Stay informed with updates and key industry developments shaping the global finance litigation landscape.

The International Legal Finance Association (ILFA) today announced the recruitment of Rupert Cunningham as Global Director of Growth and Membership Engagement. In this role, Rupert will work to drive ILFA’s membership growth and retention, provide leadership and management to serve ILFA members, and promote global education and awareness of litigation finance.

Prior to joining ILFA, Rupert served as a Special Adviser to UK Justice Secretary and Lord Chancellor Alex Chalk KC. He advised the Lord Chancellor on courts, sentencing, and legal services policy and shepherded legislation to support the legal finance industry in England and Wales. Before his work in government, Rupert worked as a public affairs and policy consultant, helping build coalitions of clients and trade associations to achieve positive political outcomes.

“We are thrilled to announce the addition of Rupert Cunningham,” said Shannon Campagna, ILFA’s interim Executive Director. “Rupert’s experience working with membership and trade associations to build coalitions across industries and in the UK’s Ministry of Justice makes him uniquely suited for leading ILFA’s global growth and engagement.”

“I am delighted to be joining ILFA, the leading global organization advocating for the legal finance sector,” Rupert Cunningham said. “When I was in the Ministry of Justice, I saw firsthand how important third-party funding is for promoting access to justice, so I am glad to be supporting the industry by expanding ILFA’s membership and helping members amplify their voice with industry stakeholders and policymakers worldwide.” 

Rupert’s appointment demonstrates ILFA’s commitment to expanding legal finance industry representation across continents and extending the industry’s reach with legislative, regulatory, and judicial policymakers worldwide.

About the International Legal Finance Association   

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

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

Legal-Bay, The Pre Settlement Funding Company, announced today that a New Hampshire court has just tossed out an initial $38 million award in favor of a paltry $475k payout even the presiding judge is calling “an unconscionable miscarriage of justice.”

Plaintiff David Meehan originally filed suit for the 100+ sexual abuse violations he suffered as a minor at a youth detention center in the 1990s. It turns out, he wasn’t the only victim. The case has garnered tremendous headlines for the egregious abuses inflicted upon underage boys and girls at that facility for years. As the whistleblower, Meehan was in a unique position to help subsequent victims who came forward with their own claims of abuse, the first of many to testify. One can only imagine the bravery it must have taken to recount in graphic detail the sexual misconduct he endured as a minor. While the case played out online and through the media, the opinion that mattered most was the jury’s; they found Meehan credible enough to award him $38 million, citing personal injury and punitive damages.

However, the jury instructions were not clear, and a technicality has now ensued: According to the verdict sheet, the jurors only listed “1 incident” on the jury form returned to the court after deliberations. Meehan’s lawyers, Rus Rilee and David Vicinanzo, had argued off the record that there needed to be more clarity to jurors, but to no avail. State law dictates that $475K is the cap per incident.

After hearing of the state’s assertion that the verdict was going to be revised down to $475k, several jurors reached out to Rilee to explain themselves regarding the misunderstanding and their intentions. They felt horrible about the lowered settlement amount and expressed how misinformed they were about the jury instructions in the case. Even the judge in a post-trial order felt the weight of the evidence reflected more than purely a lone incident. (Jurors have clarified post-trial that they meant one ongoing incident of PTSD from the abuse, and not one instance of the abuse itself, because clearly, they all believed his account of how he’d been raped multiple times on numerous occasions.)  

Chris Janish, CEO of Legal Bay, commented, “Legal-Bay has been one of the only companies who has been funding YDC cases since the start. So, with full disclosure, it is without question that we have a vested interest in seeing the plaintiffs prevail. However, aside from our personal belief in the veracity of the claims made, this new verdict is one of the gravest civil injustices our company has witnessed in almost twenty years of doing business. David Meehan was the first to report the abuse and win his case at trial, and now others stand to reap more from his courageous efforts than he will. We understand the state’s motivation to protect its taxpayers to some extent, but something just seems amiss here. We are optimistic that the civil justice system and politicians who support their local constituents will work out a more reasonable resolution whether through the courts or otherwise. And we hope that not only Meehan, but all the victims will get justice for the atrocities that occurred in the youth detention centers of New Hampshire and across the nation. That seems to be lost on the defense team and state’s position throughout all this, which is disappointing.”

If you’re a lawyer or plaintiff involved in an active sexual abuse lawsuit of any kind and need an immediate cash advance against an impending lawsuit settlement, please visit Legal-Bay HERE or call toll-free at 877.571.0405.

Legal Bay reports that the New Hampshire YDC litigation has over 1400 cases filed to date. When Legal Bay began funding early on—when no other company would—there were just eight plaintiffs. The company says the other victims have David Meehan and Rus Rilee to thank for their courage to take on the state in what has become one of the most egregious criminal and civil violations of children’s rights in U.S. History. 

Whatever the ultimate resolution, YDC cases in N.H. look to be winding down. But that is not the situation in many other litigations nationwide. There are tens of thousands of plaintiffs awaiting justice in many youth detention center cases across the country, as well as other similar litigations that will take time to resolve. Some of them include Mac Hall and foster home sex abuse cases in Los Angeles, CA, southern California clergy cases, New York and New Jersey Catholic Diocese church lawsuits, Boy Scouts of America sexual abuse cases, sex abuse at youth correctional facilities, at sports facilities, and by coaches, camp counselors, teachers, and sadly, many more.

YDC is not an isolated problem. Childhood sexual abuse litigations all over the country are emerging, and the psychological damage caused by so many is beyond what everyday society can even comprehend. Legal Bay is at the forefront of each and every one of these litigations, doing their best to support the victims to get their lives back in order and help them receive justice.

If you’re a lawyer or plaintiff involved in an active sexual abuse lawsuit of any kind and need an immediate cash advance against an impending lawsuit settlement, please visit Legal-Bay HERE or call toll-free at 877.571.0405.

Settlement amounts for sex abuse survivors vary widely, and appeals are almost immediately filed, holding up payouts indefinitely. Commercial litigation funding is available while plaintiffs wait out a verdict on appeal, and large pre-settlement funding can be obtained while the verdicts go through the appellate process. 

In larger cases involving organizations like the Catholic Church or Boy Scouts of America, settlements could be in the $100K settlement amount range for even the worst abuses. In cases with smaller class actions or mass torts (less than 50 people), settlement ranges for the highest level of sex abuses can be between $500K and $5MM. 

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

Legal-Bay is known to many as the best legal funding company in the industry for their helpful and knowledgeable staff, and one of the best lawsuit loan companies overall for their low rates and quick turnaround, sometimes within 24-48 hours once all documents have been received.

Amber Cardillo, Legal-Bay’s Head of Sex Abuse Funding commented, “We understand the different sex abuse litigations throughout the country better than any other funding company in the industry. Unfortunately, each one is different, and settlement values are based on many factors. We try to work with each victim compassionately and get them the help they need. We welcome all to call and try even if their church is in bankruptcy or if they have been denied additional funding by other companies.” 

To apply right now for a loan settlement program, please visit the company’s website HERE or call toll-free at: 877.571.0405 where agents are standing by to answer any questions.

Today, Trellis launched Trellis AI, a powerful new legal productivity platform designed for the complex needs of trial court litigation. Built on Trellis’ industry-leading trial court data foundation—which is the most comprehensive database of its kind in the US—Trellis AI offers tools that empower legal teams to harness data and insights in transformative ways. By automating litigation tasks like motion drafting and case evaluations, Trellis AI transforms the way litigators approach case work with greater accuracy, efficiency, and strategic insight.

Trellis is an AI-driven legal research and insights platform offering access to the largest and most comprehensive US trial court database. This extensive database includes dockets, documents, rulings, judge, law firm, and company analytics, with unmatched coverage across states, counties, and courts.

Trellis AI leverages this extensive data foundation along with advanced language models to deliver precise insights that enhance decision-making, case preparation, and litigation strategy. Designed for legal professionals, it streamlines strategic work like case assessments and motion argument development while automating time-consuming tasks such as motion drafting, client updates, and discovery preparation. These efficiencies free up attorneys to focus on strategic decision-making and client advocacy.

“Trellis is uniquely positioned to support attorneys within the very court system where their cases are filed,” said Nicole Clark, CEO and cofounder of Trellis and a former litigator. “Trellis provides access to hundreds of millions of motions and briefs, representing millions of hours of attorney blood, sweat, and tears in research and drafting. It’s why Trellis AI stands as the only tool to offer one-click solutions to create work product backed by the entire court system and learnings from every trial court litigator who came before them.”

Unlocking New Litigation Strategies

Trellis AI is designed to support every stage of the case lifecycle, delivering impactful work product powered by Trellis’ extensive data. Its feature suite tackles common litigation challenges by automating routine tasks and providing strategic insights grounded in the nation’s most trusted court data.

For example, “Draft Arguments” is a powerful motion drafting tool that can save hours of work, allowing attorneys to focus on their strongest arguments. Trellis AI uses the details and facts of the case to create tailored draft motions, drawing from its extensive database of similar cases to suggest strategic, fact-supported arguments. Each draft incorporates insights from hundreds of thousands of successful trial court motions, offering attorneys an innovative solution that transforms how they approach motion drafting.

Another tool is “Case Assessment” which evaluates key case elements to guide strategic decision-making. Trellis AI examines case facts, legal claims, and defenses to provide detailed insights into potential outcomes, recommended actions, and risk factors. Each assessment delivers actionable intelligence and recommended next steps to inform decisions on case management, settlement strategies, and trial preparation. This empowers attorneys to keep their clients informed, offer strategic recommendations, and leverage an internal knowledge base of strategies and insights for each case.

The remainder of Trellis AI’s tools streamline important tasks like complaint analysis, defense strategy development, argument evaluation, timeline creation, citation extraction, and more. All tools were created and meticulously tested by Trellis’ teams of product attorneys and experienced litigators.

Precision and Security at the Core

Trellis AI is designed for ease-of-use without sacrificing security or accuracy. All uploaded documents are encrypted at rest, aligning with SOC 2 standards to protect sensitive information. Additionally, Trellis AI reduces the risk of errors or bias in its outputs, enabling legal teams to concentrate on insights rather than processes. It also provides options for easy verification and source checking, ensuring greater confidence and peace of mind.

