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Commercial Special Features

How Litigation Funders Are Leveraging Legal Tech

Both plaintiff and defense have a clear vested interest in the outcome of their litigation. For litigation funders, however, the interest is in prospective claims - thousands of them - which are reviewed using a due diligence that combines legal expertise with financial analysis. Given the ROI component that litigation funders are faced with, there is a growing tendency to rely on legal technology to properly aggregate and analyze all of that raw data. But to what extent are litigation funders - and the broader legal community - relying on AI and Legal Tech to inform their decision making? As reported in the latest edition of Vannin Capital's bi-annual Funding in Focus series, Legal Tech is evolving into a core component of the broader Legal Services industry. According to a recent Law Firm Leaders survey, 95% of UK-based managing and senior partners expect to increase their investment in Legal Tech over the next decade, the majority of whom said the investment would be 'substantial.' Of course not all Legal Tech is created equal. In such a nascent field, there are plenty of competitors out there, and the winners and losers of the space have yet to be clearly defined. That said, there are some clear trend lines that are noticeably emerging. One such trend is the utilization of eDiscovery platforms. eDiscovery has been at the foundational level of the Legal industry for many decades - it's simply much easier to catalog cases, motions and rulings on a computer than in a giant file cabinet. That said, advancements in the space are making production, collation, storage and review all the more efficient. Cloud-based storage and processing, visual analytics which group related documents, and AI/machine learning tools that assist in data analysis have catapulted eDiscovery from a decades-old timesaver into a powerful instrument for any legal expert. eDiscovery platforms can now identify and map key phrases within related (or seemingly unrelated) documents, visualize data so researchers can better understand key trends and highlights, automatically redact sensitive information, and even track user accuracy so companies can monitor their reviewers' progress. As a result, the global eDiscovery market is worth an estimated $20B. Advancements in cloud computing have not only made eDiscovery a more streamlined and efficient process, but a cheaper one as well. Average storage costs have decreased from $40/GB/month to around $20/GB/month; sometimes much less if volumes are large enough. And with big names like Amazon Web Services and Google Cloud offering improved text-searching and data extraction services, the quality and efficiency of eDiscovery is bound to continue to improve. Perhaps even more germane to the funding industry is the ability of Legal Tech to help predict case outcomes. Big Data analysis can help funders predict judicial rulings, the size of jury awards based on case type and jurisdiction, time-to-settlement, and whether arbitrators tend to favor plaintiffs or the defense. Some Legal Tech platforms even leverage 'unstructured data,' which is a term used to encapsulate all data that cannot be easily quantifiable. For example, a platform may scrape all of a judge's or arbitrator's public comments, rulings, and social media posts to infer via language and syntax what proclivities and/or biases he or she possesses. Such is the granular new reality we all find ourselves in when every aspect of life is reduced to an algorithm. That said, granularity is a wonderful thing when you're tasked with analyzing the potential return on a multi-million dollar investment. Of course, these Legal Tech tools can only provide the data - they can't tell you how to interpret or act on it. That decision is up to the humans who control the purse strings. Additionally, as we all know, past performance is not always an indicator of future performance, so there remains some question as to just how 'predictive' this technology truly is. Prominent legal technologist, Professor Richard Susskind recently affirmed: “I have no doubt that the work of courts around the world will increasingly be conducted online. Here indeed will lie the key to providing greater access to justice."  Indeed, from case initiations to online courts and tribunals, to virtual mediation rooms to the eventual (albeit somewhat far off) advancement of end-to-end AI dispute resolution, the entire legal landscape is bound to be disrupted by the transformative power of technology. While it remains to be seen exactly which Legal Tech firms rise to prominence as 'the cream of the crop,' their collective impact is already being experienced in all facets of the industry.
Announcements Commercial

Litigation Capital Management (AIM:LIT): Interim Results

Litigation Capital Management (LCM) Limited (AIM:LIT), a leading international provider of litigation financing solutions, announces its reviewed interim results for the six months ended 31 December 2018.

Note: All financial results based on cash accounting methods, as opposed to fair value methods. Any gains or losses are only recognised in LCM’s accounts when a successful judgement or settlement has been determined.

Highlights

  • Adjusted profit before tax of A$2.72 million – increase of 268% (H1 2018: adjusted loss $1.62 million)
  • Adjusted revenue of A$11.71 million – increase of 11,498% (H1 2018: A$0.10 million)
  • Continued strong litigation project performance, with three projects completing in the period, and consistent with existing track record:
    • Portfolio IRR of 78% (on a cumulative basis since FY 2012, including losses)
    • ROIC of 117% (on a cumulative basis since FY 2012, including losses)
  • Strong pipeline of potential future litigation projects, diversified by litigation type and geography - 64 pre-qualified projects with estimated investment of A$409 million
    • Diversification in pipeline across geography (Australia, EMEA and Asia Pacific) as well as across single case, portfolio and corporate transactions
    • Future litigation projects include class action, commercial claims, insolvency, international arbitration, and corporate transactions
  • Funded first corporate portfolio transaction in October 2018 in the building and construction sector. Corporate transactions represent a growth opportunity for LCM, as the Company is currently considering eight significant corporate portfolio transactions as part of its pipeline of investment opportunities
  • LCM is now a truly global litigation finance provider following the launch of offices in London (covering EMEA) and Singapore (covering Singapore and Hong Kong), with both regions representing a significant growth opportunity for LCM going forward
  • Completion of listing on AIM in December 2018 and delisting from ASX
  • Significant strengthening to management team and board through the appointments of Nick Rowles-Davies as Executive Vice Chairman, Stephen Conrad as Chief Financial Officer and Jonathan Moulds as Non-Executive Director

Patrick Moloney, CEO of LCM, said:

“We are delighted to present our first set of financial results as an AIM-listed company. The strength of our performance is reflective of the consistent approach and focus we have ensuring that we continue to deliver strong returns across our existing portfolio. We have significantly expanded our operations to create a truly global platform for LCM.

“Our listing on the London Stock Exchange was a key milestone for the company and raised necessary capital to help fund future litigation projects and investments. Since LCM has become a London listed company, we have already seen a notable increase in the litigation funding products that we offer across the mix – including single case, portfolio and corporate transactions.

“Our geographical expansion, with new offices in both London and Singapore, has naturally seen the team grow and industry leading experienced individuals have been added to the Board and senior management team. This has created a strong foundation for LCM to continue to pursue exciting growth opportunities and maintain its position as a leader in the growing litigation finance market.”

About LCM

  • 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 listed on AIM in December 2018, trading under the ticker LIT
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Commercial

Canadian Court Approves Third Party Funding in Class Action Claim Against Tim Hortons

A Canadian court has approved the usage of third party financing in a class action claim being brought by Tim Hortons franchisees against the parent company. As reported in Canadian Lawyer, the case of JB & M Walker Ltd v. TDL Group could become a watershed. In Canada, the court must approve third party funding in all class actions, and the court in this case found that the funder did not seek to exert control, was well-capitalized, and was not being overcompensated. Therefore funding was approved for the class action. Litigation funding is relatively new in Canada (compared to say, the UK and Australia), so laws and legal precedents aren't as easy to come by. The court in this case found that litigation funder Galactic TH Litigation Funders LC, met the aforementioned criteria. The funder has assets of $33MM and net equity of $29MM, and is collecting between 22-26% of any proceeds. So Galactic are well-capitalized and not to be overcompensated. They also agreed to pay any security for costs issued against the plaintiff. The Tim Hortons franchisees had been originally funded by the Great White North Franchisee Association, but last summer that financing dried up, and the franchisees could not afford to continue the case on their own.
Commercial

New Zealand Wary Over Increase in Litigation Funding After Mainzeal Judgment

In a recent decision by a New Zealand High Court, the directors of failed construction company Mainzeal - including former Prime Minister Jenny Shipley - were ordered to pay $36MM to creditors. The claim was funded by litigation funder LPF, and many in New Zealand are concerned that the big win will herald a litigation funding revolution - much like what is currently taking place in neighboring Australia. As reported in Newsroom, the New Zealand court found that the directors allowed the company to continue operations for several years, despite being "balance sheet insolvent." Shipley and the other directors argued they had an asset in the form of millions of dollars of debt owed to Chinese parent company Richina Pacific, yet no money from the China parent company ever trickled down to New Zealand. When the company couldn't afford to pay its bills, contractors lost out on $45.5MM, and creditors on $110MM. Justice Cooke found that the Mainzeal directors had not put in place any proper risk assessment measures, and failed in their corporate governance duties. Of the four directors involved, Shipley and one other owe $6MM each, while the remainder is to be paid by Richina. The quartet have Directors & Officers (D&O) insurance totaling $20MM, though it isn't clear how that money is to be allocated. D&O insurance has exploded in cost in neighboring Australia, where litigation funding is helping fuel a number of prominent class action claims. With the big win coming in the Mainzeal case, which was funded by LPF, many New Zealand legal experts are considered about a similar rise in claims, and the resulting impact on insurance costs.
Announcements Commercial

Legal claim launched against rail companies after millions double-pay for fares in London

A claim has been launched in the UK’s specialist competition court by Justin Gutmann, formerly of Citizens Advice, on behalf of millions of passengers who have paid twice for part of their journeys on Southeastern and South Western routes.  

  • Passengers who have held a Travelcard in the period since October 2015 and bought another ticket for a rail journey that is partially covered by their Travelcard have effectively paid twice for part of their rail journey
  • The claim is estimated to be worth around £93 million in damages
  • Millions of passengers who have travelled in and around London may be eligible for compensation

London, February 27th, 2019

A claim on behalf of millions of rail passengers has been filed in the Competition Appeal Tribunal against the operators of the South Western and Southeastern rail franchises.

