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Burford Capital Appoints KPMG LLP as Independent Auditor

By Harry Moran |

Burford Capital Limited (“Burford”), the leading global finance and asset management firm focused on law, is pleased to announce that, on July 1, 2024, the audit committee (the “Audit Committee”) of Burford’s board of directors (the “Board”) has approved, and the Board has ratified, the appointment of KPMG LLP (“KPMG”) as Burford’s independent registered public accounting firm. KPMG will review Burford’s consolidated financial statements for the three and nine months ending September 30, 2024 and will audit Burford’s consolidated financial statements for the fiscal year ending December 31, 2024.

KPMG replaces Ernst & Young LLP (“E&Y”), which has served as Burford’s independent auditor since 2010. While Burford is not subject to traditional UK mandatory auditor rotation every ten years, Burford is nevertheless conscious of shareholder feedback about best practices in the UK market and, while it would have been disruptive to have rotated auditors during the transition to US GAAP and the addition of our New York Stock Exchange listing, with those items behind us now is an appropriate moment to abide by those best practices and move to another Big Four accounting firm.

KPMG’s appointment is subject to the ratification of Burford’s shareholders at an extraordinary general meeting (the “2024 EGM”) to be held in due course.

Dismissal of Previous Independent Registered Public Accounting Firm

On July 1, 2024, the Audit Committee has also approved, and the Board has ratified, the dismissal of E&Y as Burford’s independent registered public accounting firm, effective immediately following the issuance of Burford’s consolidated financial statements for the three and six months ended June 30, 2024.

The reports of E&Y on Burford’s consolidated financial statements for the fiscal years ended December 31, 2023 and 2022 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. In connection with the audits of Burford’s consolidated financial statements for each of the fiscal years ended December 31, 2023 and 2022 and during the period from the end of the most recently completed fiscal year ended December 31, 2023 through July 1, 2024 (the “Interim Period”), there were no “disagreements” (as defined in Item 304(a)(1)(iv) of Regulation S-K) with E&Y on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which “disagreements”, if not resolved to the satisfaction of E&Y, would have caused E&Y to make reference to the subject matter of the “disagreements” in connection with their report for such years. There were no “reportable events” (as described in Item 304(a)(1)(v) of Regulation S-K) during the two fiscal years ended December 31, 2023 and 2022 or the Interim Period, except for certain identified material weaknesses in Burford’s internal controls relating to:

  • a lack of available evidence to demonstrate the precision of management’s review of certain assumptions used in the measurement of the fair value of capital provision assets as disclosed in Burford’s annual report on Form 20-F for the year ended December 31, 2023 filed with the US Securities and Exchange Commission (the “SEC”) on March 28, 2024, which Burford is in the process of remediating as of the date of this announcement; and
  • the determination of Burford’s approach to measure the fair value of capital provision assets in accordance with Accounting Standards Codification Topic 820—Fair Value Measurement, as disclosed in Burford’s annual report on Form 20-F for the year ended December 31, 2022 filed with the SEC on May 16, 2023, which was remediated at December 31, 2023.

The Audit Committee discussed the “reportable events” with E&Y, and Burford has authorized E&Y to respond fully to the inquiries of KPMG, as successor auditor, concerning the subject matter of such “reportable events”.

Pursuant to Item 304(a)(3) of Regulation S-K, Burford provided E&Y with a copy of the disclosures in this announcement prior to furnishing this announcement under the cover of Form 6-K to the SEC, and E&Y has furnished a letter addressed to the SEC stating that E&Y agrees with the statements set forth in this paragraph and the two immediately preceding paragraphs above. A copy of E&Y’s letter, dated July 9, 2024, has been furnished as Exhibit 99.1 to the Form 6-K.

Appointment of New Independent Registered Public Accounting Firm

On and effective as of July 1, 2024, KPMG was appointed as Burford’s independent registered public accounting firm for the three and nine months ending September 30, 2024 and for the fiscal year ending December 31, 2024. The Audit Committee approved, and the Board ratified, the appointment of KPMG, subject to the shareholder approval at the 2024 EGM. 

During Burford’s two most recent fiscal years ended December 31, 2023 and 2022 and the Interim Period, neither Burford nor anyone acting on its behalf has consulted KPMG regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on Burford’s consolidated financial statements, and neither a written report nor oral advice was provided to Burford that KPMG concluded was an important factor considered by Burford in reaching a decision as to any accounting, auditing or financial reporting issue or (ii) any matter that was either the subject of a “disagreement” (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a “reportable event” (as described in Item 304(a)(1)(v) of Regulation S-K).

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, Sydney and Hong Kong.For more information, please visit www.burfordcapital.com.

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Allia Group Appoints Seasoned Legal Strategist Justin Fitzdam as General Counsel

By Harry Moran |

Allia Group, the innovative legal finance firm exclusively specializing in healthcare insurer disputes, is excited to announce that Justin Fitzdam has been appointed as General Counsel. Mr. Fitzdam is based in Allia Group’s Nashville office.

