Litigation Capital Management Limited (AIM:LIT), a leading international provider of litigation financing solutions, announces that the court has approved a settlement in respect of one of its class action litigation projects. This follows the negotiated settlement in principle of this litigation project announced on 20 March 2019.

Highlights

• Court approval granted on 28 May 2019 with the effect that the settlement has become final and binding between the parties.
• Further judgment expected shortly which will determine the precise amount of LCM’s share of these funds following which LCM will make a further announcement with the financial metrics of this litigation project.
• The settlement funds will be paid within 30 days with LCM’s entitlement set to contribute significantly to profit for the current financial year to 30 June 2019.
• Fourth litigation project that LCM has completed in the current financial period.

The litigation project relates to a class action LCM funded on behalf of certain former shareholders in a resources company formerly listed on the Australian Stock Exchange. The other party is an international professional services company and prior to a final hearing, both parties participated in a mediation where a settlement in principle was reached.

The terms of the settlement (which are confidential) were approved by the Supreme Court of New South Wales, Australia at a hearing on 28 May 2019. This renders the settlement final and triggers the obligation on the defendant to pay the settlement sum.

Class actions represent one of several types of litigation projects that LCM provides funding for across single-case and portfolios, as well as international arbitration, commercial claims and claims arising out of insolvency.

Portfolio and pipeline update

LCM currently has a portfolio of 28 projects under management. 18 of those litigation projects are unconditionally funded and 10 projects are conditionally signed. Since LCM’s last announcement in relation to its portfolio, the projects which have moved to be unconditionally funded include:

• Proceedings in Hong Kong brought on behalf of company in liquidation alleging breach of contract and negligence against a Hong Kong company with a capital commitment to be provided by LCM of US$0.965 million.
• An ICC arbitration seated in London brought on behalf of a hotel and hospitality developer against a large global company with a capital commitment to be provided by LCM of US$1.5 million.

The balance of new matters are signed up on a conditional basis and will be announced separately in a future update provided that they transition to an unconditional status.

The current pipeline of pre-qualified opportunities continues to demonstrate the large and diverse investment opportunities within the company. LCM currently has approximately 65 pipeline projects across a mix of litigation financing including commercial, international arbitration, insolvency, class actions and corporate portfolios. The estimated potential investment across those 65 projects exceeds A$400 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.

Of that pipeline, LCM is undertaking due diligence, or in advanced negotiations with respect to nine corporate portfolio transactions. In respect of some of those corporate portfolio opportunities, commercial term sheets have been issued and negotiations are continuing.

Patrick Moloney, CEO of LCM, said: 

"We’re delighted to receive court approval for the settlement reached earlier this year in March. The completion of this litigation project vindicates our approach to project selection and use of active project management. The profitability and contribution from this project are also likely to be ahead of our expectations at the time of the settlement in principle in March 

“We are very pleased with the status of our current portfolio and pipeline. Both our portfolio and our pipeline demonstrate the successful implementation of our strategies of diversification by geographical region and project type as well as continued growth in the size of our portfolio.

“LCM has a strong and longstanding track record of funding class actions, which continue to make up a proportion of our diversified portfolio and pipeline of litigation projects, alongside corporate portfolios, claims arising out of insolvency, international arbitration and commercial litigation.”

About LCM

Litigation Capital Management (“LCM”) is a leading international provider of litigation financing solutions. This includes single-case and portfolios 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

In this role, Mr. Knight is responsible for engaging with businesses of all sizes around the world to understand their patent challenges and inform them of the range of solutions RPX provides to its members to address those challenges.

Mr. Knight brings two decades of experience at International Business Machines Corporation (IBM) to RPX. Most recently, he served as General Manager, Client Financing for IBM Global Financing (IGF), where he was responsible for IGF's end-user financing business. IBM Global Financing is the world's largest IT captive financier with clients in over 60 countries and more than 20 industries. He also served as Vice President for Intellectual Property, responsible for the licensing, sales, enforcement, and joint development of IBM's worldwide intellectual property portfolio.

"The effectiveness and strength of RPX lies in the breadth and depth of expertise members can access on our platform and the IP professionals who work tirelessly to solve members' patent challenges," said RPX CEO Dan McCurdy. "As the RPX membership network grows, so does the scale and efficiency of our defensive patent acquisition efforts and related solutions. Jon's experience makes him remarkably well-suited to help drive that growth. I am excited to welcome Jon to the RPX team and look forward to working with him to bolster what makes us the market leader—the power of the collective."

"RPX's innovative solutions provide companies with actionable, and unrivaled, ways to manage their patent-related risks," said Mr. Knight. "By bringing companies together to solve their shared challenges, RPX creates efficiencies both for its members and the market overall. The value it creates for its members grows stronger with each new member. I am excited to lead the charge to bring more companies into this leading-edge network."

