exists: Consumer Legal Funding. Consumer Legal Funding acts as a bridge for consumers to solve their financial dilemmas while waiting for their legal claim to make its way through the system. There are no credit checks, there are no periodic payments while the case makes its way through the legal system. Consumers only have to meet their obligation to the funding company when and if their case settles and only if there is sufficient funds to meet the commitment. Consumer Legal Funding is not a loan, as it does not have an absolute certainty of repayment. Consumers only have to meet their financial commitment to the funding company when and if they are successful in their legal claim. Therefore, the product is not a loan. It is an opportunity for consumers to sell off a portion of their legal claim (a future asset) as an investment. Like any investment, when consumers look to take advantage of Consumer Legal Funding, they should be fully aware of the cost associated, and the terms and conditions of the contract. Consumer Legal Funding is a financial transaction that is designed to fill in the gap due to the loss of one’s paycheck as a result of circumstances beyond their control. It is designed to help consumers get the fair and just settlement they deserve, and not be forced into accepting a low-ball settlement offer just because they are living paycheck to paycheck.
Announcements Commercial

Pinsent Masons Agrees to £25M Litigation Funding Facility with Augusta

International law firm Pinsent Masons has agreed an innovative £25m litigation funding facility with the UK’s largest* litigation and disputes funder Augusta Ventures. The unique arrangement offers clients the benefit of a dedicated facility at preferred rates, including a fast-tracked due diligence process and transparent commercial terms.

Under the fair and transparent terms of the agreement, Augusta will fund the entire cost of pursuing the claim, including all lawyer and expert fees and any other costs. The arrangement is "non-recourse" meaning the claimants pay nothing if the claim fails.  Augusta only recovers its costs and fees from sums received from the Defendant or any other paying party.

Mark Roe, leading on Third Party Funding for Pinsent Masons, comments on the driver for the agreement:

"We know that the costs of pursuing a justified claim often deter our clients from obtaining justice and recovering money due to them.  Often, even if clients have funds available, they prefer to invest them in their business rather than in pursuing claims.  We wanted to address that problem.  I believe our arrangement with Augusta will provide Third Party Funding to our clients efficiently, quickly, on clear terms and at lower cost.  We've been able to negotiate considerably better terms than our clients would typically receive from Funders if we or they made an individual approach to the market."

Augusta Managing Director, Louis Young, said:

“We’re delighted to be working with top international firm Pinsent Masons on funding litigation and disputes for their clients. Augusta has built a market leading team and process for enabling access to justice, and we are looking forward to helping Pinsent Masons' clients secure the support they need to pursue meritorious claims”.

The litigation funding facility is the latest in a series of innovative offerings from the firm.

Alastair Morrison, Head of Client Relationships at Pinsent Masons says:

"Our clients are operating in industries that are experiencing profound change. We're investing in services that help them to respond to these tectonic shifts, changing our business from an expertise-based law firm into an international professional services business with law at its core. This means that we don't just apply lawyers to solve clients' problems; we deploy a wider range of professional disciplines, enabled by process and technology, to collaborate with our clients and others in the legal ecosystem to help them achieve their goals. This arrangement with Augusta is another example of how we seek to respond to our clients' challenges. "

Within the last three years Pinsent Masons has acquired diversity and inclusion consultant, Brook Graham, expanded its freelance lawyer hub, Vario, into Australia and Asia, and deployed a range of bespoke legal technology solutions built and tailored to client requirements by its 46-strong in-house R&D team.

Notes:

  • Augusta’s funding is deployed in tranches based on key procedural and settlement milestones in the case.
  • A fast-track process for reviewing claims eligible for funding is managed by a joint committee from Pinsent Masons and Augusta.
  • Funding will only be provided if Augusta and Pinsent Masons are satisfied that based on analysis at the date funding is sought the majority of any sums recovered (after payment of Augusta's funding costs and fees and any insurance premium for potential liability for opponents costs) will go to the client.
  • TPF can be provided at any stage throughout the life of the case, not just at the beginning.
  • In the event of an unsuccessful outcome, Augusta will bear all the costs incurred and any costs payable by the claimant to a successful Defendant will be covered by After the Event ("ATE") Insurance.
  • If the outcome is a successful resolution of a funded claim, Augusta will be repaid the funds deployed, plus a success fee based on the amount of funds deployed at date of resolution.  The level of fee is dependent on the time taken to make a recovery.
  • This framework is intended to facilitate settlement as the amount that a client repays is based solely on the tranches of funds deployed at the date of resolution and the sooner the case settles the less the success fee.
  • Pinsent Masons does not receive any commission or other payment  from Augusta as part of this arrangement

About Augusta

Augusta is the largest litigation and dispute funding institution in the UK* - with £150m of capital and a team of 70 in London our scale enables us to make decisions in market-leading timeframes and fund cases of any size.