“The potential for AI to transform the legal field depends on the quality and depth of data behind it,” said Alon Shwartz, CPO and cofounder of Trellis. “Our data foundation is the cornerstone of Trellis AI, providing a wealth of high-quality information that drives actionable recommendations and meaningful insights. By prioritizing data integrity and implementing rigorous security measures, we’ve built a platform attorneys can trust to streamline workflows and make strategic decisions confidently.”

For more information, click here to book a demo or to get started with Trellis AI.

About Trellis

About Trellis

Trellis is the leading provider of state trial court data and insights, serving tens of thousands of law firms and litigators daily with insights and coverage across 3,000+ courts in over 2,500 counties, spanning 45 states. Trellis offers an extensive suite of state trial court intelligence and productivity tools for litigators, including detailed judge bios and analytics, thorough case assessments, argument drafting and generation, litigation insights across both law firms and corporations, daily reports on new filings, customizable alerts, and much more. Explore more or book a demo at trellis.law.

Pegasus Legal Capital, LLC (“Pegasus”) (mylawfunds.com), a prominent pre-settlement legal funding company in the United States, announced today that it has successfully completed a $74 million litigation finance securitization. This achievement marks Pegasus’ second securitization transaction in the asset class and another significant milestone in its capital market journey. The proceeds from this transaction will further propel Pegasus’ growth across key markets in the United States.

Pegasus Managing Director, Alexander Khanas, expressed, “With the successful completion of this transaction, Pegasus will expand its business in the personal injury market while upholding its industry-leading service standards.”

GreensLedge Capital Markets LLC played the role of Placement Agent for Pegasus. GreensLedge Senior Managing Director, Douglas Lipton, added, “We are delighted to continue expanding Pegasus’ investor base through their second securitization issuance and assisting them in creatively developing their platform.”

Headquartered in Deerfield Beach, Florida, Pegasus was founded in 2008 as a pre-settlement litigation finance company. Since its inception, the company’s management team has successfully sourced, underwritten, and serviced over half a billion dollars through more than 30,000 advances. While Pegasus has traditionally focused on the New York market, it has established a strong presence in the Southeast and Texas markets as well.

Pegasus is a proud member of the American Legal Finance Association (ALFA), a national organization comprising companies that provide non-recourse funds to personal injury victims. ALFA’s primary objective is to establish industry standards for transparency in legal funding transactions, ensuring upfront and clear disclosure to consumers.

Burford Capital, the leading global finance and asset management firm focused on law, today releases new research entitled “Energy transition disputes: GCs and senior lawyers on the business impacts of legal challenges to come,” which demonstrates how businesses are preparing for a likely rise in legal disputes related to the global energy transition. This transition―or the shift to renewable sources of energy―is likely to cause an increase in expensive commercial disputes.

Businesses are investing significant sums in this transition, and corporate commitments highlight the scale of economic engagement as they invest in the new technologies, infrastructure and other resources that will be needed. But multifaceted legal and commercial pressures present businesses with a myriad of potential challenges including contractual disagreements, regulatory compliance issues and the need for intellectual property enforcement or litigation. Burford’s research report aims to offer a unique perspective on how corporations foresee the expected rise in litigation and arbitration related to this energy transition, examining the areas of business impact related to this evolving landscape.

Burford commissioned this independent research by capturing insights from 300 GCs and heads of litigation across key industries impacted by the energy transition and spanning North America, Europe, Asia and Australia.

Key findings from the study include:

Disputes relating to the energy transition are rising

·       76% of GCs report they are already encountering disputes related to the energy transition and nearly half (47%) expect a further rise in the volume of such disputes in the next decade, driven by evolving laws, new technologies and infrastructure requirements.

Disputes relating to the energy transition are expected to be costly

·       Almost two in three GCs (63%) expect legal fees and expenses to exceed $4 million per energy transition case; a notable minority (29%) expect per case costs to exceed $10 million.

·       Over half (52%) view high costs as a significant factor in deciding not to pursue disputes.

·       Half (50%) of GCs agree that the energy transition will create the need for additional capital sources for the business.

Expected disputes span all types of business conflict

·       GCs are most likely to predict (77%) that the energy transition will result in more contractual disputes and commercial arbitration.

·       Joint ventures are expected to be particularly prone to disputes over profit allocation (76%) and intellectual property rights (65%).

·       Over half of GCs (57%) also expect their businesses to face arbitrations to resolve investor-state conflicts relating to the transition.

New tools are needed to manage the rising dispute costs

·       Legal finance is increasingly used to mitigate the financial burden of these disputes; three in four (75%) GCs have used or would consider using legal finance to offset the cost of disputes relating to this transition.

·       In particular, GCs value monetization―or advancing some of the expected entitlement of a pending claim, judgment or award― to generate liquidity from claims tied up in litigation and arbitration. With legal finance, companies can also offset the cost of pursuing affirmative litigation to generate liquidity, shifting legal departments from cost centers to value drivers.

Christopher Bogart, CEO of Burford Capital, said: “Businesses face significant challenges related to the global energy transition due to cross-border projects, differing legal frameworks and rapidly evolving policies. Additionally, long-term energy contracts may not keep pace with energy markets and technologies, resulting in conflicts among stakeholders. Burford’s latest research demonstrates the value of corporate finance for law, as legal finance helps companies manage the high costs of energy transition disputes and allows them to pursue meritorious claims without depleting resources.”

Burford’s research is based on a 2024 survey conducted by GLG and is supplemented by interviews with ten global energy transition experts conducted by Ari Kaplan Advisors.

The research report can be downloaded on Burford’s website.

Hannah Sadler has joined the firm as a vice president and member of the patent investment team.

“We are very happy to welcome Hannah to GLS Capital as a vice president and member of our team focusing on patent investments,” said Adam Gill, a GLS Capital managing director, co-founder, and leader of the firm’s patent-related investing. “Attracting top-tier talent is essential for continuing to help our clients achieve success, and Hannah’s background in patent litigation will be invaluable for navigating the complexities of patent investments and helping to drive our mission forward.”

Sadler focuses on diligence around qualified underwriting opportunities and monitoring and managing the firm’s patent litigation investments.

Before joining GLS Capital, Sadler was a patent litigator at Global IP Law Group in Chicago. She has over a decade of experience with all aspects of patent portfolio management and enforcement, including prosecution, litigation, sales, licensing, and portfolio valuation.

Sadler earned her J.D. (cum laude) from DePaul University College of Law and her Bachelor of Arts from the University of San Diego.

Omni Bridgeway Limited (ASX: OBL) (Omni Bridgeway, OBL, Group) announces the key investment performance metrics for the three months ended 30 September 2024 (1Q25, Quarter). 

Summary 

• Investment proceeds of A$105.8 million in 1Q25; A$14.2 million provisionally attributable to OBL¹, excluding management and performance fees. 
• Performance fees of A$9.7 million received during the Quarter². 
• Management, transaction and equivalent fees of A$5.9 million during the Quarter. 
• 15 full and partial completions in the Quarter, delivered an overall multiple on invested capital (MOIC) of 2.7x. 
• 7 full completions during the quarter had a combined fair value conversion ratio of 97%³. 
• A$129 million in new fair value added from A$138 million of new commitments. 
• Strong pipeline, with agreed term sheets outstanding for an estimated A$198 million in new commitments, if converted. 
• Transaction fees have successfully been included in nearly all new commitments made in FY25 and/or negotiated in new term sheets. 
• OBL cash and receivables of A$114 million at 30 September 2024. 
• A$0.8 billion of fair value in potential completions over the next 12 months. 
• Good progress in relation to the strategic focus areas of cost optimisation and secondary market transactions. 

Key metrics and developments for the Quarter 

Income and completions 

• During the Quarter, five full completions and seven partial completions were recognised, and two full completions and one partial completion were recorded as income yet to be recognised (IYTBR), resulting in proceeds of A$105.8 million for the quarter, with A$14.2 million provisionally attributable to OBL (excluding management and performance fees¹). 
• The overall MOIC on these 15 full and partial completions during the quarter (incl. IYTBR) was 2.7x.
• The seven full completions during the Quarter (incl. as IYTBR) had a combined fair value conversion ratio of 97%.³ The fair value conversion ratio for all 31 fully completed investments (excl. as IYTBR) since transitioning to fair value per 31 December 2023 is 111%. 

New Commitments

• As per the date of this report, new commitments of A$138 million were made to 10 new investments as well as to a number of investments with increased investment opportunities. This level, proportionate to the full year target, reflects the typical northern hemisphere seasonality, and is in line with prior years.
• Total new commitments include A$28 million of potential external co-fundings for new investments originated and managed by OBL. OBL will be entitled to separately agreed management fees, transaction and performance fees on such external co-funding.
• The fair value associated with these new commitments is A$129 million.
• Strong pipeline of 34 agreed exclusive term sheets, representing approximately A$198 million in investment opportunities.
• Transaction fees have been successfully included in the majority of new commitments made and term sheets signed in FY25. Transaction fees have typically been structured as a combination of an upfront fee and an annual recurring fee at or exceeding on average 2.5% of the investment commitment (in total over the life of the investment). 

Portfolio review

• As at 30 September 2024, A$0.8 billion of fair value is assessed to potentially complete in the 12 months until 30 September 2025 (12 Month Fair Value). The 12 Month Fair Value is the proportionate part of our total book fair value, which has expected cash inflows over the applicable 12 month period based on the underlying probability weighted net cash flows fair value models. All, part or none of these investment inflows may eventuate during the 12-month period.

Corporate 

As announced during the full year results presentation on 29 August 2024, the current strategic focus is on cost optimisation, and fair value validation through completions and secondary market transactions. 

Secondary market discussions on multiple assets are progressing well. A status update will be provided at the semi-annual results presentation or through specific prior ASX announcements.

The AGM of the Company will be held in Sydney, on 19 November 2024, and will be in person only. For more information, visit https://omnibridgeway.com/investors/annual-generalmeeting.