Fitzdam has extensive in-house healthcare litigation expertise. In his 11 year tenure at HCA Healthcare, one of the nation’s largest hospital systems and healthcare service providers, he spearheaded the development of their nationwide litigation program against managed care payors. In addition, he oversaw all litigation, regulatory enforcement and compliance, investigations, and related legal issues for a substantial portfolio of HCA’s facilities and affiliates. His strong track record of successful litigation against the largest health insurance companies resulted in several of HCA’s largest judgments.

Over the course of his career, Fitzdam brings nearly 20 years of litigation, mediation, and arbitration experience across a broad range of large, complex, and highly regulated industries.He began his career in private practice at Sullivan & Cromwell LLP and then Boies, Schiller & Flexner LLP where he represented clients on both the plaintiff and defendant sides in all federal and state court levels, including the United States Supreme Court.

Fitzdam holds a J.D. from Cornell Law School and a B.S. in Accounting from the University of Florida.

In his new role, Fitzdam will be responsible for leading and implementing litigation strategy for Allia Group’s portfolio of litigation and will serve as the head legal advisor to the CEO and senior management. In addition, he will also define new areas of growth and oversee the underwriting of legal risks related to new business and transactions.

“We are thrilled to welcome Justin to the team,” said Eliot Listman, CEO of Allia Group. “His expertise with payor litigation in both in network and out of network cases will be indispensable. He is an ideal fit as our strategy grows to include solutions for even the largest hospital systems and physician groups in the battle against big health insurance. We are fortunate to have Justin on the team in our mission to hold payors accountable for bad behavior.”

About Allia Group:

Allia Group specializes in litigation finance solutions to improve the financial position of healthcare providers. To demand responsibility from healthcare insurers, Allia litigates and arbitrates against these payors and structures the purchase of underpaid claims and legal rights to monetize these assets, benefitting providers’ cash flow. Allia has the experience to address the needs of hospital systems, physician groups, and emergency transportation businesses. Visit www.allia.group to learn more.

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SdK Offers Litigation Finance to Enforce Claims for Additional Payment for Former Shareholders of STADA Arzneimittel AG

By Harry Moran |

Former shareholders of STADA Arzneimittel AG who tendered their Stada shares as part of the takeover offer by Nidda Healthcare Holding AG in August or September 2017 are entitled to an additional payment of €8.15 per share. This was decided by the Federal Court of Justice in May 2023. Since Nidda Healthcare Holding AG refuses to make a voluntary additional payment to all former STADA shareholders, SdK Schutzgemeinschaft der Kapitalanleger e.V. is offering litigation financing for a legal claim without any cost risk to the affected former STADA shareholders.

On July 19, 2017, Nidda Healthcare Holding AG, a joint venture of the international financial investors Bain Capital and Cinven Partners, submitted a voluntary public takeover offer to the shareholders of STADA Arzneimittel AG to acquire their shares at a price of € 66.25 per share. Within the acceptance period (until the end of August 16, 2017), the bidder’s offer was accepted by 63.76 % of STADA shareholders and within a further acceptance period (until September 1, 2017) by a further 0.11 % of STADA shareholders. The bidder thus achieved a tender volume, including shares held by STADA, of approx. 63.87 % of STADA’s share capital and voting rights. 

On August 30, 2017, a shareholder holding 8,265,142 shares (13.26 % of the shares and voting rights) agreed to a domination and profit and loss transfer agreement between Nidda Healthcare and STADA if the amount of the compensation under the domination and profit and loss transfer agreement is at least EUR 74.40 per STADA share. Several former shareholders of STADA, who had accepted the lower takeover offer, filed a lawsuit against the bidder demanding the difference between the offer price and the compensation under the domination and profit and loss transfer agreement of EUR 74.40. 

In two identical judgments dated 23 May 2023 (case no. II ZR 219/21 and II ZR 220/21), the German Federal Court of Justice (BGH) ruled in favor of two plaintiffs pursuant to sections 31 (5) and (6) WpÜG, referring to the principles of the so-called Celesio case law. In principle, all former shareholders of Stada AG who had initially exchanged their regular shares for the securities tendered for sale with ISIN DE000A2GS5A4 or for securities subsequently tendered for sale with ISIN DE000A2GS5B2 and had subsequently tendered these in the takeover offer are entitled for the payment of the difference. 

Following a request of the Federal Financial Supervisory Authority („BaFin“), the Bidder published a corresponding notice in the Federal Gazette, but pointed out that, in its view, any payment claims by former shareholders could be based on the defense of the statute of limitations. In the opinion of the Bidder, the statute of limitations generally began at the latest at the end of 2017. However, this is incorrect. The claims of the former shareholders of STADA are not yet time-barred: This is because after the courts of the 1st and 2nd instance had still rejected the claim for subsequent payment, only the BGH confirmed this claim for additional payment. The claim for additional payment is therefore not yet time-barred.

The SdK is offering affected former STADA shareholders legal cost financing to enforce their claims for additional payment. The claims can thus be enforced without any cost risk. The SdK, as the financier of the legal costs, assumes all costs of the legal proceedings in return for a profit participation of 30% of the proceeds in the event of success. For more information please contact us at info@sdk.org.The SdK will be happy to answer any questions from its affected members by e-mail at info@sdk.org or by telephone on +49 89 / 2020846-0.