First MTR South Western Trains, Stagecoach South Western Trains and London & South Eastern Railway are alleged to have not made “boundary” fares readily available for Travelcard holders to purchase, nor making passengers aware of their existence. The rail companies’ failures have left customers with little option but to buy a higher fare than they would have needed because their Travelcard already entitled them to travel for part of their journey.

Boundary fares allow passengers who own a Travelcard to travel beyond the zones covered by their Travelcard without doubling up on payment. Independent research has shown that boundary fares are not readily available through online platforms or over the telephone from South Western or Southeastern and are rarely offered at ticket counters unless expressly requested by passengers. This imposition of an unfair price for fares is an abuse of the companies’ dominant position and in breach of UK and EU competition laws.

The opt-out collective action is being led by Justin Gutmann, an experienced campaigner on both consumer issues and the transport sector.

Gutmann said:

“Passengers in London already pay a lot of money for trains that are often delayed or not even running. Now following extensive research, we have found that some passengers are paying twice for parts of their rail journeys.

We are launching this legal action to ensure that the money that South Western and Southeastern have made from this is returned to those train users.

Millions of rail passengers could be eligible for compensation. Let’s put this right and stop train companies taking passengers for a ride.”

Who is eligible?

Passengers who owned a Travelcard at any time from 1 October 2015 and also purchased a rail fare from a station within the zones of their Travelcard to a destination outside of those zones may be eligible for compensation. Millions of passengers are thought to be affected.

Dorothea Antzoulatos, Director of Charles Lyndon, said “Charles Lyndon has worked extensively with Mr Gutmann to develop this case which seeks to recover compensation for millions of rail passengers who have overpaid as a result of what we believe is the behaviour of the defendants. We are delighted to be working together with Hausfeld & Co to represent Mr Gutmann in what will be the first stand-alone collective action in this country.  A case such as this would not have been practicable before the introduction of the Consumer Rights Act 2015 and we hope that as a result of this action millions of rail passengers will be able to recover the compensation that is due to them.”

Anthony Maton, Managing Partner at Hausfeld & Co LLP said: “This claim is about rail passengers being able to recover what is rightfully due to them. This is only the fifth collective action in the Competition Appeal Tribunal and the first brought without the benefit of an underlying regulatory decision. We’re very pleased to be co-counsel for Mr Gutmann on this ground-breaking case.”

Will there be any cost be for class members?

There is no cost for class members. This action is being funded by Woodsford Litigation Funding, a specialist litigation funder. By absorbing both the costs and risks associated with a claim of this size, Woodsford is enabling the claim to be brought and ensuring that as many rail passengers as possible benefit from this legal action.

Woodsford’s Chief Investment Officer, Charlie Morris, stated: “Third party funding facilitates access to justice and is an integral part of bringing collective actions such as this boundary fares claim. Woodsford is looking forward to helping millions of rail passengers achieve the compensation they are entitled to."

What next?

The Tribunal will now determine whether or not Mr Gutmann’s claim is allowed to proceed.  If the claim is permitted to go forward then those affected will not have to pay any legal fees, nor contact lawyers.

Affected passengers who live in the UK will be automatically included in the claim although they can choose to opt-out in due course. Affected passengers who do not live in the UK will also be eligible to join the claim but must proactively opt-in. As the case progresses, we will provide more detail as to what rail users will be required to do to either opt-in, or opt-out.

Anyone who would like to receive further information about the claim, can visit the claim website, BoundaryFares.com, to sign up for updates.

Further information

The claim’s website and social media channels are available from the day of launch, at BoundaryFares.com where affected passengers can sign up to receive further information on the legal proceedings.

Justin Gutmann represents the passengers bringing this legal case against South Western and Southeastern. He is aiming to ensure that the train companies have to pay back the money which they earned from passengers paying twice for part of their journeys. This is estimated to be in the region of £93 million.

Mr Gutmann has a wealth of experience working in the consumer rights sphere and he has strong expertise in the transport sector. He has spent a large part of his professional life dedicated to consumer welfare, public policy and market research.

Mr Gutmann’s final job prior to retirement was as Head of Research and Insight at Citizens Advice.

Mr Gutmann also spent eight years working for London Underground as a Market Planning Manager.

Justin Gutmann is represented by Charles Lyndon and Hausfeld & Co LLP.

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Announcements Commercial

Vannin Capital Names UK Regional Managing Director

Vannin Capital, the global expert in legal finance, has today announced that Rosie Ioannou has been appointed as UK Regional Managing Director.

 Rosie joined Vannin in 2014 as a Managing Director and has since been a driving force behind its growth and development, as well as the evolution of the litigation funding industry in the UK and around the globe. In her new role, she will have overall responsibility for Vannin’s UK business, leading the team of UK Managing Directors. Her appointment underscores Vannin’s ambitious growth objectives for the years ahead, and the role that the UK litigation market will play in realising those ambitions.

Highly regarded for her experience in funding claims in areas such as insolvency, competition and UK group actions, Rosie has been recognised as a Leading Individual in the UK for her work by Chambers & Partners. Prior to joining the Vannin team, she worked for magic circle law firm Allen & Overy.

Commenting on the announcement, Vannin Capital CEO Richard Hextall said: “Rosie has been fundamental to Vannin’s growth since joining the team in 2014, and her breadth of experience and reputation in the market is second to none. She is a natural choice to lead the UK team to the next stage of its growth, as we look to capitalise on the developing market in the UK and internationally.”

Rosie Ioannou said: “This is a really exciting time for Vannin as the London market for litigation funding continues to grow. The business is very well positioned to continue to diversify its portfolio and capitalise on the myriad opportunities that exist. I look forward to tackling this new challenge and helping to lead our talented UK team into the future.”

About Vannin Capital

Established in 2010, Vannin Capital is a global expert in the provision of funding to support individuals, corporate clients and law firms in the successful resolution of high-value litigation and arbitration claims.

From single case funding to portfolio finance, we offer creative capital solutions that are tailored to our clients’ needs. Our global team of legal and financial experts cover the key commercial litigation and arbitration centres from our offices in London, Jersey, Paris, Bonn, New York, Washington, Sydney and Melbourne. More than just capital, we combine global experience with local knowledge to deliver a high standard of service and expertise to our clients around the world.

A major player in the legal finance market, we are a member of the Association of Litigation Funders of England and Wales (ALF), conducting our business to a high standard in line with its code of conduct.

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Announcements Commercial Consumer

DealFlow Announces The Litigation Funding Forum 2019 Agenda

New York, NY, Feb. 22, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- DealFlow Events is pleased to announce the agenda for The Litigation Funding Forum 2019 coming up April 4 in New York City. The complete agenda and panel speakers: https://litigationfundingforum.com/agenda/ Here is just some of the information our slate of experts will cover during this must-attend event:
  • Latest trends in the litigation funding marketplace
  • Challenges facing legal counsel with litigation funding
  • Benefits to investors in litigation funding
  • Growth prospects in the marketplace: Leveling the legal playing field
  • What counsel should look for in identifying the right litigation financing firm for clients
  • How litigation funders determine cost to ROI
  • Contracts and risk management
  • Litigation funding in patent and intellectual property cases
The conference keynote speaker is New York State Sen. Rob Ortt, who introduced the Litigation Funding Act. Whether you are a funder, an attorney or a litigation finance consultant, The Litigation Funding Forum 2019 is a can’t-miss event. Panels of experts are ready to answer your questions regarding litigation finance, while exploring the latest legal trends, best practices and insights to maximize the benefits of litigation finance while avoiding challenges that have tripped up others. Corporate sponsors of The Litigation Funding Forum 2019 include Validity Finance, RRBB Accountants + Advisors, and Armadillo Financial Partners. Learn more about the forum at https://litigationfundingforum.com/. This event will likely sell out. Get your tickets today at https://litigationfundingforum.com/tickets/. Questions? Contact DealFlow at (516) 876-8006 or email Charlie Napolitano at charlie@dealflow.com. About DealFlow When it comes to the business of finance, the tag line “A DealFlow Event” is widely recognized as a symbol of quality. We’ve produced over 200 conferences, seminars, and webcasts on a variety of financial topics over the last 16 years. These events are the signature programs in their respective markets, offering high-quality content and unequaled professional networking opportunities. For more information about our events business, visit www.dealflowevents.com. For more information about some of our other projects, visit www.dealflow.com.
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Announcements Commercial

Collaboration between law firm, litigation funder and insurance brokerage creates access to justice enhancing product for owners of intellectual property