Cash reporting and financial position

At 30 September 2024, the Group held A$113.6 million in cash and receivables (A$71.2 million in OBL balance sheet cash, A$1.0 million in OBL balance sheet receivables and A$41.4 million of OBL share of cash and receivables within Funds).

In aggregate, at 30 September 2024 OBL had approximately A$114 million to meet operational needs, interest payments, and fund investments before receiving any proceeds from investment completions, secondary market sales, management and transaction fees, and associated fund performance fees.

Footnotes

1. Represents indicative cashflows (excluding management and performance fees) from the Funds to OBL in connection with the investment completions. It represents the aggregate estimate of the cash distributed and yet to be distributed under the various distribution waterfalls of the Funds assuming investment proceeds are gross cash proceeds. The Fund’s capital status and waterfalls operate on a cash collection and distribution basis and do not align with the accounting treatment. Accordingly, the income and NCI attribution disclosed in the Group Consolidated Financial Statements will not necessarily match this.
2. Performance fees received are subject to clawback arrangements, to ensure that performance fees ultimately reflect actual fund returns and applicable hurdles. As a result, accrual of performance fees for accounting purposes will generally occur in a later period to the cash receipt.
3. The fair value conversion ratio indicates the ratio of cash proceeds and deployments in connection with completed investments, discounted back to the date of the last reported portfolio fair value (30 June 2024 currently), compared to the reported fair value of such completed investments as at that prior reporting date.
4. All metrics presented are on a full investment basis, excluding the impact of co-investments or partial secondary sales. This reflects a change in methodology from market disclosures prior to FY25, and better reflects the performance of the investments originated, underwritten and managed by the Group.
5. Full life to date metrics include any partial completions in prior periods for the investments involved.
6. Relates to full completions recognised and yet to be recognised during the Quarter.
7. IYTBR reflects the status as per 30 September 2024. If a matter was originally reported as IYTBR for a period and has been recognised as revenue in a later quarter, it is no longer reported in this table as IYTBR in the initial period.
8. Includes Funds 2&3, Fund 4, Fund 6, and Fund 8 and represents OBL’s portion of each respective Fund.
9. Includes Fund 5, which is not consolidated within the Group Consolidated Financial Statements, and represents OBL’s 20% interest.
10. Includes Funds 2&3, Fund 4, Fund 6, and Fund 8 and represents the external investors’ portion of each respective Fund. 

Further information

Further information on terms used in this announcement is available in our Glossary and Notes:

https://omnibridgeway.com/investors/omni-bridgeway-glossary (Glossary)

https://omnibridgeway.com/docs/default-source/investors/general/omni-bridgeway-notes-toquarterly (Notes)

The Glossary and Notes contain important information, including definitions of key concepts, and should be read in conjunction with this announcement.

The investments of Funds 2&3, Fund 4 and Fund 6 are consolidated within the Group Consolidated Financial Statements, along with the interest of the respective external fund investors.

The investments of Fund 8 are consolidated within the Group Consolidated Financial Statements. Fund 1 was deconsolidated on 31 May 2023; its metrics, effective from this date, are not disclosed in this document. The Fund 4 IP portfolio was deconsolidated on 8 December 2023 following the sale of a 25% interest in these investments.

Fund 1 and Fund 5 are not consolidated within the Group Consolidated Financial Statements; the residual interest in Fund 1 and in the Fund 4 IP portfolio are recognised as an investment in associate, Fund 5 is brought in at the Group’s attributable 20% share of income, assets, and liabilities. Throughout this document, Fund 5 is presented at 100% values (except where otherwise stated) for consistency of presentation across OBL’s funds.

Commitments include conditional, and investment committee approved investments. This report includes a number of concepts, such as fair value and income yet to be recognised, which are classified as a non-IFRS financial measure under ASIC Regulatory Guide 230 “Disclosing non-IFRS financial information”. Management believes that these measures are useful for investors to understand the operations and financial condition of the group. Unless expressly stated, this non-IFRS financial information has not been subject to audit or review by BDO in accordance with IFRS.

The figures presented in this document are based on preliminary data and have not been audited. While every effort has been made to ensure the accuracy of the information, these figures are subject to change and should not be considered final. 

This announcement is authorised for release to the market by the Disclosure Committee.

NorthWall Capital (“NorthWall”), a leading credit investment firm delivering private capital solutions to counterparties in Western Europe, today announces the appointment of Shannon Cody as Head of Business Development, EMEA. Shannon will focus on strengthening relationships with existing global institutional investors, while expanding the firm’s client base through new partnerships. Her efforts will play a key role in driving capital growth across NorthWaII’s core strategies, which include Opportunistic Credit, Senior Lending, Asset-Backed Lending and Legal Assets.

Shannon brings with her over 15 years of experience in business development roles at leading financial institutions. Most recently as Head of EMEA Business Development at Mudrick Capital Management, she led the firm’s business development, sales and client services across EMEA and APAC. Shannon was pivotal in growing Mudrick’s London office, spearheading campaigns focused on distressed and stressed credit strategies. Prior to this, Shannon held senior roles at Barclays and Morgan Stanley, where she led capital introduction efforts across Europe.

Fabian Chrobog, Founder and Chief Investment Officer at NorthWaII Capital, said: “We are thrilled to welcome Shannon Cody to NorthWall at this exciting time for our firm. Her extensive experience in establishing long-term partnerships with investors will be crucial as we continue to expand our footprint across EMEA. Shannon will help us deepen relationships with our institutional investor base as we continue to scale our flagship credit strategies.”

Shannon Cody, Head of Business Development, EMEA at NorthWaII Capital, said: “I am excited to join NorthWall and look forward to working with the team to expand our presence across the region and drive continued fundraising success.”

Earlier this year NorthWaII announced the final close of its flagship North Wall European Opportunities Fund Il and associated vehicles attracting more than €640m in investor commitments, surpassing its initial €500m target and more than doubling the size of its predecessor vintage.

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

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR)(TSXV:SWA) is pleased to advise that it has entered into a Litigation Funding Agreement (“LFA”) with Locke Capital II LLC, an arm’s length party that specializes in providing funding for dispute resolution (the “Funder”) to commence international arbitration proceedings in relation to its investment dispute (the “Dispute”) with the Government of Burkina Faso (the “Government”).

The Dispute pertains to the illegal withdrawal of the Company’s rights to the Tankoro 2 Exploration Permit (the “Permit”) (refer news release 5 September 2023). The Permit covered the Tankoro Deposit which was the focal point of the Company’s Sanutura Project (the “Project”) which featured a multi-million ounce gold resource.

Litigation Funding Agreement

The LFA provides a four-year non-recourse loan facility (“Facility”) of US$4.4 million to the Company to cover all fees and expenses related to its Claim to Arbitration (the “Claim”).

Security of the Facility is limited to the Claim, associated potential proceeds and all benefits arising from the property and assets of the subsidiary companies comprising the ownership chain (the “Chain”) pertaining to the Project (refer Annual Information Form, 2 April 2024). The Facility has been structured to enable the Company to continue to operate and consolidate its business outside the Chain without encumbrance or lien from the LFA.

All monies advanced through the Facility are non-recourse and repayable only in the event of a successful Claim or settlement of the Dispute that results in the receipt of Proceeds (“Proceeds”) by the Company or in the event of a default by Sarama under the LFA. In the event of the occurrence of a material adverse change under the LFA, the Funder shall be entitled to recover only those funds which were advanced but remain unspent. The Funder’s return is directly tied to the successful award and settlement of the Claim, with the total amount payable being a function of time and total Proceeds receipted. The priorities for distribution of receipted Proceeds are set out in the LFA and where commercially and legally sensitive, shall remain confidential.

If there is no settlement or award (or no default by Sarama under the LFA), the Company does not have an obligation to repay the loan. A detailed budget has been approved as part of the LFA, which covers all expected legal and ancillary costs associated with the arbitration process.

Plans for Arbitration

On 29 November 2023, the Company issued a Notice of Intent to Submit Claims to Arbitration under a bilateral investment treaty between Canada and Burkina Faso. The Government of Burkina Faso did not respond substantively to the Company’s efforts to reach an amicable resolution of the dispute. With funding to support legal costs secured, the Company is now preparing to lodge a Request for Arbitration with the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”). The Company will seek full compensation for the loss suffered which may include, but will not be limited to, the value of the Permit, the value of the Company’s historic investments in the Project, the value of the Project at the time the Permit was withdrawn and damages the Company has suffered as a direct result of the Government’s actions. The Project hosted a multi-million-ounce gold resource which was the subject of a substantially complete Preliminary Economic Assessment and fast-tracked development study at the time of the Government’s illegal actions.

The Company has engaged Boies Schiller Flexner (UK) LLP (“BSF”), a leading international law firm, to assist with legal matters pertaining to the dispute (refer news release 17 October 2023). BSF is an internationally recognised dispute resolution law firm with extensive experience representing investors in international investment arbitrations in the mining and natural resources sectors worldwide.

Background to Claim

On 31 August 2023, the Company received notification from the Minister of Energy, Mines and Quarries of Burkina Faso (the “Minister”) that the Company’s application for the Permit, received in August 2021 and granted to Sarama in November 2021 had been purportedly “rejected”, even though the previous Minister had approved the Permit in accordance with the applicable laws nearly two years prior.

On 6 September 2023, during his public presentation at the Africa Down Under Mining Conference in Perth, the Minister, Simon-Pierre Boussim, stated that the Permit was available for purchase. Based on the notification from the Minister and his subsequent actions, the Company was forced to interpret the Minister’s letter of 25 August 2023 as withdrawing the Company’s rights to the Permit. The Minister did not respond to subsequent correspondence from the Company on the matter.

The unlawful withdrawal of the Permit by the Minister, resulting in the removal of the rights to the land conferred thereunder, has rendered the Project valueless to Sarama, consequently destroying the value of the Company’s investment in the Project.

Sarama’s President, CEO & MD, Andrew Dinning, commented:

“The establishment of a non-recourse funding facility to cover all expenses related to the Company’s arbitration case represents a major step forward in its pursuit of redress for the substantial damages suffered as a result of the Government of Burkina Faso’s illegal actions.