*=by number of cases.

About Pinsent Masons

Pinsent Masons is a global 100 law firm, specialising particularly in the energy, infrastructure, financial services, real estate and advanced manufacturing and technology sectors. The firm employs over 3000 people worldwide, including around 1500 lawyers and more than 400 partners. The firm's international footprint encompasses seven offices across Asia Pacific, two offices in the Middle East, six offices in continental Europe and one in Africa. The firm also has comprehensive coverage across each of the UK's three legal jurisdictions.

  • Pinsent Masons LLP is a limited liability partnership registered in England & Wales (registered number: OC333653) authorised and regulated by the Solicitors Regulation Authority, and by the appropriate regulatory body in the other jurisdictions in which it operates. The word ‘partner’, used in relation to the LLP, refers to a member of the LLP or an employee or consultant of the LLP or any affiliated firm who is a lawyer with equivalent standing and qualifications. A list of the members of the LLP, and of those non-members who are designated as partners, is displayed at the LLP’s registered office: 30 Crown Place, London EC2A 4ES, United Kingdom.
  • We use ‘Pinsent Masons’ to refer to Pinsent Masons LLP and affiliated entities that practise under the name ‘Pinsent Masons’ or a name that incorporates those words. Reference to ‘Pinsent Masons’ is to Pinsent Masons LLP and/or one or more of those affiliated entities as the context requires. © Pinsent Masons LLP 2017.
  • Pinsent Masons office network extends across the major international business centres of London, Dublin, Munich, Frankfurt, Düsseldorf, Madrid, Paris, Doha, Dubai, Beijing, Shanghai, Hong Kong, Singapore, Johannesburg, Sydney Melbourne and Perth - and the key commercial centres in the UK.
Commercial

‘David v. Goliath’ Mindset Gives Funders a PR Edge

With the U.S. Chamber of Commerce leading the effort to regulate - or even fully abolish - litigation funding, the nascent industry has already made some powerful enemies. The 'War on Funding' is being waged on many fronts, among them is the inevitable PR battle. Fortunately for the funding community, when engaged in a PR campaign the industry can highlight its roots as a mechanism for 'David v. Goliath' cases to get off the ground. According to Forbes, with the pursuit of social justice now a national theme, litigation funders can and should leverage those tailwinds when responding to the onslaught of negative press the industry receives. Funders like Pravati Capital, for example, have battled wrongful imprisonment cases, IP theft claims and cases against harmful pharmaceuticals. Pravati founder and CEO Alexander Chucri hails from the Tech sector - he was a successful entrepreneur before founding the Arizona-based litigation funder. The emergence of industry participants from outside the legal community illustrates just how mainstream the notion of 'David v. Goliath' has become. Chucri's realization that there was market opportunity for funders who finance the Davids of the world came after his involvement in a 2003 lawsuit which left him marveling at the lack of innovative financing structures for legal claims. Every funder, regardless of how well-capitalized, has those David v. Goliath cases under their belts. It behooves them to highlight those cases, given the spotlight that is being shone on the more opaque aspects of the industry, like the desire for funders to remain undisclosed, and the (unfortunately unprovable) assertion that they never influence legal strategy. Like the plaintiff's bar, litigation funding can be viewed as implicitly regulatory; it fosters increased accountability amongst the business community. So even though funders are profit-seeking, they are doing plenty of social good along the way.
Commercial