Debenhams Ottaway LLP in association with Sparkle Capital Ltd, Sybaris Legal & IP and Acasta Europe Limited have today launched a product to fund claims brought in the Intellectual Property and Enterprise Court (“IPEC”). The product follows collaboration between the innovative law firm, who last year set up a litigation funding panel and Sparkle Capital, a litigation funder. Sybaris Legal & IP, an insurance broker operating in the intellectual property arena will operate one of the distribution channels for the product and Acasta will provide the After The Event insurance. The product can cater for claims valued from £50,000 to £500,000. The fixed recoverable costs in IPEC limit the recoverable costs in stages up to £50,000 (save in some circumstances in which a party beats a Part 36 offer). The IPEC regime is therefore attractive to litigation funders and ATE insurers because it limits exposure for adverse costs particularly where the Arkin cap[1] is under threat from developing jurisprudence. The product is aimed both at the SME market and IP portfolio holders such as brand owners, musicians and the pharmaceutical industry. It covers a variety of different types of Intellectual property claims ranging from trade mark infringement and passing-off to copyright, design right and patent infringement claims.  It combines a discounted conditional fee agreement with Debenhams Ottaway within a funding package from Sparkle Capital to meet the discounted element of the fees and disbursements. The cost of the funding is low by market standards because it is based on a fixed interest rate rather than the market standard “share of the award”. And it is non-recourse as it is covered by the relevant After the Event and Financial Guarantee Insurance provided by Acasta. Commenting on the launch of the product, Debenhams Ottaway lead litigation and dispute resolution Partner, Luke Harrison, who also serves as Chairman of the Commercial Litigation Association said: “The IPEC funding product is essentially an access to justice tool. It enables those who have suffered a legal wrong to obtain redress whilst avoiding the risks associated with litigation. Intellectual property is an intangible asset which is easy for third parties to exploit and profit from. Whilst there are a number of ways IP may be protected, enforcing those rights in practice through the Courts is often the only tool available to protect that value.” Senior Associate and lead Intellectual Property disputes Lawyer at Debenhams Ottaway, Rosie Patterson said: “The IPEC funding product should go some way to addressing the imbalance in resources that we often see between parties in IP disputes, an imbalance that frequently acts as a barrier to Claimants bringing actions to protect their rights.” Tets Ishikawa, Director at Acasta and Senior Adviser at Sparkle Capital, commented: "Acasta and Sparkle are delighted to partner with our forward-looking partners, Debenhams Ottaway and Sybaris Legal & IP, in launching this IPEC Funding Product. The delivery of real access to justice can only progress with a solutions-led approach that lead to products meeting the actual needs of legal claims. This is the result of that approach and is part of our overall strategy to deliver innovative, relevant insurance and funding products to the litigation market."  Commenting on the launch of this new product, Ian Wishart, a director of Sybaris Legal & IP and himself an experienced patent attorney and an inventor, said: “This new funding product will benefit potential litigants before IPEC who have been unable to pursue good claims, sometimes against much larger firms, because of a lack of resources.  It levels the playing field, and enables IPR owners to retain value and leverage those rights.” Notes
  1. Debenhams Ottaway LLP is a leading law firm with offices in Hertfordshire and a London space. The firm acts for high net worth individuals, entrepreneurs and established businesses including, in specialist fields, a number of household brand names. The firm’s litigation and dispute resolution team is known for its entrepreneurial and collaborative approach and fastidious approach to delivering value to clients. The firm also boasts the leading contentious intellectual property team in the northern home countries lead by former city lawyer Rosie Patterson.
  2. Sparkle Capital Ltd was founded in 2014 as a third-party commercial litigation funding business. We are a privately-owned company belonging to the family of Fred Done, who is best known for founding BetFred and various other business interests, including real estate and insurance. We are administered by Acasta Europe Limited, an ATE insurance provider.”
  3. Acasta Europe Ltd provides administrative services to Acasta European Insurance Company Ltd, an insurer founded in 2006 and active in 12 European countries across 9 classes of insurance. We are an active provider of legal expenses insurance in the UK being one of the most trusted and innovative ATE insurance providers in both delegated authority Personal Injury and bespoke commercial, clinical negligence and insolvency cases. We have a core base of loyal partners that we work closely with to provide innovative solutions that enhance their businesses.
  4. Sybaris Legal & IP is a trading identity of Sartorex Group Ltd, which is an accredited Lloyds broker. Sybaris Legal & IP has been broking specialist legal and IP risks for over six years, and has a team of highly experienced brokers and IP specialists, who have been assisting micro-businesses to £100+M turnover companies with IP insurance, After the Event insurance and litigation funding
[1] Whereby funders are ordered to pay adverse costs, but only up to the level that they invested in the case.
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Announcements Consumer

Lawsuit Funding Company Earns Top Rating from TopConsumerReviews.com

TopConsumerReviews.com recently awarded their highest five-star rating to Prime Case Funding, an industry leader in lawsuit funding companies.

Lawsuit funding companies help people with pending lawsuits to access funds prior to the settlement of the case. In other words, these services extend a no-risk loan based on the assumption that their client will win their case. When the case is decided in the client’s favor, the loan is repaid from the proceeds of the lawsuit, plus a predetermined amount of interest. On the other hand, if the client loses the case, there is no obligation to repay the loan.

The deciding factor in securing this time of lending is, naturally, the likelihood of the client eventually winning the case. For that reason, the process typically involves discussions with the attorneys representing both the plaintiff and the defendant, collection of court documents, and so forth. There are a number of trustworthy lawsuit funding services that can help clients get the cash they need now, while waiting for the lawsuit to be concluded.

“Prime Case Funding is the nation’s best source of lawsuit funding,” according to Brian Dolezal of TopConsumerReviews.com, LLC. “As an accredited, “A+” rated company with the Better Business Bureau, PCF can be trusted to handle applications quickly and accurately. They can fund loans from $500 to $1,000,000 and more, on cases ranging from personal injury to false imprisonment. Customers particularly appreciate PCF’s lightning-fast turnaround time on loans, with some receiving payouts in as little as one business day. Because of their ironclad reputation, reasonable pricing, and excellent customer service, Prime Case Funding is our highest-ranked provider of Lawsuit Funding in 2019.”

To find out more about Prime Case Funding and other Lawsuit Funding companies, including reviews and comparison rankings, please visit the Lawsuit Funding category of TopConsumerReviews.com at https://www.topconsumerreviews.com/lawsuit-funding/.

About Prime Case Funding Prime Case Funding is a national full service legal funding firm serving both attorneys and their clients. They work to understand your situation and strive to tailor a financial solution that will meet your specific needs. Litigation financing can reduce financial stress and hardship that results from being in a lawsuit. Prime Case Funding’s service can empower you to “win the waiting game” and get the settlement you deserve.

About TopConsumerReviews.com TopConsumerReviews.com, LLC is a leading provider of reviews and rankings for thousands of consumer products and services. From Lawsuit Funding to Personal Loans and Debt Relief, TopConsumerReviews.com delivers in-depth product evaluations in order to make purchasing decisions easier.

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Commercial

Republican Senators Reintroduce Litigation Funding Disclosure Bill

A group of Republican Senators has reintroduced a bill that would mandate disclosure in class action and MDL contexts. The Senators first introduced the Litigation Funding Transparency Act (LFTA) last year, but it went nowhere. Now they are making another push with the same legislation. As reported in Law.com, Senators John Cornyn of Texas, Thom Tillis of North Carolina, Chuck Grassley of Iowa, and Ben Sasse of Nebraska all proposed the legislation that seeks to mandate disclosure of third party financing in class actions and MDLs. The bill stipulates disclosure within 10 days of a case being filed, or 10 days after a litigation funding agreement is signed, assuming the agreement comes mid-case. The bill would also require disclosure in the consumer legal funding context, as plaintiffs seeking cash advances against the outcome of their cases would also have to disclose their funding agreements. Last year, the House of Representatives passed a narrower version of the bill, which stipulated disclosure only in class actions. Subsequent to that, the GOP Senators introduced the LFTA. That bill failed to make any traction, and that was during a GOP-led Congress. Now that the Democrats have taken control of the House, any push for regulating the legal industry is seen as having even less chance to reach approval. Many are viewing the bill's reintroduction as the result of a continued push by the U.S. Chamber of Commerce to regulate the litigation funding industry. Lisa Rickard, president of Chamber's Institute for Legal Reform, recently issued a statement supporting the bill. "When litigation funders invest in a lawsuit, they buy a piece of the case; they effectively become real parties in interest. Defendants (and courts) have a right to know who has a stake in a lawsuit and to assess whether they are using illegal or unethical means to bring the action," the statement reads.

Vannin Capital Managing Director, Michael German, had this to say: "The proposed Act is another example of special interest groups using their reach in Washington to implement legislation that goes well beyond the issue they purport to address. Vannin has been a vocal proponent of disclosure of (i) the fact that a litigant is funded and (ii) the identity of the funder. Any disclosure in excess of these facts is an overreach that does far more than solve the potential conflicts raised by Senator Grassley and his counterparts. Instead, the proposed Act would unfairly permit defendants facing legitimate lawsuits to gain an improper advantage, and force the parties and the courts into an irrelevant sideshow regarding funding terms."

The bill's reintroduction comes on the heels of the shock letter issued by GCs and senior litigators from 30 companies, asking the Advisory Committee on Civil Rules to mandate disclosure of all funding agreements in civil actions. Companies like Microsoft, General Electric, AT&T and Home Depot were all signatories of the letter.
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Consumer

3rd Circuit to Decide Judicial Authority Over Third Parties in MDLs in Ruling on NFL Concussion Case

The 3rd Circuit Court of Appeals has a heavy decision to make: just how much authority (if any) can a court exercise over a third party (non-party) in a class action or MDL claim? Judge Anita Brody voided the funding contracts between three consumer funders and thousands of ex-NFL players who were suing the league for injuries sustained during their playing years. But did Judge Brody have the authority to void those contracts? That's what the 3rd Circuit must decide. As reported in Reuters, a trio of consumer legal funders - RD Legal, Thrivest, and Atlas Legal Funding - all had funding agreements with ex-players in place. The funding agreements provided players upfront money to pay for lifestyle or medical bills while they awaited their settlement in the NFL concussion case. That settlement eventually came - to the tune of $1 billion. However, Judge Anita Brody voided the funding contracts, claiming in part that the anti-assignment provision of the settlement nullifies the funding contracts. But does a court's authority over the disposition of a settlement extend to third parties, or non-parties in the claim?  Perhaps a court only retains power over a settlement for as long as that court oversees the claim itself, and once the claim is settled and the money is to be disbursed, any funding contracts already in place are beyond the scope of the court's discretion? That is what the 3rd Circuit must now decide, as the funders - led by RD Legal - have appealed her ruling. Thrivest also contends that in voiding the contracts, Judge Brody ignored an arbitration provision in its funding agreements that all disputes between players and funders be brought to arbitration. They claim her lack of deference to the arbitration agreement violates the Federal Arbitration Act. The funders argue that MDLs and class actions are large enough as is, and there must be some boundary placed on them. There is some room for agreement on this point, as class counsel Samuel Issacharoff seemed willing to concede that a court's discretion can't extend into infinity. However, Issacharoff argues that Brody does retain the authority to void contracts that were entered into during the administration of the settlement, even if she maintains no oversight of the monetary disposition. This is a key point, and one that the 3rd Circuit will have to wrestle with. The court is loathe to "stretch the outer bounds of Article III,' according to Judge Bibas of the 3rd Circuit. If the appeals court is to uphold Judge Brody's decision, that may very well be what they end up having to do.
Announcements Consumer