Before joining IBM, Mr. Knight was a Vice President at Merrill Lynch covering financial institutions and has more than 15 years of experience in the financial services industry. Mr. Knight has an MBA in Finance and an MS in Taxation from Fordham University'sGraduate School of Business Administration, and he holds a BA in Economics and Psychology from the College of the Holy Cross. A competitive triathlete, Mr. Knight lives in California with his wife and two daughters.

ABOUT RPX 

RPX Corporation is the leading provider of patent risk solutions, offering defensive buying, acquisition syndication, patent intelligence, insurance services and advisory services. Since its founding in 2008, RPX has introduced efficiency to the patent market by providing a rational alternative to litigation. The San Francisco-based company's pioneering approach combines principal capital, deep patent expertise, and client contributions to generate enhanced patent buying power. By acquiring patents and patent rights, RPX helps to mitigate and manage patent risk for its growing client network.

As of March 31, 2019, RPX had invested over $2.5 billion to acquire more than 46,000 U.S. and international patent assets and rights on behalf of approximately 320 clients in eight key sectors: automotive, consumer electronics and PCs, E-commerce and software, financial services, media content and distribution, mobile communications and devices, networking, and semiconductors.

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• The right to legal representation or due process;
• The proper and efficient administration of justice;
• The advancement of human rights;
• The promotion of equalityof rights and diversity;
• The protection of children, the elderly, the disabled, minorities, asylum seekers and other vulnerable or disadvantagedgroups;
• The advancement of environmental protection or improvement;
• The promotion of legal educationthat furthers the causes listed above; and
• Any othercase or project in which a person, group, or entity will not have access to justice without financial assistance.

Oasis Financial and Key Health Medical Solutions, sister companies focused on helping personal injury victims get pre-settlement funding and access to medical care, are proud to announce their support of the Los Angeles Trial Lawyers’ Charities (LATLC). The LATLC has served the greater Los Angeles community for 13 years, providing more than $4,400,000 in grants, gifts and goods to improve the quality of life in the community by supporting issues related to education, childhood hunger, survivors of abuse, persons with disabilities, and homelessness.

“As local attorneys, we’re in the trenches fighting for our communities every day. We see the need first hand, and we simply know we have to give back. It’s not about just writing checks – it’s about helping in person – at women’s shelters, at food pantries, and in schools,” said Gerald Marcus, president of the LATLC. “The generous contributions from Oasis Financial, Key Health, and our other partners are critical to helping our program succeed and ensuring services and assistance gets to those in need.”

“Supporting the LATLC was a natural fit for our company,” said Jeff Trigilio, President of Key Health. “Just like LATLC, we focus on helping people in unfortunate circumstances improve their lives. In our case, it’s partnering with attorneys and healthcare providers to help personal injury victims recover financially and physically from their accidents.”

Oasis Financial and Key Health sponsorship includes the support of one of the LATLC’s marque fundraising events, the 2019 Casino Night. On June 8th, more than 1,000 attorneys in California enjoy a little fun and comradery, while giving back to the communities they serve. “The evening is great fun – and it raises serious money for the charities served by the LATLC. Through the generous donations from our participants, we hope to raise more than $450,000 – in one night. Money that will be put to use right here in L.A., fighting poverty, improving education, and ensuring safe shelter for our most vulnerable,” said Gerald Marcus.

“We’re incredibly excited and proud to be a part of the LATLC. We work hand in hand with attorneys and providers in California day in and day out,” said Jeff Trigilio. “To be a part of this special event and incredible charity that reaches back out to help our communities is a distinct honor, and we invite all the attorneys we serve to join us in making a difference.”

------------------------------------- More About Oasis Financial & Key Health Oasis Financial was founded in 1996 by attorneys who saw a need among clients burdened with increasing medical bills and living expenses, but their cases weren’t settling fast enough to keep up with their bills. The attorneys launched Oasis to provide a way for plaintiffs to receive an advance on their settlement and make life livable until their case closed. Today, Oasis has helped over 250,000 consumers make ends meet while waiting for their case to settle. In 2017, Oasis merged with Key Health, the nation’s leader in medical lien funding. Key Health works with medical providers spanning the U.S. who offer services to injured victims on a lien or letter of protection basis as part of a personal injury claim. Together, Key Health and Oasis help personal injury victims recover both physically and financially from an accident. Working with more than 14,000 attorneys and maintaining relationships with more than 10,000 physicians, Key Health and Oasis help ensure consumers who are injured in an accident have access to great healthcare, as well as funds to cover life’s other expenses while waiting for a personal injury case to settle. http://www.oasisfinancial.com/about-oasis | http://www.keyhealth.net/Home/AboutUs 

More about LATLC  The Los Angeles Trial Lawyers' Charities (LATLC) was founded in 2006 by a small group of Los Angeles trial lawyers inspired to find new ways to serve the community beyond their roles as attorneys. LATLC’s primary purpose is to make a positive difference in the quality of life for people within the greater Los Angeles area. Today, LATLC has more than 3,000 supporters and donated more than $4,415,000 in grants, gifts and goods. LATLC has been honored by the California State Assembly and State Senate. http://www.latlc.org 

6th Annual LATLC Casino Night will be held June 8, 2019 at 6:00 pm, at the Intercontinental Hotel in Downtown Los Angeles. More information can be found at http://www.latlc.org/events

CHICAGO-- Longford Capital today announced the opening of its office in Dallas, Texas, and has recruited a senior litigator and trial lawyer to head the expansion.