New Zealand Law Commission to Reevaluate Litigation Funding

The Law Commission of New Zealand suspended its examination of litigation funding last year due to resource constraints, but in the wake of several high profile class actions funded by local and global litigation funders, the commission is now resuming its review of litigation funding. As reported in the LawFuel, at least seven litigation funders are operating in New Zealand. Funding has only taken off in the island nation over the last decade, as opposed to in neighboring Australia where funding has been commonplace since the 1990s. Aussies are debating the merits of funding, especially as pertains to fueling large, US-style class actions. Now it appears New Zealanders are joining the debate. Recent actions include the kiwifruit claim and Mainzeal class action (both funded by LPF Group), and the Fair Play on Fees action taken on behalf of over 20,000 claimants against multiple banks, said to be the largest class action in New Zealand history at the time. The New Zealand Law Commission will consider whether funding should be permitted in class actions, whether courts should have a role in approving and supervising funding agreements, what regulatory framework should be applied to litigation funders.
Announcements Commercial

Nick Rowles-Davies appointed as Chairman of the Commercial Litigation Association

The Commercial Litigation Association (CLA) today announces that Nick Rowles Davies, Executive Vice Chairmanof Litigation Capital Management (LCM) andFounder andCEO ofChancery Capital, hasbeen appointed as Chairman, effective immediately. Nick has been involved in the litigation finance and legal expenses insurance industries since 1999, making him one of the most experienced practitioners in the space. He created and defined the concept of portfolio litigation finance and is the global leader in identifying, creating and executing litigation finance portfolios. Nick, the former Director of the Association of Litigation Funders of England & Wales, said on his appointment as Chairman: “I am delighted to be involved in the CLA at such an exciting stage of its growth and I strongly identify with the association’s core values. The commercial litigation landscape is undergoing significant change and it’s great to be at the forefront of that change.” A pioneer in the development of the litigation funding industry in the UK and the common law world globally, Nick has led its transformation from third party funding, through litigation finance and now into a broad-based corporate finance offering. In 2010, Nick co-founded a family office-backed global litigation funding business before serving as Managing Director of Burford Capital, leading it globally outside of the Americas. He then founded Chancery Capital with a focus on corporate client portfolios before the Chancery team joined LCM in November 2018. Lord Neuberger, former President of the Supreme Court, who joined CLA as Patron in January this year, congratulated Nick on his appointment and commented: “The United Kingdom has an enviable international reputation for its commercial law and its commercial solicitors, barristers, judges and arbitrators. The quality and diverse nature of the legal professionals involved in the Commercial Litigation Association will help to ensure that we maintain, indeed enhance our high standards and international reputation.” Everyone at CLA is thrilled to have Nick Rowles Davies and Lord Neuberger on board. NOTES 1. The website of the Commercial Litigation Association is www.comlit.co.uk 2. For further comment or information on the association please contact Chris Nisbet, Commercial Director of CLA and Senior Partner of SMF on +447802330100 or chris@somuchfront.com 3. The Commercial Litigation Association is the UK’s only national association representing the interests of all those involved inthe business of Commercial Litigation and Dispute Resolution. Its members are drawn from a range of professions including solicitors, barristers, mediators, forensic accountants, insolvency practitioners, third party funders, insurers and electronic disclosure providers. Its key aim is to enhance access to justice for those involved in commercial disputes through increasing efficiencies and reducing costs of the litigation process.
Announcements Commercial