Legal-Bay Announces Expanded Funding For Sexual Abuse Victims

ALBANY, N.Y., Feb. 11, 2019 /PRNewswire/ -- Legal-Bay, the premier pre-settlement lawsuit funding source, reports that Governor Cuomo assisted in passing a legislation to extend filing deadlines for sexual abuse survivors in the state of New York (A.8401-C/S.8977).
The new legislation, also known as The Sexual Assault Victim Bill of Rights, provides survivors with information regarding their care and treatment, affords them health care services at no cost, and allows them to receive updates regarding any DNA test results, evidence kits, and status of their case. Notifying victims of their legal rights will help ensure survivors receive the information they need to navigate complicated medical and criminal justice systems.
Chris Janish, CEO of Legal-Bay says, "The new law in NY is long overdue and was highly contested by the Catholic Church for years. We applaud NY for finally getting this done to protect all victims of past sexual abuses – and holding predators accountable both criminally and civilly." The law will take effect this summer and will enable sexual abuse victims to file criminal charges until they reach age 28 and civil cases until age 55. Because of this landmark decision, Legal-Bay predicts an influx of new filings into NY courts by the end of 2019. Legal-Bay has been a leader in assisting victims of sexual abuse get the pre settlement funding they need while they fight their cases. Legal-Bay estimates over a million adolescents have been subject to sexual abuse in the last 30 years. Legal-Bay's funding programs include car and truck accidents, slip and fall cases, medical malpractice, construction accidents, wrongful termination and discrimination cases, and all other personal injury cases. Their pre settlement programs are non-recourse, no-risk lawsuit cash advances, also known as case funding. None of the programs should be considered to be a settlement loan, settlement loans, lawsuit loan, lawsuit loans, pre-settlement loans, or a pre-settlement loan, as the money does not need to be paid back if you ultimately lose your case. To apply now for lawsuit settlement funding go to the company's website at: http://lawsuitssettlementfunding.com or call the company's toll free intake line at: 877.571.0405 where agents are standing by. SOURCE Legal-Bay LLC

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Commercial

German Court Rules Litigation Funder Cannot Collect Earnings in Telecomm Case

Germany has been at the forefront of litigation funding in the EU for some time. Ever since FORIS-AG became the first dedicated funder there, numerous global funders, including Burford Capital which recently partnered with the law firm Hausfeld on a portfolio funding arrangement, have made inroads into Germany. But a recent decision by a German court places doubt as to the circumstances in which litigation funders can collect earnings on cases they finance. As reported in JD Supra, in September of last year, the German Federal Court of Justice ruled that a litigation funder cannot claim earnings in a "confiscation of profits" claim against a telecomm company. "Confiscation of profits" is a type of claim under German law where an entity - in this case, a consumer rights advocacy group - seeks to compel the court to confiscate the profits of a company it claims obtained those profits under unlawful means. The trial court did find that the telecomm company in question indeed acted unlawfully, and ordered profits to be confiscated. However, the Federal Court ruled the trial court's finding inadmissible, given that the non-profit consumer rights group used litigation funding to finance its case, and therefore a portion of the profits collected from the telecomm company would go to the litigation funder. While the Federal Court's finding does not endanger the use of litigation funding in civil proceedings - which remains fully legal in Germany - it does send a message to all funders operating in the jurisdiction that they should not attempt to finance a 'confiscation of profits'  claim brought by a non-profit organization.
Consumer Special Features

SPONSORED POST: No Loan? No Problem. Law Firm Funding to the Rescue!

“The more money our clients invest in advertising, the bigger their firms get, and (consequently) they keep returning for more capital.”

- Joshua Collins, Chief Investment Officer of Attorney Capital Funding, on why his company is currently experiencing such massive growth.

Since its inception in late 2005, Attorney Capital Funding (in conjunction with the Xpress Capital Group family of companies) has procured $160MM in financing for over 11,000 customers. The company generates opportunities for small and large law firms, as well as solo attorneys who can’t seek out traditional financing via a bank or credit union. Some have been declined by their banks, and others simply need a way to obtain financing without tapping their personal credit profile. We empower these attorneys by allowing them to collateralize their portfolios based on future valuation, instead of limiting them by their historical income. In short, we care more about where you’re going than where you’ve been. Question: “How is a bank better than you guys?” Clearly, banks charge less than a family office, hedge fund or other private equity group would. So, I always tell attorneys that if they can get approved by their banks, ‘OF COURSE, don’t use us or any alternative finance vehicle.’ We do not and never will attempt to compete with banks. They are good at what they do. Banks offer a small percentage of applicants less funding than what they request; but it costs less to use a bank than alternative financing. However, if you can get approval for traditional financing, don’t use any of us in this space. Question: “Who benefits the most from your funding?” Most attorneys report that they can see $7 or $8 back for every dollar invested in advertising. Attorneys who understand advertising/marketing should take advantage of our funding solutions. So, even though our funding costs more than that of a bank, at the end of the day it’s worth it because a) attorneys are going to write off their cost, and b) attorneys are receiving back a multiple of what they are investing. Also, an attorney who wants to expand his or her practice can benefit from investing in new staff members, or by opening a new location in order to handle more new business. Question: “How are your funding solutions better than those of a bank?”  Our intimate knowledge of the Legal Services industry allows us to base our client’s funding size on our future valuation of their portfolio, in contrast to banks that use past performance. Legal Services is an asymmetric industry – revenue is not realized consistently. So when attorneys need to raise funds, it can benefit them to leverage the future valuation of their pipeline of cases, which can be substantially larger than past performance. We also allow attorneys to pledge some or all of their cases, so in the event they don’t prevail in a single matter, they have the assurance that they have multiple opportunities to make good on their commitments. Question: “How does the process work, and how long does it take to get approved?” The first step is to take 3-5 minutes and complete the Due Diligence Questionnaire (or “application”) at AttorneyCapitalFunding.com. The 2nd step is to complete our NDA. After the NDA has been fully-executed, we hold a brief introductory call in order to get to know you and your firm better. The final step is to go over any last-minute supporting documents before closing and initiating the wire transfer. After a client submits an application (Due Diligence Questionnaire, which takes 5-10 minutes to complete) and the NDA (which takes 1-3 minutes to complete), underwriting typically takes 3-4 business days. After approval, it takes just 1-2 business days to release the wire, dependent upon the time the law firm sends in their final, signed documents. Need New Portfolio Investment Opportunities? If you are an investment firm seeking investment opportunities regarding our client's portfolios, we would love to partner with you! In order to discuss working with us, please send an email to investmentopps@attorneycapitalfunding.com. We look forward to meeting you all. If you require any additional information, you may call Attorney Capital Funding at 877.927.4448. Additionally, you may text or call either of the contacts listed below, and either Joshua or Michael will be happy to discuss your funding options. Joshua Collins Chief Investment Officer jcollins@attorneycapitalfunding.com Cell: 850.485.0599 Michael Kellison Chief Personal Assistant mkellison@attorneycapitalfunding.com Cell: 727.225.4480 Attorney Capital Funding 13801 N. Florida Avenue Suite C Tampa, FL 33613 877.927.4448
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Announcements Commercial

Litigation and Disputes funder Augusta launches Canadian practice

Augusta, the largest litigation and dispute funding institution in the UK – with £150m of capital and a team of 70 in London, today announces its expansion into the Canadian market with the opening of an office in Toronto. This complements Augusta’s existing operations in Sydney and London. As the market for funding of litigation and disputes has come into maturity around the world, there is growing acceptance of third-party funding as a route for claimants to seek justice, for lawyers to ensure certainty of fee income and to maximize flexibility of working capital. And with increasing geopolitical uncertainty, activity around litigation and disputes has grown also. The non-recourse nature of third-party funding provides certainty and peace of mind to claimants and their lawyers in otherwise unstable times. These trends on the ‘demand side’ are echoed on the ‘supply side’, with an increase in litigation funders joining stock markets and receiving substantial commitments from investors who recognise the specialist skills of such organisations. Augusta, for example, raised £150m in 2018, and all indications are that investment into well-managed funders will continue to increase in 2019, enabling more claims to be pursued with third-party support, at lower costs than were once tenable. Augusta’s Toronto office will be headed by Max Doyle, who re-joins Augusta. Max will be supported by several experienced members of Augusta’s London team. Louis Young, Managing Director of Augusta said: “We’re delighted to launch our Canadian operations today. 2018 was a strong year for Augusta, where we funded a record number of successful claims and raised significant capital. Our business model and operating platform allows us to finance claims of all sizes, and our underwriting discipline allows us to be a price leader in the markets that we operate in. We have been involved in the Canadian market for several years and we see Toronto as a logical first step in our growth plans for 2019.” Max Doyle, Head of Augusta Canada said: “I am delighted to be part of the expansion of Augusta’s operations into Canada where there is a growing and exciting litigation funding market. The company has been hugely successful in the UK, Europe and Australia and opening an office in North America was a logical next step. Augusta looks forward to introducing its creative and flexible funding solutions to the Canadian market. I am delighted to be part of this phase of the company’s growth.” About Augusta Ventures
  • Established in 2013, Augusta is the largest litigation and dispute funding institution in the UK – with £150m of capital and 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 2018, Augusta had funded 197 claims with a market leading win ratio of 80%.
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Announcements Commercial

Vannin Capital Expands in Sydney With New Managing Director

Vannin Capital, the global expert in legal finance, has today announced the appointment of Steven Taylor as a Managing Director in its Sydney office.

Steven joins Vannin from one of the pioneer companies of the global litigation funding industry, where he worked as a Litigation Manager responsible for managing funded claims to a resolution – work which entailed reviewing funding applications and negotiating funding agreements.