Sarama’s legal representatives, Boies Schiller Flexner, are highly experienced and have a very successful track record in international investment disputes, including an arbitration claim brought by Indiana Resources (ASX:IDA) against Tanzania which saw the company recently receive the first tranche of a US$90M settlement.

The Company will now proceed with filing a Request for Arbitration and intends to prosecute its case to the fullest extent possible.”

CAUTION REGARDING FORWARD LOOKING INFORMATION

Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward looking information includes, but is not limited to: the sufficiency and continued availability of funding for arbitration; statements regarding the possibility of initiating international arbitration proceedings in accordance with the bilateral investment treaty between Canada and Burkina Faso; the impact, if any, of the actions of the Government on the Company’s investments in mineral projects in Burkina Faso; the ability for the Company to successfully recover proceeds of an award or settlement from Burkina Faso; the filing of the material change report; the occurrence of an event of default or material adverse change under the LFA; and providing further information in due course. Actual results may vary from the forward-looking information due to known and unknown risks, uncertainties and other factors. Such factors include, among others, risks related to the uncertainty as to the outcome of arbitration; the success of the Claim; foreign country and political risks, including risks relating to foreign operations and expropriation or nationalization of mining operations; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; as well as those factors disclosed in the Company’s publicly filed documents. Readers should not place undue reliance on forward-looking information.

Sarama does not undertake to update any forward-looking information, except as required by applicable laws.

Moneypenny and VoiceNation have an excellent service offering to help legal clients drive new business by responding quickly to new inquiries on their behalf.

The service means that VoiceNation’s team of professional US-based call handlers will help improve the conversion rate of new inquiries, by responding to them quickly on the phone, and qualifying them by asking a series of screening questions provided by, and tailored to, the client. As a result, legal firms’ own teams can focus on converting qualified leads, saving their teams time and effort.

VoiceNation’s highly trained professional call handlers know the importance of making a good first impression and the new Intake Service is backed by full CRM and Zapier integration.

How it Works

• When a new completed web form arrives at a client’s CRM, this alerts VoiceNation’s OpenAnswer platform
• OpenAnswer immediately flags to a VoiceNation agent about the lead
• Using the completed web form details, the lead is qualified by phone, or any other required channel
• All information requested by the client is then fed back into the client’s CRM for immediate conversion
• The service integrates with all CRM platforms and contracts can be completed via Docusign

Eric Schurke, VP of Moneypenny and  VoiceNation said: ‘This service enables legal companies to respond to new leads before their competitors do. We’re doing the heavy lifting of sifting through new opportunities, efficiently and cost-effectively, by qualifying new leads, so in-house sales teams can then convert hot leads faster.  Our clients should see benefits of the new service really quickly, achieving faster new business growth.’ 

Top legal finance firm, Nera Capital, is expanding its presence in Holland by opening a new office in Amsterdam, due to its involvement in several high-profile legal claims in the WAMCA. 

The strategic move into innovative and renowned offices in the prestigious Zuidas district is largely driven by significant legal actions that will proceed through the Holland court system.

In January 2020 the Netherlands introduced a new piece of legislation known as the Wet Afwikkeling Massaschade in Collectieve Actie (WAMCA) which translates to the Settlement of Mass Damages in Collective Action Act.

It allows for collective legal actions, enabling multiple claimants to combine similar cases into a single lawsuit, and is a key factor in Nera Capital’s decision to increase its presence in the region.

Firm Director, Aisling Byrne, explained that this approach not only streamlines the legal process but also increases the efficiency and impact of group claims. 

Ms Byrne added: “For Nera Capital, this system means a more robust and coordinated effort in legal pursuits, ensuring clients benefit from a comprehensive and streamlined legal strategy.

“Our expansion into Amsterdam reinforces Nera Capital’s desire to establish a stronger foothold in a key European financial and legal hub, positioning us at the centre of key industry developments and opportunities. 

“Leveraging our cutting-edge technology and embracing legal frameworks like the WAMCA reflects Nera’s dedication to ensuring that we remain at the forefront of the industry.

“The move marks more than just a new office – it’s another strategic step in our expansion, giving us the platform we need to further scale our operations and continue delivering top-tier service for our clients and partners.”

The change comes at a fruitful time for the legal funder, which is undergoing a period of heavy growth.

In recent months Nera Capital has continued to build its success through acquiring positions in a number of cartel and anti-trust claims in various jurisdictions, including the USA whilst also onboarding several new prominent funding partners. 

Reflecting on Nera’s recent success, Ms. Byrne noted that the expansion into Amsterdam aligns with the company’s core priorities of fostering collaboration and expanding strategic networks.

Westbrooke Associates announces its expansion into the burgeoning litigation funding sector, marking a new chapter in its legacy of connecting investors with high-growth, socially impactful opportunities.

As a brokerage known for identifying innovative investment vehicles, Westbrooke Associates is now expanding into litigation funding, a niche asset class that has seen rapid growth in the UK and globally. Litigation funding provides financial backing to individuals and small businesses that would otherwise be unable to afford legal representation. This growing financial tool has proven essential in levelling the playing field in the legal system, enabling claimants to pursue justice against larger, well-funded opponents.

With rising litigation costs and increasingly complex cases, the demand for litigation funding has surged, particularly in markets such as the UK, which boasts one of the most advanced regulatory environments for this asset class. The global litigation funding market is experiencing extraordinary growth, with revenues projected to reach $43 billion by 2033, up from $17.1 billion in 2023.

As one of the most compelling alternative investment opportunities today, litigation funding offers investors a low-risk, high-return asset class that remains largely uncorrelated with traditional financial markets. This makes it an attractive option for portfolio diversification, especially during times of market volatility.

A report by Reynolds Porter Chamberlain LLP highlights that the top 15 litigation funders in the UK saw assets grow to a record £2.2 billion in 2020/21, an 11% increase from the previous year. With such exponential growth, Westbrooke Associates is poised to help investors capitalise on the robust potential of this asset class.

Westbrooke Associates’ expertise in sourcing profitable investments that align with strong ESG (Environmental, Social and Governance) standards makes this a natural step forward. The firm has already established a successful collaboration with Addlington-West Legal Limited, offering investors access to litigation funding opportunities that prioritise both financial returns and social impact.

Litigation funding not only delivers strong returns but also plays a pivotal role in supporting justice. Westbrooke’s unique investment model ensures a rigorous due diligence process, with cases thoroughly vetted to back only those with strong chances of success. Investors benefit from fixed returns—typically generated within 18 months—while also supporting businesses that face significant financial barriers due to litigation costs.

Moreover, Westbrooke Associates’ commitment to protecting investor capital is evident via the surety bond offered by Addlington-West Legal. This guarantees 100% capital protection in the event of unsuccessful claims, ensuring investor security and peace of mind. This level of risk mitigation, combined with relevant regulatory compliance, makes litigation funding a particularly attractive opportunity for Westbrooke Associates’ clients.

For investors seeking a safe, high-potential asset class, litigation funding through Westbrooke Associates represents an ideal investment opportunity. The firm’s longstanding reputation for identifying forward-thinking ventures is further bolstered by this new foray into the litigation funding space. Westbrooke Associates continues to demonstrate its ability to deliver innovative and socially responsible investment opportunities that align with the evolving needs of its investor base.

As the litigation funding market continues to grow, Westbrooke Associates is at the forefront of offering investors access to this dynamic and impactful sector. Whether you’re a seasoned investor or looking to diversify your portfolio, Westbrooke Associates ensures that every investment opportunity provides both profitability and a positive societal impact.

For more information about how to invest in litigation funding through Westbrooke Associates or to request the Investment Memorandum, please visit www.westbrookeassociates.com or call 0203 745 0294.

Treviso – FiDeAL®, a leader in litigation finance consulting, is pleased to announce a new strategic partnership with Outmatch, a renowned French financial boutique specializing in M&A operations and in legal disputes resolution.

This collaboration marks a significant step in further strengthening FiDeAL’s litigation finance consulting services and in expanding its operations into the French legal market, one of the main European markets for complex legal disputes.

FiDeAL and Outmatch will combine their respective expertise to provide tailored solutions to French law firms and companies, supporting them with access to innovative financial tools and optimizing their legal strategies in high-profile litigation.

This partnership represents a milestone for both companies, opening new opportunities in the French market and offering a broader range of services to companies involved in complex disputes.

In the most significant demonstration of concern for secretive third-party litigation funding (TPLF) to date, 124 companies, including industry leaders in healthcare, technology, financial services, insurance, energy, transportation, automotive and other sectors today sent a letter to the Advisory Committee on Civil Rules urging creation of a new rule that would require a uniform process for the disclosure of TPLF in federal cases nationwide. The Advisory Committee on Civil Rules will meet on October 10 and plans to discuss whether to move ahead with the development of a new rule addressing TPLF.

The letter, organized by Lawyers for Civil Justice (LCJ), comes at a time when TPLF has grown into a 15 billion dollar industry and invests funding in an increasing number of cases which, in turn, has triggered a growing number of requests from litigants asking courts to order the disclosure of funding agreements in their cases. The letter contends that courts are responding to these requests with a “variety of approaches and inconsistent practices [that] is creating a fragmented and incoherent procedural landscape in the federal courts.” It states that a rule is “particularly needed to supersede the misplaced reliance on ex parte conversations; ex parte communications are strongly disfavored by the Code of Conduct for U.S. Judges because they are both ineffective in educating courts and highly unfair to the parties who are excluded.”

Reflecting the growing concern with undisclosed TPLF and its impact on the justice system, LCJ and the Institute for Legal Reform (ILR) submitted a separate detailed comment letter to the Advisory Committee that also advocates for a “simple and predictable rule for TPLF disclosure.”

Alex Dahl, LCJ’s General Counsel said: “The Advisory Committee should propose a straightforward, uniform rule for TPLF disclosure. Absent such a rule, the continued uncertainty and court-endorsed secrecy of non-party funding will further unfairly skew federal civil litigation. The support from 124 companies reflects both the importance of a uniform disclosure rule and the urgent need for action.”