Litigation Capital Management (AIM: LIT) – Portfolio and Pipeline Update

Litigation Capital Management Limited (AIM:LIT) (LCM), a leading international provider of litigation financing solutions, today provides an update as to its portfolio and pipeline of litigation projects as at 30 June 2019. Current Portfolio LCM currently has a portfolio of 29 projects under management. 23 of those litigation projects are unconditionally funded and 6 projects are conditionally signed. The composition of the portfolio is as follows: Commercial Claims                                                                      8 Class Actions                                                                                  9 International Arbitration                                                            5 Insolvency Claims                                                                         5 Corporate Portfolios                                                                     2 Since LCM’s last announcement in relation to its portfolioon 28 May 2019, the projects whichare now unconditionally funded include: •    A class action brought in the Supreme Court of New South Wales on behalf of members of superannuation funds administered by Suncorp Portfolio Service Limited (“Suncorp") alleging that Suncorp breached its duties to avoid conflicts, act with due care and diligence and to act in the best interest of its members. •    A commercial claim involving proceedings in two separate jurisdictions seeking to recover funds which it is alleged were not paid to the claimant in breach of contract. •    A commercial claim to be brought in the Federal Court of Australia on behalf of a fashion designer seeking damages or an account of profits as a result of alleged trademark infringement. •    An international arbitration governed by the rules of the London Court of International Arbitration (LCIA) relating to a construction project in the middle east. Current Pipeline The current pipeline of pre-qualified opportunities continues to demonstrate the large and diverse investment opportunities within the company. LCM currently has approximately 59 pipeline projects across a mix of litigation financing including commercial, international arbitration, insolvency, class actions andcorporateportfolios. The estimatedpotentialinvestment across those 59projects exceeds A$380 million. That pipeline of investment opportunities is dynamic and changes regularly. The pipeline reflects the global nature of LCM's business with projects in Australia, the Asia Pacific and EMEA. Patrick Moloney, CEO of LCM, said: “LCM is ina period ofsignificant growthand wearepleased that this is reflectedinthe recent additions to our portfolio of litigation projects. Such increase demonstrates LCM’s ability to complete the due diligence process with respect to opportunities that were included in its pipeline at the time of IPO. It also demonstrates that LCM’s experienced team of investment managers are able to source and conduct due diligence on new opportunities to maintain a consistent and healthy pipeline of potential investment of a high value and quality. This will fortify LCM’s ability for future growth. These new projects are diversified across claim size, claim type and jurisdiction, contributing to a balanced portfolio.” CONTACTS Litigation Capital Management Patrick Moloney, Chief Executive Officer Nick Rowles-Davies, Executive Director Canaccord (Nomad and Broker) Bobbie Hilliam / Emma Gabriel Hawthorn Advisors Lorna Cobbett / Zinka MacHale Tel: 020 7523 8000 lcm@hawthornadvisors.com Tel: 020 3745 4960 About LCM Litigation Capital Management (“LCM”) is a leading international provider of litigation financing solutions. This includes single-case and portfolio; across class actions, commercial claims, claims arising out of insolvency and international arbitration. LCM has an unparalleled track record, driven by effective project selection, active project management and robust risk management. Headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM has been listed on AIM since December 2018, trading under the ticker LIT. www.lcmfinance.com
Announcements Commercial

Litigation Capital Management (AIM:LIT) announces conditional settlement of litigation project

Litigation Capital Management Limited (AIM:LIT), a leading international provider of litigation financing solutions, announces that a conditional settlement has been reached in respect of one of its litigation projects. The conditional settlement is expected to contribute a gross profit to the Company of approximately A$2.7million to A$3million, with all capital invested by LCM also being recovered. The project relates to an open class action commenced in the Federal Court of Australia on behalf of certain persons that suffered loss as a result of making investments in an allegedly fraudulent investment scheme. The terms of the settlement areconfidential, andthe settlement is subjectto conditions whichinclude Court approval. LCM will make a further announcement with the financial metrics of this litigation project once the conditions of the settlement are met. Class actions represent one of several types of litigation projects that LCM provides funding for in addition to single-case and portfolio funding, as well as international arbitration, commercial claims and claims arising out of insolvency. Patrick Moloney, CEO of LCM, said: “The conditional settlement of this litigation project is further demonstration of LCM’s experience and expertise at funding class actions in Australia and our ability to achieve strong returns on invested capital. Class actions constitute a significant part of LCM’s heritage, and we see these cases continuing to make up part of our portfolio whilst we continue to diversify our portfolio by project type, claim size and geography.” Litigation Capital Management Patrick Moloney, Chief Executive Officer Nick Rowles-Davies, Executive Director Canaccord (Nomad and Broker) Bobbie Hilliam / Emma Gabriel Hawthorn Advisors Lorna Cobbett / Zinka MacHale Tel: 020 7523 8000 lcm@hawthornadvisors.com Tel: 020 3745 4960 About LCM Litigation Capital Management (“LCM”) is a leading international provider of litigation financing solutions. This includes single-case and portfolio; across class actions, commercial claims, claims arising out of insolvency and international arbitration. LCM has an unparalleled track record, driven by effective project selection, active project management and robust risk management. Headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM has been listed on AIM since December 2018, trading under the ticker LIT. www.lcmfinance.com
Announcements Consumer