In addition to his expertise in legal finance, Steven holds extensive knowledge of the Australian corporate and commercial litigation landscape from his time spent as an Associate at Piper Alderman and Senior Associate at Squire Patton Boggs, where he was involved in several high-profile insolvency and class action cases, including claims against Lehman Brothers Australia Limited, on behalf of noteholders of the Octaviar Group and acting for applicants and group members in City of Swan & Ors v McGraw Hill Companies Inc in respect of alleged misrepresentations made by ratings agency, Standard & Poor’s.

Steven’s appointment marks the fifth senior addition to Vannin’s Australian team since its establishment in 2015. He joins a strong team of legal finance experts, including Regional Managing Director Patrick Coope – a former insolvency litigator who had established Australia’s first professional litigation funder in 1998 – as well as Tom McDonald, Pip Murphy and Adam Silverman who all joined as Managing Directors.

Commenting on the announcement, Vannin Capital CEO Richard Hextall said: “Steven’s appointment marks yet another step forward for Vannin’s growth in the Australian market. His impressive range of experience in litigation and legal finance means that he is ideally suited to playing an important role in helping to further develop our already first-class offering. We look forward to welcoming him to the team.”

Steven Taylor said: “The growth of the Australian litigation finance market in recent years has been remarkable, and Vannin’s impressive portfolio underscore its ambitions for growth in the region. I am excited to be joining a world-class team and to help the business continue on an upward trajectory.”

About Vannin Capital

Established in 2010, Vannin Capital is a global expert in the provision of funding to support individuals, corporate clients and law firms in the successful resolution of high-value litigation and arbitration claims.

From single case funding to portfolio finance, we offer creative capital solutions that are tailored to our clients’ needs. Our global team of legal and financial experts cover the key commercial litigation and arbitration centres from our offices in London, Jersey, Paris, Bonn, New York, Washington, Sydney and Melbourne.

More than just capital, we combine global experience with local knowledge to deliver a high standard of service and expertise to our clients around the world. A major player in the legal finance market, we are a member of the Association of Litigation Funders of England and Wales (ALF), conducting our business to a high standard in line with its code of conduct.

Vannin Capital Holdings Limited Registered in Jersey No. 121561

Registered Office Address:

13-14 Esplanade, St Helier Jersey, JE1 1BD

vannin.com

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Commercial

Global International Arbitration Centers Discuss Growth of Third Party Funding

Third party funding is now a global phenomenon, due mainly to its usage in international arbitration matters. But what exactly do the international arbitration institutions think of this rapidly-evolving Legal Services instrument? Read on to find out... As reported in Vannin Capital's latest Funding in Focus series, global arbitral institutions are continuing to recognize the lightning-fast growth of the industry. International arbitration centers from Spain to Brazil to Sweden to Colombia have all acknowledged growth in both the number of third party-funded cases being filed, as well as the enhanced awareness amongst counsel of the industry and its evolution. Two interesting drivers of this growth: an uptick in third party funding in investor-state disputes over the last five years, as well as the emergence of defense-side funding. Those two can even overlap, as was the case in Philip Morris v. Uruguay. The Hong Kong International Arbitration Centre predicts that defendants will continue to leverage third party funding in increasing numbers. Some institutions - like the London Court of International Arbitration - have adopted a 'wait and see' approach to third party funding, by choosing not to provide any comprehensive viewpoint on the practice. Other arbitration centers, however, including those in Paris and Dubai, have elected to take a proactive stance on the matter. The ICC France even went so far as to issue a best practice guide for industry adoption. It's worth noting that on the topic of disclosure, general consensus seems to be that a funder's identity should be disclosed in order to avoid any potential conflicts of interest, yet the funding agreement need not be disclosed. Of course, specific rules for each jurisdiction will vary. As pertains to another key issue of note - security for costs - no major arbitral institution has yet declared that the existence of a third party funder is grounds for an automatic security for costs application. Hong Kong has stated that courts 'may' take the existence of third party funding into consideration, but are under no obligation to issue a security for costs order. In sum, there seems to be a split amongst institutions on how best to handle the costs issue, with some openly declaring that third party funding should not automatically translate into a costs order, and others preferring a more hands-off approach, leaving it to the courts' discretion. As third party funding continues to evolve globally, arbitral institutions will evolve in tandem, given that the practice is so embedded in international arbitration, especially investor-state disputes. It will be interesting to see how each individual arbitral center responds to the most pressing issues relating to the rise of third party funding. At this point at least, there seems to be broad acceptance, general agreement on best practices, along with some differentiation on how proactive to be when issuing rules or guidelines.
Commercial

Russian Businessman Ordered to Put Up £1.5MM in Security for Costs to Protect Identity of Litigation Funder

Russian businessman Alexander Tugushev is suing the billionaire owner of Russia's largest fishing company, Norebo, claiming he should be granted 1/3 ownership of the estimated $1.5B company. Tugushev has been ordered by a London High Court to put up £1.5MM in security for costs to avoid disclosing the identity of his litigation funder. As reported in Undercurrent News, Tugushev is suing Vitaly Orlov, Owner and CEO of Norebo. For his part, Orlov has been claiming that Tugushev has ties to criminal organizations, including the leader of a Chechen organized crime gang. In October, 2018, Orlov issued a disclosure notice to the court seeking to ascertain exactly who is paying Tugushev's legal bills. Orlov's argument was that he wished to make a security for costs issuance directly against the funder. After a pair of hearings in December, Tugushev was ordered to put up £1.5MM - roughly half of what Orlov had been seeking - as security for costs. If Tugushev meets the deadline imposed by the court, he'll be able to keep the identity of his funder a secret. If Tugushev fails to put the £1.5MM up in time, his funder's name and address must be disclosed. Orlov maintains that Tugushev is trying to appropriate a portion of a successful business that he does not own - which many well-connected Russian oligarchs have been known to do in the past. The Russian offices of Norebo have been raided by police several times, and Orlov claims that he has faced a slew of death threats and harassment.  
Commercial

General Counsel from 30 Corporations Take Stand Against Litigation Funding

General counsel and senior litigators from 30 companies have come out against the litigation funding industry, asking the Advisory Committee on Civil Rules to mandate disclosure of all funding agreements in civil actions. 30 corporations have signed a letter which was sent to the Secretary for the Committee on Rules of Practice and Procedure. The letter proposes an amendment to the Federal Rules on Civil Procedure 26(a)(1)(A) "to require in civil actions the disclosure of agreements giving a non-party or non-counsel the contingent right to receive compensation from proceeds of the litigation." The signatories argue that when a funder backs a lawsuit, it effectively becomes a 'real party' in the case, and that both defendants and the court have a right to know who has a stake in the lawsuit, and if ethical means of achieving success are being utilized. The signatories asset that they are not attempting to regulate litigation funding, and that "no harm would flow from requiring such basic transparency about who has invested in a lawsuit and the terms of that investment, at least none that could not be protected by the court, as the proposal contemplates." In the letter's final paragraph, the signatories even take a swipe at industry claims that the broader business community has been adopting litigation finance. The letter states: "Finally, we note that some litigation funders have contended that major companies are generally indifferent or opposed to such a disclosure requirement because corporate use of TPLF is allegedly widespread. No evidence has been proffered to support that assertion. Nor is it consistent with our experience." Below is a list of companies who signed the letter:
  • Allstate
  • AT&T
  • Bayer U.S.
  • BP America Inc.
  • Charles Schwab
  • Chevron
  • Comcast Corporation
  • CVS Health
  • Eli Lily and Company
  • Ford Motor Company
  • General Electric
  • GlaxoSmithKline LLC
  • Google
  • Home Depot
  • Honeywell
  • ITT Inc.
  • Johnson & Johnson
  • Liberty Mutual Insurance
  • MassMututal
  • Merck & Co., Inc.
  • Microsoft
  • Phillips66
  • RiverStone Group
  • RPM International, Inc.
  • Shell Oil Company
  • State Farm Mutual Automobile Insurance Company
  • Verizon Wireless
  • Westfield
  • Zurich North America
Announcements Commercial

Keller Lenkner LLC Files Class Action Suit Against General Electric Company and H. Lawrence Culp, Jr.

CHICAGO, Feb. 1, 2019 /PRNewswire/ -- Keller Lenkner LLC today announced that it filed a class action lawsuit on behalf of all purchasers of securities of General Electric Company ("GE" or the "Company") (NYSE: GE) from October 12, 2018through and including October 29, 2018 (the "Class Period"). The action was filed in the Southern District of New Yorkand is captioned Birnbaum v. General Electric Company, et al., No. 1:19-cv-01013. The complaint alleges that GE and its Chief Executive Officer, H. Lawrence Culp, Jr., violated the Securities Exchange Act of 1934 by issuing false and misleading statements relating to the U.S. Securities and Exchange Commission's (the "SEC") expanded investigation into the Company's accounting practices, including investigating GE's $23 billion goodwill impairment charge (the "Power Charge"). The Company announced the Power Charge on October 1, 2018, and the SEC investigation began shortly after. The Company revealed the truth on October 30, 2018, when the Company announced that the SEC had expanded its previous investigation into the Company's accounting practices to now include the Power Charge. The Company announced that the Department of Justice was also investigating GE. GE had failed to disclose this material information on October 12, 2018 when defendants announced that GE was delaying the release of the Company's quarterly earnings. Upon disclosure of these facts, GE's stock price fell sharply from a closing price of $11.16 on October 29, 2018, to a closing price of $10.18 on October 30, 2018—a nearly 10% market decline—on trading of almost 345 million shares. GE shares traded as low as $9.87 on October 30, 2018. If you wish to serve as lead plaintiff for the Class, you must file a motion with the Court no later than April 2, 2019, which is the first business day on which the District Court for the Southern District of New York is open that is 60 days after the publication date of February 1, 2019. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice. Keller Lenkner represents the plaintiff. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Plaintiff's counsel, Ashley Keller of Keller Lenkner at 312-741-5220, or via e-mail at ack@kellerlenkner.com Keller Lenkner pursues high-stakes litigation for plaintiffs across a variety of claims and practice areas. Its lawyers are uniquely situated at the intersection of law and finance, with experience that includes litigating in courts throughout the country as well as co-founding the world's largest private litigation finance firm. www.kellerlenkner.com SOURCE Keller Lenkner LLC