The corporate letter advances a number of additional reasons why TPLF disclosure is needed in federal courts:

Control: The letter argues that parties “cannot make informed decisions without knowing the stakeholders who control the litigation… and cannot understand the control features of a TPLF agreement without reading the agreement.” While many funding agreements state that the funder does not control the litigation strategy, companies are increasingly concerned that they use their growing financial leverage to exercise improper influence.

Procedural safeguards: The companies maintain that the safeguards embodied in the Federal Rules of Civil Procedure (FRCP) cannot work without disclosure of TPLF.  One example is that courts and parties today are largely unaware of and unable to address conflicts between witnesses, the court, and parties on the one hand, and non-parties on the other, when these funding agreements and the financial interests behind them remain largely secret.

Appraisal of the case: Finally, the letter reasons that the FRCP already require the disclosure of corporate insurance policies which the Advisory Committee explained in 1970 “will enable counsel for both sides to make the same realistic appraisal of the case, so that settlement and litigation strategy are based on knowledge and not speculation.” The companies maintain that this very same logic should also require the disclosure of TPLF given its growing role and impact on federal civil litigation.

Besides the corporate letter and joint comment, LCJ is intensifying its efforts to rally companies and practitioners to Ask About TPLF in their cases, and to press for a uniform federal rule to require disclosure. LCJ will be launching a new Ask About TPLF website that will serve as a hub for its new campaign later this month.

Burford Capital, the leading global finance and asset management firm focused on law, has grown significantly since its founding in 2009. As part of ongoing recognition of the growth in legal finance and Burford’s industry leadership as it celebrates its 15^th anniversary, it today shares data from its own performance and releases new research based on one-on-one phone interviews with senior lawyers at global law firms who have a front seat to growing awareness and use of legal finance by their clients and firms.

Christopher Bogart, CEO of Burford Capital, says: “Jon Molot and I started Burford 15 years ago because of economic inefficiencies we saw in the business of law. We’re delighted that our business has since grown from niche to mainstream and is now truly ‘corporate finance for law.’ From day one, our priority has been to listen to clients’ needs, and as a result, we have a suite of tools that provide liquidity, de-risk contingent matters and enable more strategic affirmative recoveries. Burford has earned a reputation as the go-to firm for legal finance, and we’re excited about the road ahead. We’ll keep our focus on clients, innovation and advancing the business of law.”

Data from Burford’s business confirms its performance as a legal finance industry leader:

• Exceptional growth in our business: Burford began in 2009 as a $130 million fund; today, Burford has a portfolio of more than $7 billion.

• Increased demand for what we do: In 2009, Burford committed $11 million to legal finance assets; in 2023, that number was $1.2 billion on a Group-wide basis.

• Growing relevance to sophisticated businesses, with innovation to address corporate balance sheet and P&L needs: More than half our business now comes from corporate clients. Many seek monetizations ― where Burford provides businesses immediate capital by advancing some of the expected entitlement of a pending claim, judgment or award ― and we have committed very substantial capital over the past five years to monetization deals from $10 million to $325 million.

• Development of human capital and proprietary data: In 2009, we had five employees; today, we have seven offices and more than 150 employees. In addition, Burford has built an industry-leading proprietary database of commercial dispute outcomes and tools that harness machine learning, data analytics and artificial intelligence to benefit our clients and our performance.

• NYSE-listed in 2020: We have been public since 2009 and have been listed on the New York Stock Exchange since 2020.

Similarly, research released today by Burford reveals that legal finance has exploded in visibility and value with lawyers. Key findings include:

• 82% of law firm lawyers surveyed claim to have used legal finance, a ninefold increase since Burford first asked law firm lawyers this question in 2012. Although confirmation bias may result in overstatement of actual use, even accounting for this, legal finance’s enormous increased stated use reflects its visibility and acceptance in the business of law.

• Lawyers are using legal finance in more sophisticated ways: Many law firm lawyers affirm that legal finance is now used to strategically manage risk rather than because clients lack funds. Law firm lawyers and their clients see legal finance as a strategic tool across commercial litigation and arbitration as well as more complex financial structures like portfolio financing and funded patent divestitures.

• An Am Law 50 law firm partner said: “For some of the bigger clients, you see more portfolio deals rather than single transactions. Not many companies start with a portfolio, but as they see success, both law firms and corporations are pursuing portfolio transactions.”

• Law firms are embracing legal finance to fuel growth, as more than eight in ten of those surveyed report a more positive perception of legal finance than 15 years ago.

• A Global 100 law firm partner said: “The client’s mindset has completely changed, and they are now coming to their outside counsel and asking for litigation funding options. Offering the use of funding and using it is a validation of the merit of a claim and is a good pressure point.”

• Law firm lawyers confirm that corporate clients are increasingly using legal finance, as 82% of those surveyed said the use of legal finance by corporations has increased over this period.

• A litigation boutique partner said: “Litigation is a bottom-line cost. If corporations can spread that risk by sharing it with an outside capital provider, CFOs want to explore that option, especially because corporations hate litigation expenses. They are much more open to it if they can get some or all of it covered by legal finance.”

The research is based on one-on-one phone interviews conducted by Ari Kaplan Advisors with 44 senior lawyers from global law firms in August and September 2024. The participants included partners, department heads and practice group chairs. Of these respondents, 34% came from AmLaw 100 law firms and 30% from Global 100 law firms.

The International Legal Finance Association (ILFA), the only global association of commercial legal finance companies, today announced the addition of Paris-based legal finance provider IVO Capital Partners as its 25th member. 

“ILFA is pleased to welcome IVO Capital Partners to our growing membership ranks,” said Shannon Campagna, ILFA’s interim Executive Director. “IVO’s addition serves as the quarter century mark for ILFA’s global membership. The firm will play a crucial role in helping ILFA promote the highest standards of operation and service for the commercial legal finance sector around the world.” 

“We are thrilled that IVO’s team is joining ILFA’s diverse roster of commercial legal funders,” said Neil Purslow, ILFA Chairman and Co-Founder of Therium, an ILFA member. “The addition of yet another legal finance provider this year demonstrates the increasingly important role that ILFA plays as the global voice for the ever-expanding legal finance industry, particularly in Europe.” 

IVO Capital Partners is an independent asset management company specializing in corporate debt and has established itself as a leader in the European legal finance industry. The firm boasts over a decade of experience in litigation funding, investing over $166 million in 64 cases across a wide array of geographies and action types. IVO is currently deploying its third legal finance fund, IVO Legal Strategies Fund III SLP. 

“The key role being played by ILFA in working with members of the litigation funding industry, as well as all other professionals involved with this industry, has made this membership a requirement for us to be even more active in the evolution and growth of the industry,” said Paul de Servigny, the fund manager of IVO’s litigation finance activities. “With Europe as our main source of business, we are very happy to be able to contribute to growing ILFA’s reach and understanding of different jurisdictions and how litigation finance is viewed there.”

About the International Legal Finance Association 

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

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

About IVO Capital Partners 

IVO Capital Partners is an independent French asset management company with more than €1.5 billion in assets under management. Founded in 2012, it invests in listed and unlisted credit on emerging market corporate bonds and litigation finance. IVO Capital Partners’ expertise allows its client-investors to access new investment universes with clarity and profitability and also to provide access to financing, on the one hand, to companies established in emerging countries and, on the other hand, to litigation so that they can lead to compensation. The company employs 14 nationalities and invests in more than 50 countries. IVO is among Europe’s leaders in the legal finance industry, with more than $166 million invested and more than 64 cases financed as of 2024. For over a decade, IVO’s expert investment team has ensured asymmetric returns for investors while promoting the rights of parties involved in meritorious litigation and class-action lawsuits. For more information, visit www.ivocapital.com

Bryant Park Capital (“BPC”) is pleased to report that High Rise Financial, LLC recently secured a $100 million senior secured credit facility with a group of syndicated bank lenders. High Rise Financial was founded by Mark Berookim and Michael Berookim in 2016 and is based in Los Angeles, California.

Bryant Park Capital served as the exclusive financial advisor to High Rise Financial in arranging this senior secured credit facility. Founded in 1991, BPC is an investment bank providing mergers and acquisitions, debt & equity, and corporate strategic advisory services to its clients in the middle market. For over 30 years, BPC has successfully guided middle-market firms through growth, expansion, and sales or acquisitions. Due to our client-driven approach, we have developed and maintain deep relationships with strategic and financial buyers, banks, private equity firms, hedge funds, and other institutional investors.

Michael Berookim, Managing Member of High Rise Financial, stated, “BPC’s combination of strong specialty finance expertise and industry relationships, along with their deep understanding of personal injury pre-settlement funding and medical factoring, has helped further accelerate our already exponential growth. They remain a valuable partner to us, and we are appreciative of their efforts to help us reach this $100 million milestone. They were a trusted advisor in the process from day one.”

About High Rise Financial

High Rise Financial is a leading nationwide litigation finance company in the personal injury industry. The company specializes in plaintiff pre-settlement funding, medical factoring and providing a network of medical providers that treat personal injury victims. High Rise Financial is a relationship-based company known for its ease of use and exceptional service to law firms, plaintiffs and medical providers. 

For more information about High Rise Financial, please visit www.highriselegalfunding.com.

About Bryant Park Capital

Bryant Park Capital is an investment bank providing M&A and corporate finance advisory services to emerging growth and middle-market public and private companies. BPC excels in providing M&A advisory and capital raising services for complex deal structures. BPC has raised various forms of credit and growth equity and assisted in mergers and acquisitions for its clients. The firm has completed approximately 30 engagements worth over $2 billion in transaction value within the legal funding industry. Overall, the team has completed more than 400 assignments representing an aggregate transaction value of over $30 billion. 

For more information about Bryant Park Capital, please visit www.bryantparkcapital.com.

Burford Capital, the leading global finance and asset management firm focused on law, is doubling down on its commitment to addressing the lack of diversity in the leadership of commercial litigation and arbitration. In announcing the third phase of its award-winning Equity Project, Burford is earmarking an additional $150 million to fund commercial matters with a female or racially diverse lawyer in a leadership role, bringing its cumulative funds earmarked for this initiative to more than $300 million.