John E. Garda has joined Longford Capital as Managing Director and Head of the Dallas Office. Immediately before joining Longford Capital, Mr. Garda was the Managing Partner of the Dallas office of K&L Gates, a Global 20 law firm, and served on the firm’s Advisory Council. Throughout his 25-year career practicing law, Mr. Garda focused his practice on representing companies involved in complex commercial litigation and disputes.

Mr. Garda represented clients in complex commercial litigation, securities litigation, insolvency litigation, and business disputes involving a variety of industries including health care, real estate, technology and outsourcing and consumer products. He has appeared before state and federal trial courts, state and federal appellate courts, arbitration associations, and administrative boards around the nation. Mr. Garda served as legal advisor to several corporate Board of Directors and Board Committees. Mr. Garda also represented clients in corporate governance matters, SEC investigations, and other internal investigations.

Mr. Garda earned a B.A from the University of Delaware and his law degree from the University of Notre Dame Law School where he distinguished himself as the Managing Editor of the Notre Dame Journal of Law, Ethics and Public Policy. Before attending law school, Mr. Garda practiced as a Certified Public Accountant with the public accounting firm now known as Ernst & Young in New York.

“For many years, Longford Capital has collaborated with leading law firms in Texas,” said William P. Farrell, Jr., co-founder and managing director of Longford Capital. “Some of our most successful investments have involved Texas companies. And, the legal market in Dallas has been thriving for several years. Many of our trusted law firm partners have expanded into Dallas. The launch of our Dallas office is a natural progression of the great relationships and success that we have enjoyed in Texas. It was critical, however, for us to recruit John Garda to join us.”

“John possesses the skill and experience that we value most at Longford Capital,” said Mr. Farrell. “He has run the Dallas office for K&L Gates since 2015 and has been a part of firm-wide management of one of the largest law firms in the world. His contacts within the business community and legal community in Dallas and nationally are second to none. And, he knows our business, having served as an Independent Advisor to Longford Capital for almost five years. Longford Capital expects that the Texas legal and business communities will continue to be valued partners of Longford Capital.”

“K&L Gates has an outstanding globally integrated platform filled with tremendous lawyers that provide top-notch client service,” said Mr. Garda. “As part of my incredible experience at the firm, I have had the privilege to assist with its management and operations for the past several years; my partners and I have also had the privilege of representing Longford Capital in connection with the evaluation of several investment opportunities.”

“Through this process, my partners and I have been able to really get to know Longford Capital and its team of professionals,” said Mr. Garda. “Through our working experience, it became obvious to me that Longford Capital is the gold standard in the commercial litigation funding industry. I am honored to be joining Longford Capital and very excited to open the Dallas office for this industry-leading organization.”

About Longford Capital

Longford Capital is a leading private investment company that provides capital solutions to leading law firms, public and private companies, universities, government agencies, and other entities involved in large-scale, commercial legal disputes. Typically, Longford Capital funds attorneys' fees and other costs necessary to pursue meritorious legal claims in return for a share of a favorable settlement or award. The firm manages a diversified portfolio and considers investments in subject matter areas where it has developed considerable expertise, including, business-to-business contract claims, antitrust and trade regulation claims, intellectual property claims (including patent, trademark, copyright, and trade secret), fiduciary duty claims, fraud claims, claims in bankruptcy and liquidation, domestic and international arbitrations and a variety of others.

• fast and streamlined funding assessment (within 4 weeks)
• legal representation by one of the world’s leading trial and arbitration law firms with unique Vietnam expertise
• risk-free recoveries (neither BSF nor IMF Bentham recover any costs unless the claim is successful)

ABOUT BOIES SCHILLER FLEXNER

Boies Schiller Flexner is a firm of internationally recognized trial lawyers, crisis managers and strategic advisors known for their creative, aggressive and efficient pursuit of success for the firm’s clients. The firm has an established record of taking on and winning complex, ground-breaking and cross-border matters in diverse circumstances and industries for many of the world’s most sophisticated companies. The firm has 15 offices located throughout the United States and in London. It is also the only AmLaw firm with two Vietnamese-speaking partners with extensive first-chair trial and arbitration experience.

For further information please see Luan Tran, Quyen Ta and Boies Schiller Flexner.