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Announcements Commercial

IMF Bentham upsizes Funds in response to market demand for investment funding

SYDNEY (31 January 2019):  Leading global litigation and dispute financier IMF Bentham Limited (ASX: IMF) (IMF) announced today it is approaching investment targets for two of its funding vehicles ahead of schedule and has successfully increased the capacity of these vehicles to meet strong market demand for investment funding. IMF launched Funds 2 & 3 (known as ‘RoW’ Funds) in October 2017 with A$150 million to fund cases across Australia, Asia, Canada and Europe. In the coming months, IMF aims to launch the additional RoW Fund (Fund 5) to fund future cases in these regions. IMF has committed all of the ‘RoW’ Funds capital and has now upsized the ‘RoW’ Funds to A$180 million to meet demand prior to the launch of Fund 5. Investors (Partners Capital, Amitell Capital and IMF) have committed the additional A$30 million. Demand for funding is evident across all of the jurisdictions in which IMF operates, particularly in Canada and Asia, where contemporary third-party finance is relatively new and IMF is rapidly establishing a market and a leading presence. This upsizing brings IMF’s total Funds under Management to approximately A$1.1 billion. By the end of FY19 we anticipate IMF’s total global Funds under Management will exceed A$1.5 billion - cementing IMF’s position as one of the largest litigation and dispute financiers in the world. IMF Managing Director and CEO, Andrew Saker said: “These developments reflect investor confidence in litigation finance as an asset class and confidence in IMF in particular.  They also confirm the increasing appetite for dispute finance across the legal and other industry sectors. Dispute finance is increasingly becoming a mainstream option for organisations wishing to defray the cost and risk of litigation.” More: See ASX announcement here. ABOUT IMF BENTHAM LTD  IMF is one of the leading global litigation & dispute financiers, headquartered in Australia and with offices in the US, Singapore, Canada, 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 globalised industry via its international expansion in the US, Canada, Asia and Europe. IMF has a highly experienced litigation funding team overseeing its investments delivering, as at 30 June 2018, a 90% success rate across 179 completed cases. For further information regarding IMF and its activities, please visit www.imf.com.au.
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Announcements Commercial

Louise Hird joins Therium Capital Management Australia from the Australian Competition and Consumer Commission

Melbourne/ Jersey, 30 January 2019. Therium Capital Management, a leading global provider of litigation finance, announced today that Louise Hird has been appointed to the firm as an investment manager. Louise joins Therium from the Australian Competition and Consumer Commission (ACCC), where she was a director leading investigations focused on consumer and competition law. Founded in 2009, Therium is one of the largest and most established litigation financing firms in the world. The firm has funded claims valued at $36 billion.

Therium Capital Management Australia Pty Ltd is headquartered in Melbourne and is led by Simon Dluzniak, who has worked in the funding industry in Australia and the UK since 2003.

Therium has funded claims in Australia since 2011 and is currently funding high profile shareholder class actions against the Commonwealth Bank of Australia Ltd and Spotless Group Holdings Ltd, as well as delivery management software company GetSwift Ltd.  Therium Capital Management Australia will continue to finance class actions and general commercial, insolvency and arbitration claims. The firm will also seek to develop the country’s emerging corporate funding and portfolio funding markets, as well as investigate the funding of arbitration claims in Hong Kong and Singapore, both of which are emerging markets for litigation finance.

Simon Dluzniak, Head of Therium Capital Management Australia, said: “We are very excited about launching our office in Melbourne and delighted that Louise has joined the team.  Her competition experience will be invaluable as we continue to deliver innovative funding solutions for our clients.  Whilst our business has been very successful in Australia for some time and we are funding some major cases, having a team on the ground ensures that we are closer to our clients, and better positioned to capitalise on market opportunities in Australia and the Asia-Pacific region more broadly.”

Louise Hird, Investment Manager at Therium Capital Management Australia, said: “I have known of Therium for many years and have been hugely impressed. The team has tremendous experience in funding highly complex, often cross border cases, both claimant and defendant side, and has been at the forefront of developing the industry globally. I am very excited to join the firm and look forward to building the business further in Australia and the wider region, as well as working with our international teams to leverage Australia’s long standing experience of funding.”

Prior to joining Therium, Simon spent 12 years with another international funder, leading on cases in Australia and the UK. He has significant funding experience, particularly in relation to class action and insolvency litigation, having managed a number of high-profile funded cases in both jurisdictions. Previously, Simon worked with corporate regulators in Australia and the UK, and at Ernst & Young. He graduated from La Trobe University with degrees in Arts (BA) and Law (LLB) in 1997.

At the ACCC, Louise led a wide variety of investigations into misconduct in various industries.  She has advised at a high level on enforcement strategy and case formulation in complex matters, and managed proceedings in the Federal Court of Australia.  Louise has a Bachelor of Arts from the University of Melbourne and a Master of Laws (Juris Doctor) from Monash University.

Therium has operations across Europe, including in the UK, Germany, Italy, Spain and Scandinavia, and in the US. Therium was the first commercial litigation funder to have operations on the ground in Germany and Scandinavia and it was the first European firm to launch a full service business in the US.

Litigation funding allows individuals and companies to take on litigation and arbitration cases that they might not otherwise be able to afford, and/or to hedge the costs and risks involved in such matters. Therium pays for all of the costs, including adverse costs in the event that the case is lost, and only receives payment if the case is won.

Therium Capital Management Australia Pty Ltd is located at: Level 3, 257 Collins Street, Melbourne VIC  3000. Telephone: +61 (0)3 8375 9641.

About Therium

Founded in 2009, Therium is a leading global litigation financing firm with a market-leading track record of generating superior returns for its investors. The firm works across all forms of commercial litigation and arbitration and invests in a broad range of complex commercial disputes, from securities and shareholder actions, international arbitration, competition and antitrust cases, through to intellectual property, insolvency and class actions. In February 2018, Therium announced its latest fund of £200 million, which the company is now actively deploying, and Therium has now raised nearly $800 million since its foundation. To date, the firm globally has funded claims valued at $36 billion. Therium has consistently been at the forefront of innovation in litigation finance, pioneering the combined use of insurance tools alongside funding vehicles, and introducing portfolio funding products into the UK.

The firm’s ability to develop innovative funding arrangements and bespoke financial solutions for litigants and law firms complements its unmatched experience and rigorous approach to funding a wide range of commercial disputes throughout the world.  In Chambers and Partners’ inaugural litigation support directory this year, Therium was ranked as a Tier 1 litigation funder. Therium is a founder member of the Association of Litigation Funders of England and Wales.

www.therium.com

Media enquiries

Desiree Maghoo Questor Consulting +44 (0)7775 522740 dmaghoo@questorconsulting.com

Simon Barker Questor Consulting +44 (0)7866 314331 sbarker@questorconsulting.com
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Announcements Commercial

Validity Finance Strengthens Investment Team and Corporate Governance

NEW YORK (January 29, 2019) – Litigation funder Validity Finance has made a notable addition to its growing investment team with the arrival of portfolio counsel William C. Marra in New York. The firm also announced a prominent addition to its governance structure, with Allen Fagin, formerly chair of Proskauer Rose LLP, joining Validity’s board of directors.  Finally, Validity has retained former New York federal Judge John Gleeson, a partner at Debevoise & Plimpton LLP in New York, as outside counsel to advise on investment opportunities. Launched last June with an initial $250 million in committed capital, Validity has built a substantial portfolio of investments in commercial disputes, partnering with business claimants as well as major law firms in helping finance and monetize their litigation matters. “As we continue to ramp up our business and scale our portfolio, we’re pleased to announce an outstanding new member of our professional team and welcome a distinguished name to our board and a distinguished adviser to our investment committee,” said Validity CEORalph Sutton. William Marra joins Validity from noted Washington, D.C. litigation boutique Cooper & Kirk, following judicial clerkships for Justice Samuel Alito of theU.S. Supreme Courtand Judge William Pryor of the U.S. Court of Appeals for the Eleventh Circuit. With a background litigating complex commercial, regulatory, and constitutional cases, Mr. Marra will help Validity review potential portfolio investments and advise clients and law firms on cases where funding may help ensure fair resolution. He received his J.D., magna cum laude, from Harvard Law School, where he was Articles Editor of the Harvard Journal of Law & Public Policy. “Will’s combination of high-stakes trial practice and experience advising on judicial opinions at the highest levels of the law is a decided advantage in helping our clients crack their toughest legal challenges with funding and strategic advice,” saidJulia Gewolb, Validity’s Director of Underwriting. Marra is the fourth Validity staffer to have served as a federal clerk and adds to the firm’s roster of former practicing trial lawyers which include former litigators from Kirkland & Ellis, Boies Schiller Flexner and Gibson Dunn, among other firms. Judge John Gleeson will advise Validity in its consideration of investment opportunities. A partner at Debevoise and a former litigator with Cravath, Swaine & Moore, Mr. Gleeson served as an Assistant U.S. Attorney for the Eastern District of New York, before being appointed a judge on the Eastern District by President Clinton in 1994. Stepping down from the bench in 2016, Mr. Gleeson continues to work on major trial and appellate matters, both civil and criminal, as a litigation partner at Debevoise. “With over 22 years’ experience on the federal bench, Judge Gleeson’s perspective on trial strategy and mechanics is unparalleled. In advising Validity, he will bring this wealth of experience to enhance our investment decisions,” Mr. Sutton commented. Allen Fagin joins Validity’s eight-member Board of Directors. One of the country’s leading labor and employment litigators, Allen represented a broad range of companies and organizations in workplace related matters. In 2005, Allen was elected Chair of Proskauer Rose, a position that he held for six years. Following his retirement from Proskauer, Mr. Fagin has served as Executive Vice President of the Union of Orthodox Jewish Congregations of America. “It’s an honor to have Allen Fagin take a seat on our board – his insights as a lawyer and his experience overseeing one of the country’s preeminent law firms, would be welcome enough,” Mr. Sutton said “but Allen also has a strong social conscience and ethical fabric, and we welcome his contributions advancing best practices in dispute funding.” Mr. Sutton said he expects Validity to introduce some new funding models in the coming year, including novel financing arrangements for law firms to undertake high-risk cases as well as initiatives for greater funding of defense-related matters. About Validity: Validity provides businesses, law firms and individuals with non-recourse funding for a wide variety of commercial litigation. Founded by litigation finance pioneer Ralph Sutton, Validity believes that capital and legal expertise combine to help solve legal problems on behalf of clients. With a mission to make a meaningful difference in the legal system by focusing on client needs, Validity stands out with a relentless focus on fairness, innovation and clarity.  For more, visitwww.validity-finance.com.
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Commercial