Legal-Bay Lawsuit Funding Expanding Mass Tort Case Funding List

LOS ANGELES, June 27, 2019 /PRNewswire/ -- Legal-Bay, LLC, The Pre Settlement Funding Company, announced today that they will be expanding their list of mass tort lawsuits available for funding. Legal-Bay is known as one of the best lawsuit funding companies when it comes to mass tort cases. Legal-Bay works directly with most of the top mass tort law firms nationwide to provide the best pre-settlement cash advance rates for their clients, and have recently expanded their mass tort department to further provide funding for brokers across the country. If you are involved in a pending lawsuit and are looking for a cash advance now before your case settles, you can fill out an application form at the company's website: http://lawsuitssettlementfunding.com   Mass Tort cases typically take a while to go through the courts, and values of these cases can sometimes be unknown. However, Legal-Bay's experienced underwriting team in mass tort litigations is able to quickly evaluate the claims and provide a needed cash advance. Plaintiffs who have had issues with the below cases could be eligible to receive pre-settlement funding in as little as 24 – 48 hours.  You must have a lawyer to obtain funding. If you do not have a 3M law firm or attorney on any of the below cases, feel free to contact Legal-Bay and they can put you in touch with a top 3Mear plug lawyer.
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Chris Janish, CEO of Legal-Bay commented, "We are aggressively funding a multitude of active mass tort cases at this time. We have always been a leader in the industry due to our experience. We now have opened the door for the first-time to many brokers who have clients that need presettlement funding on both mass tort and personal injury cases as well." If you are a broker or law firm looking to partner with Legal-Bay to obtain the best rates for plaintiff presettlement cash advances, feel free to call: 973.857.1000. To apply now, go to the company's website at: http://lawsuitssettlementfunding.com
Announcements Commercial

New Research: CFOs Are Ready To Help GCs “Recession-Proof” The Legal Budget

NEW YORK, June 27, 2019 /PRNewswire/ -- Burford Capital, the leading global finance and investment management firm focused on law, today announced the results of a groundbreaking new survey that asked Chief Financial Officers to share their views on how companies deal with the billions they spend annually on legal disputes. 2019 Managing Legal Risk Report: A Survey of CFOs and Finance Professionals reveals that CFOs see this as an urgent business challenge—especially ahead of a potential recession that will put pressure on companies to use their cash wisely—and that they are eager to partner with General Counsels to embrace innovative new solutions, including legal finance. Christopher Bogart, Burford's CEO, said of the research: "As a former GC of a Fortune 20 company, I know that CFOs don't love legal spending. However, Burford's research shows that CFOs, particularly at large companies, embrace legal finance as a tool to manage and improve control over legal spending, even more so ahead of a possible recession when it is so important to create certainty around corporate budgets." He continued: "CFOs intuitively grasp that legal finance is simply corporate finance for law, no different from the financing they use to pay for other corporate costs, and a far better alternative than paying out-of-pocket or abandoning valuable legal assets." Key findings, based on data from 502 CFOs and senior finance professionals in the US, UK and Canada, include:
  • Companies are losing millions to abandoned claims and unpursued recoveries
    A majority of finance professionals (63.0%) say their companies have abandoned meritorious claims given fears of adversely impacting the bottom line; over three fourths (77.6%) say their companies have unenforced judgments and uncollected awards valued at $10 million or more.
  • A recession will cause legal budgets to shrink and legal finance to grow
    A majority of CFOs and senior finance professionals (66.9%) report that in the event of an economic downturn they would advocate reducing legal budgets; still more (67.3%) say that a recession would make them more likely to advocate using legal finance.
  • CFOs and finance professionals see legal finance as a tool to generate value
    The vast majority of CFOs and finance professionals (94.7%) are likely to recommend legal finance. The most commonly cited reason for using legal finance is to "pursue claims that will bring value to the business." Finance professionals at companies with over $10 billion in annual revenues say the top benefits of legal finance are "investing in growth/using capital wisely", "preserving capital for other business priorities", and "reporting and accounting benefits".
  • Following growth in the last two years, legal finance looks poised for more
    Nearly two-thirds (65.1%) say their companies are "very likely" to use legal finance in the next two years. This trend is even more pronounced at companies with annual revenues of more than $1 billion (71.4%).
The full 2019 Managing Legal Risk Report: A Survey of CFOs and Finance Professionals is available on Burford's web site and will be discussed in two upcoming webcasts; see Burford's event calendar for details. About Burford Capital Burford Capital is a leading global finance and investment management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the London Stock Exchange, and it works with law firms and clients around the world from its principal offices in New York, London, Chicago, Washington, Singapore and Sydney. For more information about Burford: www.burfordcapital.com.