• Given its leadership in funding global commercial litigation and arbitration, Burford has a front row seat to the continued lack of diverse lawyers in leadership roles and saw a need to address this gap.
• Burford first launched The Equity Project in 2018 with $50 million earmarked to financing cases led by female lawyers.
• In 2021, Burford launched phase two of The Equity Project, earmarking a further $100 million and extending the initiative to also finance racially diverse lawyers; further, it added a promise to contribute a share of proceeds from successfully resolved matters to organizations that promote diversity in the business of law.
• With cumulative Equity Project commitments of almost $170 million, Burford is launching phase three with an additional $150 million earmarked.
• As in phase two, if phase three Equity Project-funded matters resolve successfully and generate expected returns, Burford will contribute on its client’s behalf a portion of its profits to organizations that promote lawyer development for female and racially diverse lawyers.

Aviva Will, President of Burford Capital, leads Burford’s Equity Project initiative. 

Ms. Will states: “The Equity Project reflects Burford’s values and our pragmatism—our belief not only that it is right to use our capital and our industry leadership to help close the diversity gap in the leadership of commercial disputes, but also that there is a tangible benefit to our clients and the business of law to doing so.”

She continues: “The whole Burford team is proud of the impact we have made. Clients appreciate The Equity Project as a tool to promote leadership from diverse backgrounds, and we hear directly from those who’ve been funded that it makes a difference in their careers. From when I first started practicing law to today, the business of law has made progress, but the legal profession remains slow to adapt, and in providing economic levers for change, we are doing our part to expedite still more.”

Equity Project Mission and Impact

The Equity Project enables female and racially diverse lawyers to compete for leadership roles in significant matters with attractive terms in place. It incentivizes firms to promote talent from diverse backgrounds and demonstrates innovation to clients. Businesses can use Equity Project capital to encourage the firms that represent them to appoint female and racially diverse lawyers on their matters, and as a reason to talk to their firms about diverse representation and origination credit.

Equity Project matters funded to date include contract disputes, antitrust, federal statutory, IP/patent and treaty and commercial arbitration matters, with female and racially diverse litigators in leadership roles (first or second chair), and with clients represented by women- or minority-owned firms. Clients include large corporations and large litigation boutiques.

We have to date provided financing for 19 different matters from the Equity Project, some of which were multi-case portfolios. The average amount of capital committed per matter was $8.9 million, indicating that these are large, complex litigation and arbitration matters. The matters qualified for inclusion in the Equity Project on the following basis:

• 14 with first or second chair female lawyers
• 3 with first or second chair racially diverse lawyers
• 2 with both a female and racially diverse lawyer as lead lawyers

Equity Project Champions

Burford has also expanded its cadre of Equity Project Champions, corporate and law firm leaders who will support and spread awareness of the initiative. The expanded list, which is currently in formation, includes the following returning and new* Champions:

APAC

• *Angela Ee, Asean and Singapore Turnaround and Restructuring Strategy Leader, EY-Parthenon
• *Blossom Hing, Director, Dispute Resolution and Corporate Restructuring & Workouts, Drew and Napier
• Brenda Horrigan, International Arbitrator

Europe

• *Conway Blake, Partner, Debevoise & Plimpton
• Amy Frey, Partner, King & Spalding
• Sophie Nappert, International Arbitrator; Co-Founder, ArbTech
• *Akima Paul Lambert, Partner, Hogan Lovells
• Sue Prevezer QC, International Arbitrator, Mediator and Consultant, Brick Court Chambers
• Noradèle Radjai, Partner, Lalive
• *Lauma Skruzmane, Founding and Co-Managing Partner, Butler Reichline Skruzmane
• Daniel Winterfeldt MBE QC (Hon), Founder & Chair Interlaw Diversity Forum, Managing Director & General Counsel – EMEA And Asia, Jefferies

US

• Elizabeth Brannen, Managing Partner & Chair of Intellectual Property Litigation, Stris & Maher
• Mylan Denerstein, Co-Chair, Public Policy Practice Group, Gibson Dunn & Crutcher
• *Ryan Dunigan, Senior Division Counsel, Corning, Incorporated
• The Honorable Katherine B. Forrest, Partner, Paul Weiss
• Faith Gay, Founding Partner, Selendy & Gay
• Maria Ginzburg, Partner, Selendy & Gay
• Megan E. Jones, Partner, Hausfeld
• Carolyn Lamm, Partner, White & Case
• Tara Lee, Partner, White & Case
• Roberta D. Liebenberg, Senior Partner, Fine, Kaplan & Black
• Veta T. Richardson, President & CEO, Association of Corporate Counsel
• Adriana Riviere-Badell, Partner, Kobre & Kim
• *Lauren M. Weinstein, Partner, MoloLamken

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai and Hong Kong.

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

Nakiki SE announces that the two so-called “mask lawsuits” (lawsuits against the federal government for payment related to supply contracts for COVID masks), which are currently in the review phase or at the stage of a Letter of Intent, will not be financed after thorough and detailed examination.

Litigation funders such as Nakiki SE assess claims to be financed through both internal and external legal and economic evaluations. A decision not to finance a claim is not necessarily an indicator of the claim’s chances of success but may also be due to a limited risk appetite or other factors.

In principle, Nakiki SE remains interested in financing so-called mask lawsuits. Affected mask suppliers are still encouraged to contact Nakiki. Each case will be reviewed individually and promptly.

Houzhu Capital is delighted to invite you to join the International Conference on Third-party Funding Industry held in Beijing on 25 Sep, as part of the China Arbitration Week events. You may register here for in-person participation or online stream.

The Conference is the first international conference on TPF in China, which invites representatives from domestic and foreign arbitration centers, leading TPF institutions, well-known scholars, and practitioners from law firms and corporations.

Highlights of the event include:

• Opening speech and welcome from Mr. Jin Huang, Chairman of Beijing International Dispute Resolution Center, and Mr. Jianlong Yu, Vice-president of China Council for the Promotion of International Trade (CCPIT).
• Keynote speech on Third-party Funding in England and Wales: Learning from the Past, and Looking to the Future, by professor Rachael Patricia Mulheron from Queen Mary University.
• Panel I: Third-party Funding in Arbitration Rules, moderated by Ms. Yulin Fu, Professor of Peking University Law School, joined by representatives from arbitration centers.
• Panel II: International and Domestic Practice of Third-party Funding, moderated by Mr. Ning Fei, Senior Consultant of Houzhu Capital, joined by representatives from TPF institutions.
• Panel III: International and Domestic Use of Third-party Funding, moderated by Mr. Jialu Wang, Co-funder of Houzhu Capital, joined by representatives from domestic and international corporations.

A cocktail reception will be provided after the Conference for networking and further communication.

About Houzhu

Houzhu Capital is a leading TPF institution in China with domestic and international business footprints and network. Founded by top legal professionals and as a pioneer in China, Houzhu has been committed to exploring the regulatory development and business practice of TPF services in China, supporting clients in domestic and international dispute resolution and asset recovery. You can find more about Houzhu here[Author2] 

Litigation Capital Management (LCM) has released its full year audited results for the year ended 30 June 2024.

Highlights

• Net realised gains of A$32.2m (FY23: A$51.5m), with concluded case investments generating a 2.4x multiple of cash invested (MOIC)
• Total income of A$44.7m (FY23: A$67.7m)
• Profit after tax for the period of A$12.7m (FY23: A$31.5m)
• Dividend of 1.25p (FY23: 2.25p)
• Net assets of A$188.9m (FY23: A$183.5m) with cases conservatively valued at 1.9x cash invested
• Book value per share of 94.4 pence (FY23: 90.3 pence)
• Total new commitments of A$279m added in the period (FY23: A$176m)
• Fund I which comprises US$150m of external capital is fully committed and Fund II which comprises US$291m of external capital is 58% committed
• Share buyback program is 70% complete and remains ongoing

Strategic Update

• The Company is continuing its transition to asset management. Fund III marketing to commence towards the end of 2024 calendar year
• Preparing a disciplined and staged entry into the US market. 
• Acquired the intellectual property of a cutting edge legal finance Big Data/AI platform. Application of this technology to form part of US market entry and drive enhanced origination and investment diligence more broadly across the Company

Commenting on the results, Patrick Moloney, CEO of Litigation Capital Management, said: “We are pleased to have extended our industry-leading track record with successful case outcomes over the past 12 months driving our 13-year investment performance to an impressive 2.9x multiple of invested capital. Our transition from balance sheet funder to high return asset manager is progressing well, and we are looking forward to engaging with our LP investor base as we commence marketing for Fund III.

“With our London operations firmly established, having generated realisations of over £100m at a MOIC exceeding 3x, we are now strategically preparing for a disciplined and staged entry into the US market. As part of this strategic initiative, we’ve recently acquired the IP of a leading legal finance Big Data/AI platform. We see substantial opportunities to leverage this technology across our business in an asset class that is ideally suited for such innovation.“

The full result announcement and audited results can be read here.

Bay Point Advisors LLC, an Atlanta-based investment firm with a focus in niche private markets, is proud to announce the successful close of a $50 million capital raise for Bay Point Legal Fund II. This raise demonstrates Bay Point’s commitment to providing innovative investment solutions in the litigation finance sector.

The newly raised capital will be deployed to identify, invest, and support allocations across several litigation strategies, including primary and secondary mass tort acquisition, mass arbitrations, and single event cases.

“This marks a significant milestone in our 12-year journey. Bay Point Legal Fund II advances our initial vision for the firm of offering uncorrelated investment opportunities. We are excited to leverage our team’s expertise in litigation finance to continue our growth trajectory and deliver value for our investors,” said Charles Andros, President and Chief Investment Officer at Bay Point Advisors.

Bay Point Legal has a team of experienced professionals who possess deep expertise in legal, financial, and operational aspects of litigation finance. Bay Point believes that its investment approach and extensive network enable the firm to identify and capitalize on high-value opportunities.