How Litigation Funding is Impacting the Broader Legal Market

Ever since its arrival on the stage in the early 1990s in Australia, litigation funding has managed to impact the broader legal climate in which it participates (in early 90s Australis, that was the insolvency market, today in Australia, the UK and America, that is nearly every legal sector). Take class actions, for example. Litigation funding has been proven to increase the rate of settlements  in class actions by 21%. Professor Vince Morabito of Monash University compiled data leading up to July 2017, which showed that funded parties in class actions are 69% likely to settle, whereas unfunded parties are only 48% likely to settle. According to an ICGN report shared on LinkedIn, litigation funding has had a significant impact on various sectors of the legal market. First and foremost is the non-U.S. Securities market. Ever since the Supreme Court's seminal 2010 ruling in Morrison v. National Australia Bank Ltd., which found that U.S. securities law applies only to stocks purchased on domestic exchanges, foreign securities investors have been ramping up legal activity across the globe. The growth of litigation funding has (not coincidentally) coincided with this surge in shareholder class actions, as funders can not only help finance claims, but can actually engage with law firms in the laborious process of building claims and sourcing claimants in the first place. This is clearly a major boon to non-U.S. law firms, which are often prevented from working on contingency the way their U.S. counterparts can. And funders have indeed been capitalizing on this opportunity, as it has been estimated that upwards of 50% of all new class action claims in Australia are funded claims. Of course, international arbitration is also seeing a spike in funded claims, with the formal acceptance of third party funding by both Hong Kong and Singapore last year. Arbitration is often a costly exercise, and typically lodged against extremely well-capitalized defendants. Litigation funders level the playing field for global enterprises seeking access to justice. All told, the various impacts of funding are only just beginning to be recognized, as the industry is still in its infancy - or perhaps its mere 'toddler' years. There is still plenty of maturation down the road ahead for litigation funding, and if the past few years are any indication, we're likely to see the wider legal market change drastically as a result.
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Announcements Consumer

Legal-Bay Pre Settlement Funding Kicking Off 2019 With 24-Hour Approvals On Motor Vehicle Accidents And Personal Injury Cases

JERSEY CITY, N.J., Jan. 28, 2019 /PRNewswire/ -- Legal-Bay LLC, the pre settlement funding company, is poised to offer 24-hour approvals for victims of personal injury and car and truck accidents. During this time of year, accidents spike due to icy road conditions and reckless driving. Car, semi truck, and other motor vehicle accidents including public bus transportation are prevalent at this time of year, especially when weather conditions are taken into consideration.
Along with outdoor hazards, public indoor spaces can also offer risky conditions. Wet floors, walkways, and stairs can cause personal injury or even death. If you are currently awaiting a monetary settlement from a motor vehicle or personal injury lawsuit, Legal-Bay may be able to get you a cash advance in as little as 24 hours. Their ample and experienced staff will be able to explain the presettlement funding process, and get you the lawsuit money you have coming to you.
Chris Janish, CEO, commented on the company's dedication to their clients, "Legal-Bay is off to a great start in 2019 as we strive for continued excellence with our customer service and even faster turnarounds. As our clients look to access funds for their lawsuit, our staff is ready and willing to assist them with the quickest pre-settlement approvals in the industry." Legal-Bay urges clients who need cash now to apply online at: http://lawsuitssettlementfunding.com Car and semi truck accidents cases are the most prevalent lawsuits in the courts. However, Legal-Bay handles all cases including personal injury, slip and falls, premise liability, medical malpractice, construction accidents, wrongful termination, discrimination and sexual harassment, along with many others. Legal-Bay's funding programs are non-recourse, no-risk lawsuit cash advances, also known as case funding. None of the programs should be considered to be a settlement loan, settlement loans, lawsuit loan, lawsuit loans, pre-settlement loans, or a pre-settlement loan, as the money does not need to be paid back if you ultimately lose your case. To apply now for lawsuit settlement funding go to the company's website at: http://lawsuitssettlementfunding.com or call the company's toll free intake line at: 877.571.0405 where agents are standing by.

Contact: 

Chris Janish, CEO

Email:  info@Legal-Bay.com

Ph.: 877.571.0405

SOURCE Legal-Bay LLC
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Announcements Commercial

Woodsford Litigation Funding bolsters its presence in Asia with the appointment of former head of the Hong Kong office of Latham & Watkins to its Investment Advisory Panel (IAP)

LONDON, SINGAPORE, HONG KONG, PHILADELPHIA 30 January 2019, Woodsford Litigation Funding, the global provider of litigation financing solutions for businesses, individuals and law firms, has announced that Hong Kong based Simon Powell has joined its Investment Advisory Panel. Simon is an independent arbitrator in Asia. Prior to this he was a senior partner in a number of leading global law firms, including most recently Latham & Watkins, where he managed the Hong Kong office for a number of years and built and then led the disputes and arbitration practice across Asia. Simon has spent the last 27 years of his life as an arbitration and dispute resolution lawyer in Asia, focusing on complex commercial and corporate disputes. This experience will be invaluable for Woodsford in assessing the increasing number of investment opportunities emanating from the region, particularly now that Hong Kong has changed its law to permit funding of arbitration. “As various countries across Asia have liberalised their funding regimes, we have seen a significant increase in the number of requests for funding. We expect this growth to continue apace and the need for a dedicated Asian arbitration expert on our IAP has become increasingly apparent. We are delighted to have somebody of Simon’s calibre on board.” said Charlie Morris, Woodsford’s Chief Investment Officer, EMEA & APAC. Simon Powell commented, “I’m delighted to be joining Woodsford at this time. With Hong Kong permitting arbitration funding from February 1st and a continuing increase in interest in funding for Singapore-based arbitrations, I look forward to playing my part in establishing Woodsford as the leading funder in the region." Woodsford recently announced a wave of executive appointments in the US and is currently recruiting for a number of other posts, including a Business Development Manager (Singapore), Director of Business Development (London) and Commercial Manager (London or Philadelphia). [Ends] About Woodsford Litigation Funding Founded in 2010 and with offices in London, Philadelphia and Singapore, Woodsford Litigation Funding provides tailored litigation financing solutions for businesses, individuals, and law firms. This includes both single case and portfolio litigation funding and arbitration funding. Woodsford’s Executive team blends extensive business experience with world-class legal expertise. Woodsford is a founder member of the Association of Litigation Funders of England and Wales. Interviews, photos and biographies available on request. Media contact Steven Savage Head of Marketing & Business Development ssavage@woodsfordlf.com UK +44 (0)20 7985 8410 For further information visit http://www.woodsfordlitigationfunding.com or follow on Twitter @WoodsfordLF.
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Announcements Commercial

Litigation Finance Pioneer Bentham IMF Breaks the Mold of Law and Finance, Completing Hires that Establish Gender Equality and Build on Specialized Expertise of Investment Management Team

NEW YORK (January 29, 2019) – Leading commercial litigation funder Bentham IMF has hired Sidley Austin LLP partner, Dana MacGrath, and Kirkland & Ellis LLP partner, Sarah Tsou, as investment managers and legal counsel responsible for sourcing and evaluating arbitration and commercial litigation matters that meet Bentham’s investment criteria. The company has also hired Chief of Staff, Tina Young, from Deloitte Consulting LLP. This marks the second round of hiring at the company since it launched its most recent fund in November 2018. Bentham and its parent company, IMF Bentham Limited (ASX:IMF), already stand out in the male-dominated industries of law and finance for having women throughout the ranks—including at the board of directors, senior management and investment management levels. These new hires, along with hires the company announced in December 2018, establish gender equality at a level where law firms and financial institutions have struggled to achieve it. The company’s ten-person senior investment management team in the U.S., which is comprised solely of lawyers in business-generating roles comparable to equity partner roles at law firms, now has an equal number of men and women. This achievement furthers the company’s tradition of setting high standards for diversity in the burgeoning industry it helped to form. The arrival of Dana and Sarah also strengthens the company’s ability to evaluate cases in areas of practice where demand for funding is high. Dana will be responsible for leading the company’s investments in international arbitration matters. She has long been a leading practitioner in international arbitration, having conducted arbitrations before the preeminent international arbitration institutions, as well as before ad hoc arbitration panels, and serving as an arbitrator herself. She has also represented U.S. and foreign parties in disputes regarding the enforceability of arbitration agreements and arbitral awards, forum selection and choice of law clauses, sovereign immunity and discovery in the international context. Sarah will enhance Bentham’s ability to evaluate intellectual property matters for investment, in particular patent litigation. She brings the perspective of a big firm lawyer who has spent over a dozen years representing clients ranging from start-ups to Fortune 100 companies in all aspects of complex litigation from inception to trial. In addition to litigating patent disputes spanning a broad range of technologies and industries, Sarah has also handled trade secret and trademark litigation and counseled clients in corporate acquisitions, licensing matters, and other transactions. Tina Young will play a management role for Bentham, drawing on more than 25 years’ experience working in the financial services and TMT industries for companies including JP Morgan Chase Bank, N.A., Morgan Stanley and Reuters America. Throughout her career, Tina has held senior leadership roles on global teams devoted to data management, leveraging industry and client insights, providing strategic sourcing solutions for risk and compliance, expense management and procurement. “Dana and Sarah will give us the unique competitive advantage of having the in-house expertise to rapidly evaluate arbitration matters and intellectual property litigation claims and invest in those most likely to help us sustain our 90% success rate,” said Allison Chock, Bentham’s US Chief Investment Officer. “We’re thrilled that recruiting the very best candidates for these roles also brought about the unintended but excellent circumstance of establishing a 50/50 gender balance on our senior investment team.” “The law firms and claimants that partner with Bentham choose to do so for the factors that set us apart from other funders: our unparalleled experience, our impressive track record, the simple and fair investment terms we offer, and access to a team comprised of litigators from top-tier law firms and litigation boutiques,” said Charlie Gollow, Bentham’s US Chief Executive. “Steadily building on our team’s specialized expertise, first with the 2017 hire of our bankruptcy funding specialist, Ken Epstein, and now with the hire of Dana and Sarah, furthers our ability to make Bentham the obvious financier to choose—for general commercial litigation, as well as bankruptcy, international arbitration, intellectual property and other types of matters.” The team’s newest hires are highly qualified in their respective fields. Dana has been recognized as a leading practitioner of international arbitration in various directories, including Chambers USA, Who’s Who Legal: Arbitration, Latinvex in “Latin America’s Top 100 Female Lawyers” and Expert Guides’ Guide to the World’s Leading Experts in Commercial Arbitration. She is the current President of the Board of Directors of ArbitralWomen, an international nonprofit organization that promotes women and diversity in international dispute resolution. She is also a member of several other professional associations. She is an adjunct professor of law at Brooklyn Law School, where she teaches a seminar on international commercial arbitration and coaches the Brooklyn Vis International Commercial Arbitration Moot team. Dana earned her J.D. from New York University School of Law and her B.A. cum laude, from Middlebury College. Sarah has tried numerous cases before federal district juries and judges, arbitration panels, and the U.S. Patent Office, and she joins Bentham just weeks after her latest jury trial win. Working with the world’s premier intellectual property trial lawyers, she has secured significant verdicts and judgments for both plaintiffs and defendants, including some over $100 million. Sarah and her cases have been recognized in The American Lawyer, Law360 and other publications. Most recently, one of her successes was profiled by Law360 in its announcement naming her former firm a 2018 IP Group of the Year. In addition to taking various committee leadership roles at her former firm, Sarah was a recipient of the Kirkland & Ellis LLP Pro Bono Service Award. She earned her JD from New York University School of Law and her BA from Washington University in St. Louis, graduating summa cum laude, with Highest Honors. ABOUT BENTHAM IMF Bentham IMF is the US arm of publicly listed IMF Bentham Limited (ASX: IMF), one of the most successful litigation funding companies in the world, and one of only two Chambers and Partners “Band One” litigation funding companies in the US, with a portfolio that has a total claim’s estimated recoverable amount of $5.6 billion AUD. Together, our companies have 14 offices throughout the US, UK, Australia, Canada and Asia and provide funding to clients in jurisdictions including the US, UK, Europe, Australia, Canada, New Zealand, Hong Kong and Singapore. We have reviewed thousands of commercial cases in the past 17 years, funding to completion 179 cases and generating $2.3 billion AUD in recoveries. We have achieved a 90% success rate, with clients utilizing our funding retaining an average of 62% of all case proceeds. For further information regarding Bentham IMF and its activities, please visit www.benthamimf.com. DISCLAIMER Nothing herein should be construed as an offer to buy or sell, nor a solicitation of an offer to buy or sell, any security or other financial instrument, or to invest assets in any account managed or advised by Bentham IMF or its affiliates.
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Commercial

Burford Backs AMP Claim as Entry Point to Aussie Market

Burford Capital, the world's largest litigation funder, has confirmed rumors that it is indeed setting up shop in the land where litigation funding first began. The funder became one of five global funders to partner with a law firm (in Burford's case, Quinn Emanuel) on the filing of a shareholder class action against wealth management giant AMP. Now Burford has announced plans to formally enter the Australian market, with an eye towards further class action claims. As reported by ABC, Burford is looking to capitalize on the findings of the Royal Banking Commission which found that AMP charged clients fees for services it did not procure. Burford CEO Christopher Bogart acknowledged that his firm's involvement in the AMP case is meant to be a stepping stone for future funding engagements in Australia, calling the partnership with Quinn Emanuel "an important foot in the door." The UK-based Burford has no solid footprint in Australia, the world's oldest litigation funding market, and so will have to build its business there from scratch. While many regulators and government officials have been crying foul over funder influence in the class action market (spiking the number and size of claims against corporations), Bogart contends his industry is performing "an enormous public good" by lowering the cost of bringing a class action claim for the pool of litigants. Given Burford's latest $1 billion fundraise from an unnamed sovereign wealth fund (1/3 of that total coming from the funder's own balance sheet), the company has plenty of deployment options when it comes to making investments in Australia - or anywhere else, for that matter.
Commercial

Australian Law Reform Commission Issues Recommendations Promoting Fairness in Class Actions

The Australian Law Reform Commission (ALRC) has issued its long-awaited report on suggested improvements to the class action legal climate in Australia. Class actions are on the rise - specifically shareholder actions - thanks in part to broad regulations imposed on public corporations by the government, as well as the rise of litigation funding which is helping fuel law firms that build large-scale cases against alleged corporate malfeasance. Now the ALRC wants to implement measures that it says will "promote fairness and efficiency in class action proceedings, protect litigants and assure the integrity of the civil justice system." The ALRC has released a report outlining two dozen recommendations aimed at reforming the Australian class action ecosystem. The report, which is called: Integrity, Fairness and Efficiency—An Inquiry into Class Action Proceedings and Third-Party Litigation Funders, is the result of over 60 consultations with various stakeholders. Some highlights of the ALRCs report:
  • The implementation of a percentage-based fee model for solicitors would enhance access to justice and decrease associated costs to litigants. Additionally, a voluntary accreditation scheme for solicitors should be established.
  • A security for cost award would reduce the risk of ligation funder influence over a case, or of a funder's failure to meet its financial obligations. Likewise, the Court should maintain broad oversight of any funding agreements, and ensure that they indemnify lead plaintiffs against an adverse costs order.
  • Standardized mechanisms should be put in place that enable the Federal Court to properly manage competing class actions.
  • The Federal Court should appoint an independent costs referee to ascertain the reasonableness of legal costs in class action proceedings.
  • In general, transparency in class action settlements should be promoted and increased.
The ALRC recommends government reviews of the statutory enforcement regimes, as well as the  legal and economic impact of the regulatory implementations, with special emphasis placed on continuous disclosure obligations, given how broadly that allegation can be leveled against corporations whose stock prices suddenly plummet. The ALRC does recognize that further investigation of class action regulation is warranted, and that these recommendations are just that - recommendations, not laws. That said, those looking to drastically reform the class action system now have a viable framework which which to promote their ongoing agenda. We'll have to wait and see to what extent the ALRCs recommendations are implemented by the Australian government.
Announcements Commercial

RPX Announces Licensing Transaction with IP Bridge

SAN FRANCISCO, Jan. 24, 2019 /PRNewswire/ -- RPX Corporation today announced that it secured licensing rights for 10 companies to 595 semiconductor-related patents owned by Godo Kaisha IP Bridge 1 (IP Bridge). "As the nature of patent risk evolves, RPX continues to play a pivotal role in bringing companies together to resolve costly and time-consuming patent problems with greater efficiency than any one company can achieve on its own," said Dan McCurdy, Chief Executive Officer of RPX. "RPX's resources, patent knowledge, and deep ties to industries worldwide uniquely position us to complete complex transactions such as this and to resolve patent-related issues that impact entire industries." "Working with RPX allowed us to more efficiently resolve these ongoing patent licensing disagreements and to deliver a result upon which both IP Bridge and these various semiconductor companies could agree," said Hideyuki Ogata, Executive Manager of IP Bridge. "IP Bridge welcomes any investor or corporation with their patents if it may contribute to IP Bridge's mission of promoting open innovation." The companies receiving licenses to the IP Bridge semiconductor portfolio represent major companies in various segments of the semiconductor ecosystem. 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 December 31, 2018, RPX had invested over $2.4 billion to acquire more than 43,000 US 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. ABOUT IP BRIDGE
IP Bridge is focused on promoting technological innovation and cooperation within Japan and around the world. IP Bridge has worked with investors worldwide, from 26 major global corporations to the Japanese Government, to establish the first and largest fund in Japan (approximately $300M) aimed at global innovation and IP-related investments. IP Bridge's mission is to discover, activate and leverage high-quality, under-utilized intellectual property assets to the benefit of a variety of IP owners based in and outside of Japan. IP Bridge's vision is that these activities will stimulate economic development and a healthy growth of industries worldwide. IP Bridge actively engages leading technology companies, small and medium size enterprises (SMEs) and universities to build large and high-quality portfolios of 3,500 worldwide patents that are growing.  These portfolios are in the fields of wireless communications, semiconductors, video codecs, display technologies, automotive technologies, robotics, home appliances, electric devices, healthcare, environment and energy, food technologies, and medical engineering. Media Contact:
Jen Costa
RPX Corporation
+1.415.852.3180 
media@rpxcorp.com SOURCE RPX Corporation
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