Sean Coleman, Managing Director of Bay Point’s Legal Finance strategy, stated, “We are excited about the closing of Bay Point Legal Fund II. We have substantial capital to make an impact in the quickly evolving litigation finance vertical. Fund II will build on the creative and diversified, equity-type, mass tort investments made in Fund I while also expanding into new investment opportunities such as hybrid torts, abuse cases, mass arbitrations and single events. The fund has the potential to provide returns uncorrelated to equity markets, while also helping deliver equitable compensation to claimants who previously had limited avenues to justice.”

About Bay Point Advisors:

Founded in 2012 and headquartered in Atlanta, Georgia, Bay Point Advisors is a privately held investment firm with a strategic focus on niche markets often underserved by traditional financial institutions. Bay Point’s broad investment criteria allows for a dynamic response to market shifts. Committed to meeting the evolving needs of clients, Bay Point specializes in the prompt delivery of tailor-made capital.

About Bay Point Legal:

Bay Point Legal is the litigation finance arm of Bay Point Advisors. Specializing in equity investments in mass torts, single events, and mass arbitrations, the fund is dedicated to providing solutions that deliver strong returns while making a positive impact on the lives of those affected by corporate negligence. The legal fund leverages extensive industry experience and a robust network to identify, invest, and manage risk-adjusted investments in litigation finance.

Bryant Park Capital (“BPC”), announced today that Deminor Recovery Services (“Deminor”), a leading privately-owned global litigation funder, recently closed on an approximately $100,000,000 committed senior credit facility and asset-backed financing with two leading U.S. based asset managers focused on the legal assets industry.

BPC, a leading US-based middle market investment bank, served as the exclusive financial advisor to Deminor in connection with this transaction.

“Bryant Park Capital’s extensive knowledge of the financing markets, combined with their strong relationships and creative structuring capability have been invaluable and helped us complete this complex set of transactions that we believe will be transformative for our clients, employees and shareholders, reflecting how our business model and international footprint has expanded since our first external capital raise in 2021. Significantly, these investments, made on Deminor’s own balance sheet, will continue to enable Deminor to deliver fast decision-making and flexible funding terms, with final investment decisions resting with our Investment Committee. Bryant Park Capital has been an excellent partner for us and we greatly appreciate BPC’s guidance and support throughout the process,” said Erik Bomans – CEO, Deminor.

Commenting on Deminor’s platform and performance, Joel Magerman, Bryant Park Capital’s Managing Partner added, “Deminor has generated significant returns extending through multiple market cycles as a leading player in the litigation funding sector, and this capital raise will provide an opportunity to significantly expand the operating leverage of the Deminor platform internationally.”

About Deminor

Founded in 1990, Deminor is a leading privately-owned global litigation funder with 9 offices across continental Europe, London, New York, and Hong Kong.

Deminor has funded cases across four continents and 22 jurisdictions spanning 18 case categories as a leader in investment recovery, anti-trust, collective consumer, and commercial tort across 25 industries.

For more information about Deminor, please visit www.deminor.com.

Burford Capital, the leading global finance and asset management firm focused on law, today announces that Travis Lenkner has rejoined the company as a member of its Management Committee in the newly created role of Chief Development Officer.

Based in London, Mr. Lenkner is focused on Burford’s future and its ongoing transformation of the legal industry. His responsibilities involve identifying and executing strategic initiatives that drive growth and align with the company’s long-term objectives, and his areas of focus include law firm equity investments, the alternative delivery of legal services to corporate and individual clients, and legal tech, including AI.

Mr. Lenkner is a longtime global leader in the legal finance market, including as a launch partner of Gerchen Keller Capital, which Burford acquired in 2016. More recently, he co-founded and was Managing Partner of Keller Lenkner LLC; he also co-founded and was a Director of the firm’s European counterpart. In addition, he was Senior Counsel at The Boeing Company and a litigation and appellate attorney at Gibson, Dunn & Crutcher LLP. Mr. Lenkner was also a clerk for Justice Anthony M. Kennedy at the Supreme Court of the United States.

Christopher Bogart, CEO of Burford Capital, says: “We are pleased to welcome Travis Lenkner back as a member of the Management Committee in the newly created role of Chief Development Officer, where he will be focused on the continued growth of Burford’s business. Travis has had a tremendous impact as a leader in law and legal finance, which includes the impact he made while previously at Burford. The legal field is generally slow to change but Burford remains committed to being at the forefront of its modernization, including changes related to equity investments in law firms and new technology such as AI. As a seasoned executive who has spent much of his career in legal finance, Travis shares Burford’s commitment to advancing the business of law, and we at Burford welcome his leadership and unique perspective as our business continues to grow.”

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai and Hong Kong.

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

Nera Capital, a pioneering specialist funding provider to law firms, is pleased to announce a new strategic partnership with Fintex Capital, the innovative investment firm dedicated to private debt. As part of this partnership, Nera secured an initial £20 million investment from Fintex.

The demand for law firm financing is growing quickly, as more and more consumers look for redress from hidden commissions on car financing to housing disrepair. The new funding line will allow more consumers to have access to the justice they deserve as the financial barriers are diminished.

The partnership marks a significant milestone for both companies. It expands Nera Capital’s reach, diversifies its funding sources and enables it to bring the benefits of capital and expertise to a wider set of consumers. For Fintex, this is another landmark transaction, the 3^rd UK funding line of c. £20 million. This investment was fully funded by Fintex Capital’s flagship fund, Fintex Private Debt.

Aisling Byrne, Director of Nera Capital, said: “Fintex Capital’s investment enables the firm to accelerate its growth trajectory, further scaling its operations to provide crucial financial support to clients when they need it most. Along with being better positioned to ensure justice remains accessible, even against the most formidable adversaries, the additional funding line increases Nera Capital’s diversification.

The Fintex investment strengthens Nera’s financial base, diversifies our funding sources and allows us to explore new avenues in our market. It also enables us to scale our robust platform. We are pleased that our operations were once again endorsed by a prominent institutional investor.

Fintex made an excellent name for itself as a sophisticated, reliable lender in the UK and beyond. The Fintex team led by Sophie Batoua were a pleasure to deal with and the transaction was successfully executed in record time.”

Robert Stafler, CEO of Fintex Capital, said: “It comes as no surprise that demand for law firm finance is on the rise. This granular, insurance-backed financing provides vital funding to consumers when they need it most. It enables them and their lawyers to bring justice to families who without Nera’s support would be unable to seek redress.

Nera has a strong track record in its market, having successfully provided c. £200m in funding for UK consumer claims to date. We are delighted to see that our investment helps Nera solidify its position as a leader in its field. To us, this is just the beginning of a successful long-term partnership.”

Advisors: Nera Capital was advised by Walker Morris LLP, Mason Hayes & Curran LLP, and Copsey Murray Chartered Accountants. Fintex Capital was advised by Fox Williams LLP and Mason Hayes & Curran LLP

-ENDS-About Nera Capital: Established in 2011, Nera Capital is a specialist litigation funding provider with a presence in Manchester, Dublin, and The Netherlands. The firm is dedicated to supporting law firms and providing the financial resources necessary to pursue justice in both their Consumer and Commercial divisions.

Fintex Capital: (www.fintexcap.com) is a pioneering investment firm specialising in private debt. Since its inception, the firm has provided close to £400 million in private debt capital to borrowers across Specialty Finance and Real Estate Debt. Fintex is known for providing senior and mezzanine debt facilities to lending businesses in the UK and beyond; it also provides direct lending to asset-backed businesses and asset owners. The firm manages discretionary investment funds, as well as segregated managed accounts for various institutions.

Today marks the 15^th anniversary of the founding of Burford Capital, the leading global finance and asset management firm focused on law. In just 15 years, Burford has gone from a single $130 million investment fund to a $7.4 billion industry leader – with a 27x increase in its market capitalization.

Burford is fortunate to have a deep and continually growing bench of talented professionals from the world’s leading law firms and companies; we report below on the latest additions to the Burford team.

In recognition of that strong bench and a continued focus on our clients, Burford is today appointing Aviva Will, currently Co-Chief Operating Officer, as President. In her new role, Ms. Will’s focus will be predominantly on high-value, client-facing activities as we continue to expand our global relationships and the business evolves yet more towards complex financings with sophisticated corporate counterparties.

Burford is similarly appointing David Perla, also currently Co-Chief Operating Officer, into a new market-facing role of Vice Chair, focusing globally on Marketing, Public Policy, Industry Affairs and Public Relations, drawing on Mr. Perla’s experience and relationships in past leadership roles, including as President of Bloomberg Law.

Christopher Bogart, CEO of Burford Capital, says: “It should come as no surprise that Burford Capital continues to not only grow talent from within, but also to attract experienced senior professionals. In our 15^th year, my co-founder Jon Molot and I are incredibly proud of Burford’s successes and its extraordinary people. Jon and I are just as committed today as we were on day one to redefining and advancing the business of law.”

Burford has also recently added a number of senior professionals from top global corporations and law firms, including:

Andrew Farthing as a Director in Texas, responsible for managing matters in Burford’s US portfolio. Prior to joining Burford, Mr. Farthing was a Director at Apple and previously a senior litigator at Latham & Watkins.

Carrie Tendler as Special Counsel in New York, responsible for advising on the enforcement of judgments in cases backed by Burford with a particular focus on the YPF matter. Prior to joining Burford, Ms. Tendler was a Partner at Kobre & Kim and a litigator at Cravath, Swaine & Moore.

Josh Reed as Senior Vice President in Chicago, responsible for managing matters in Burford’s patent portfolio. Prior to joining Burford, Mr. Reed was Head of Global Litigation at the Sisvel Group and Chief IP Counsel at Allscripts.

Kate Tellez as Senior Vice President in Chicago, responsible for assessing and underwriting legal risk as part of Burford’s patent group. Prior to joining Burford, Ms. Tellez was a Partner at Steptoe.

Florencia Villaggi as Vice President in New York, responsible for assessing and underwriting legal risk in investor-state and international commercial arbitration. Prior to joining Burford, Ms. Villaggi was Counsel at Herbert Smith Freehills.

Josh Wood as Head of Investor Relations in New York, with responsibility for directing Burford’s investor relations activities. Prior to joining Burford, Mr. Wood was Head of Shareholder Relations at Patria Investments and previously Vice President at Carlyle.

Nicholas Sinigaglia has joined as Global Controller in New York as a key member of the finance management team. Prior to joining Burford, Mr. Sinigaglia was Chief Accounting Officer at Pie Insurance.

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai and Hong Kong.

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

Manolete (AIM:MANO), the leading UK-listed insolvency litigation financing company, today announces its audited results for the year ended 31 March 2024. 

Steven Cooklin, Chief Executive Officer, commented: 

“These annual results show that Manolete has now recovered strongly from the UK Government’s suppression of the UK insolvency sector that prevailed during the Covid period. The Company has returned to profitability and has continued its track record of consistent operational cash generation. That has been driven by a record number of 251 case completions in FY24.

The trading results for the new financial year, which commenced on 1 April 2024, clearly show that this positive momentum has continued: year to date, new case enquiries are running 22% ahead of FY24 and our in-house legal team has already completed 116 cases with an aggregate value of £11.8m (compared to this stage last year, where we had completed 93 cases for a total value of £6.3m). This is also reflected in our gross cash receipts where we have already collected £10.3m in the first five months of this financial year, compared to £8.7m for the whole six-month, first half period of the previous financial year.

“Widely reported, challenging, multiple, macro-economic factors including: high interest rates, persistent inflationary threats, stretched Government balance sheets and global conflicts, provide strong tailwinds and significant momentum for further growth. As the clear market leader in the UK insolvency litigation finance sector, the Company is exceptionally well positioned to take advantage of these conditions”. 

Financial (statutory and non-statutory) highlights: 

• Realised revenues on completed cases were £24.2m, a decrease of 10% (FY23: £26.8m) although FY23 included an exceptionally large, funded case completion of which £4.9m was recorded in realised revenue (total settlement £9.5m).
• Adjusting for that single exceptional case, FY24 realised revenues were 11% higher than FY23. 
• 92% of total revenues represented by realised revenues on fully completed cases (FY23: 129%). 
• Increase in the valuation of the cartel cases contributed £0.1m to gross profit in FY24 (FY23: £1.2m). 
• EBIT increased to £2.5m, which represented a positive change from an EBIT loss of £3.1m in the prior year. 
• Gross cash receipts from completed cases were £17.7m, a decrease of 34% (FY23: £26.7m, however, FY23 included the same one-off exceptionally large case completion, referred to above, which delivered gross cash receipts of £9.5m. Excluding that case, gross cash receipts rose by 3%). 
• The Company’s retained share of gross cash receipts from completed cases (after all legal costs and payments to Insolvent Estates) was £10.8m, a decrease of 18% (FY23: £13.1m) but again, the only reason for the decrease was the £9.5m exceptional case in FY23. 
• Cash generated from operations (after all completed case costs and all overheads but before new case investments and taxation) was £5.0m (FY23: £8.0m). 
• As at 31 March 2024, the Company had cash balances of £1.4m and borrowings of £13.7m resulting in a net debt of £12.3m (FY23: £0.6m and £10.5m, respectively and therefore a net debt of £9.9m). 

Operational highlights: 

• A record number of new case investments in UK insolvency cases, an increase of 18%: 311 in FY24 (FY23: 263). 
• A record number of 251 cases were completed in FY24 (FY23: 193 cases), with an average duration per case of 13.2 months (FY23: 15.5 months), generating a Money Multiple of 1.9x (FY23: 1.9x) and an IRR of 131% (FY23: 131%) (based on unaudited internal management information). 
• As previously reported, following the ending in April 2022 of the Covid-related emergency legislation to suppress UK insolvencies and the withdrawal of very substantial financial support to UK businesses by the previous Government, the number of UK insolvencies have been at record high levels. The first wave of these insolvencies has predominantly been the smaller and weaker “zombie” companies. Only in recent months have the larger company insolvencies, typically by way of Administration, returned to levels seen before the Covid pandemic. This has resulted in record high numbers of cases taken on by Manolete but the average case size is smaller than had been the case, pre-pandemic. By way of comparison: FY21 was the trading year that best reflects the completion values of cases acquired and funded before the Covid-19 impact (this is because, on average, cases take around 12 months to complete). In FY21, audited realised revenues were £24.4m from 135 cases: an average of £180k per case, which is close to double the average for FY24 of £96k. 
• ROI of 116% and Money Multiple of 2.2x from 933 completed cases since inception (based on unaudited internal management information). 
• Average case duration across the full lifetime portfolio of 933 completed cases is 12.7 months · 19% increase in live cases: 418 in process as at 31 March 2024 (351 as at 31 March 2023)

Current Trading 

• The first five months of FY25 have been buoyant:
  • Highest ever number of new case enquiries year to date: 348 (FY24: 286). 
  • 103 new case investments, which is broadly tracking the record 146 new case investments for the whole first six months of FY24. 
  • 116 case completions at an aggregate value of £11.8m (FY24: 93 case completions at a total value of £6.3m). o Gross cash receipts from previously completed cases is £10.3m, compared to £8.7m for the whole first six months of FY24. 
  • Net cash receipts (after all payments to insolvent estates and all associated external legal costs) are £6.5m year to date for FY25, compared to £4.6m for the whole first six months of FY24. 

Outlook 

• Given that the number of corporate insolvencies in the UK remain at record highs, the Company can look forward to a sustained period of growth. A strong recovery in the number of larger case investments signed in the second half of FY24 is also an encouraging indicator of future business strength.

A copy of the annual report and accounts will be available on the Company’s website shortly and will be posted to shareholders in due course.

The full announcement and results can be read here.

Nera Capital’s groundbreaking partnership with a substantial European investment platform, is poised to significantly benefit the company’s consumer division. 

This latest success has come at a prosperous time for Nera Capital, which earlier this year expanded into Europe, opening an office in The Netherlands, adding to its locations in England and Ireland. 

Following its establishment in 2011, the company has become a pioneer in the legal finance industry. Nera Capital is a specialist funding provider to law firms across Europe and the US.  The firm has administered legal finance in numerous jurisdictions and assisted more than 200,000 claimants to date. 

Recently, Nera secured a sought after spot in the European Litigation Funders Association. Director of Nera Capital, Aisling Byrne, said: “This latest funding partner is a strategic advancement which will greatly enhance the services we provide to our clients and partners. 

“I am excited about the possibilities this funding line will unlock.” Ms Byrne called the deal a ‘significant milestone’ for the business.  She added: “Nera Capital continues to advocate for transparency and promoting higher industry standards. We assist financially vulnerable consumers, whilst maintaining exceptional returns for our investors and all stakeholders. 

“This newest collaboration allows us to enhance consumer access to justice, supporting equitable outcomes over time for more people.” 

Express Legal Funding, a leading provider of pre-settlement funding services, proudly announces the establishment of the Legal Funders for Actually Fair Funding (LFAFF), a coalition dedicated to safeguarding consumers and law firms through strategic vendor partnerships and ethical pre-settlement funding practices.

A New Standard in Legal and Consumer Protection
LFAFF aims to redefine the legal funding industry by championing fairness, transparency, and inclusivity. This new trade organization is committed to ensuring that injured claimants, regardless of their background, can access the financial support they need to cover their living costs while pursuing justice, and law firms benefit from reliable, transparent vendors to accelerate their growth.

“At Express Legal Funding, our commitment has always been to support both our clients and the legal community with integrity,” said Aaron Winston, Author and Strategy Director at Express Legal Funding. “With the launch of LFAFF, we’re taking this commitment to the next level by establishing a trusted alliance that prioritizes ethical standards and transparency in all legal service industry vendor partnerships, reducing overhead expenses and protecting law firms from wasted SEO and marketing costs.”

Core Objectives of LFAFF

• Industry Best Practices (B2C): Implement a higher standard for pre-settlement funding, providing plaintiffs access to financial resources without compromising their legal claims.
• Law Firm Support (B2B): Providing law firms with access to pre-vetted, trustworthy vendors to enhance their practice and client service, with potential discounts for member firms.
• Ethical Standards and Transparency: Promoting high ethical standards across all vendor partnerships, ensuring that the legal funding industry remains accountable and trustworthy.

Membership and Benefits
Expanding beyond the pre-settlement funding industry, LFAFF is open to law firms and vendors who are committed to upholding the organization’s ethical standards and guidelines. Members will benefit from a network of like-minded professionals, access to exclusive resources, and the opportunity to contribute to the ongoing development of industry best practices.

About Express Legal Funding
Express Legal Funding is a nationally recognized and trusted pre-settlement funding company and brand based in Plano, Texas. As a premier provider of pre-settlement funding, it’s dedicated to offering plaintiffs the financial support they need while they await the resolution of their cases. The company is committed to ethical practices and transparency, ensuring that its clients receive fair and equitable services.

About LFAFF
The Legal Funders for Actually Fair Funding (LFAFF) is a trade organization founded by Express Legal Funding to promote ethical standards, consumer protection, and strategic partnerships in the legal funding industry. LFAFF is committed to fostering a fair and transparent environment for both law firms and the consumers they serve.

Nakiki SE announces that it is investigating a capital market claim of up to EUR 400,000 against a company listed on the Open Market of the Düsseldorf Stock Exchange. Nakiki is thus opening up a new area of business: the financing of securities law claims.

With this step, Nakiki SE expands its expertise in the area of litigation financing and continues its growth strategy. The financing of securities litigation enables investors and shareholders to pursue potential claims against listed companies without financial risk. Nakiki SE assumes the full cost of the litigation and receives a share of the proceeds in the event of a successful outcome.

This new business area responds to the growing demand for specialised financing models for legal claims in the capital market. Nakiki SE is supported by an experienced team of lawyers and financial experts to ensure that cases are thoroughly investigated and the plaintiffs’ chances of success are maximised.

With the establishment of securities litigation financing, Nakiki SE is positioning itself as a leading player in a dynamically growing market. We see considerable potential here to facilitate investors’ access to capital market legal protection and at the same time to diversify our portfolio,” says Andreas Wegerich, CEO of Nakiki SE.