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CourtCorrect, Leader in Complaints AI, Completes Funding Round from Industry Veterans

By Harry Moran |

CourtCorrect, the market leader in complaints resolution with AI, is pleased to share that we have successfully completed a funding round from industry veterans to fuel our growth and product development.

CourtCorrect is an AI startup based in London, focusing on the safe deployment of artificial intelligence technologies to improve the efficiency, quality and root cause analysis of complaints resolution. We work with clients across financial services and other regulated industries and process thousands of cases every week.

Investors participating in the round include both existing and new investors such as Alain Dehaze (former CEO of Fortune 500 The Adecco Group), Philippe Verboogen (Managing Director at BlackRock and the driving force behind the Growth of eFront Solutions prior to being acquired by BlackRock for >$1bn) and Dr. David Wicki-Birchler (Head of Compliance at a Swiss Banking Group).

This further funding, coming on top of over £2m in Seed Funding raised from 20VC, Visionaries Club, Ascension VC and Concept Ventures will allow CourtCorrect to invest in its growth trajectory as clients scale their use of the platform and new firms onboard to the future of complaints resolution.

Additionally, this funding enables CourtCorrect to further invest in product development, including assisting clients with root cause analysis as we continue to position the company as the market leader for complaints resolution with AI.

Alain Dehaze had this to say about the funding round:

“We are delighted to support CourtCorrect in her growth ambitions and to build on the strong impact her clients have been seeing from AI. We are looking forward to continuing our collaboration with Ludwig and the team by providing a strategic investment as well as guidance on scaling up the sales function. Good luck to the whole team!”

Ludwig Bull had this to add following the completion of the round:

“This investment comes at the perfect time for CourtCorrect. Following tremendous growth in the last 12 months, we are looking forward to investing directly in our Go-To-Market strategy as well as continue to build out the platform in close collaboration with our clients. I’m sure that this vote of confidence in our team, product and business model will propel CourtCorrect to new heights.”

Thank you to our investors, team members and advisers who supported this investment round.

About CourtCorrect:

CourtCorrect works with clients across financial services and other regulated markets to improve the efficiency, quality and root cause analysis of complaints resolution. By leveraging the most recent advances in AI and with an expert team drawn from machine learning and financial services compliance backgrounds, CourtCorrect processes thousands of cases every week to create a win-win-win for consumers, businesses and regulators.

CourtCorrect assists clients across the resolution process, including generating letters and other correspondence, structuring and extracting key insights from documents, assessing potential outcomes against the backdrop of internal policies and regulations and identifying root causes both in individual cases and in aggregate. As a result, businesses save time, improve the quality of resolution, remediate complaints causes effectively, improve customer retention and align more closely with regulatory rules, including Consumer Duty.Please feel free to contact us at hello@courtcorrect.com or request a free trial of the platform on our website: https://platform.courtcorrect.com/signup

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4 Rivers and Case Legal Media Form Strategic Alliance

By Harry Moran |

4 Rivers and Case Legal Media (“CASE”) are pleased to announce a strategic alliance to collaborate to assist law firms which operate in the mass torts space with case origination and funding. 

Law firms acting for mass tort claimants are often in the position where they require external funding to provide working capital for themselves, as well as case costs and expenses, while the claims are in progress. Law firms must therefore be properly funded so that they can pursue further actions which benefit from CASE’s acquisition and intake expertise.  4 Rivers has extensive know-how and bespoke tools which can be used to secure such finance from diverse sources of capital.  

The two firms have recognised that there will be considerable value in working with each other on projects and generally from sharing intellectual capital, and contacts in the legal and funding sectors, as well as deriving further benefits from sharing support, resources, and infrastructure.

Peter Petyt, Chief Executive Officer of 4 Rivers, said: “I am delighted that 4 Rivers and Case Legal Media will be working together to help law firms to secure the right type and amount of finance to allow them to acquire meritorious cases and run the cases with sufficient resources to give them every chance of a successful outcome.”   George Young, Founder of CASE Legal Media, said: 

“CASE Legal Media is excited for the opportunity to partner with Peter and his team.  We are always looking for ways to improve our services and add value to our law firm partners, and we think the resources provided by 4 Rivers can give our clients a unique level of market intelligence to navigate the world of litigation finance.”

About 4 Rivers

4 Rivers is a legal finance advisor and brokerage which originates claims either from claimants direct or through law firms. It has relationships in place with the major third-party funders based throughout the world, as well as multi-strategy funds, family offices, private equity funds, and private credit funds.

It also advises on law firm strategy and mergers and acquisitions in the wider legal services sector.  4 Rivers also has long established relationships with lawyers and attorneys, barristers, valuation experts, forensic accountants, e-discovery vendors, investigations companies, asset tracers, costs companies and other specialists in order to assemble the right team to enable third-party funding to be secured and/or a contingency arrangement to be negotiated.

About Case Legal Media 

CASE Legal Media helps law firms procure thousands of cases in both national mass tort and local personal injury campaigns, using the power of television, radio, and digital media together to deliver low cost and high-quality case acquisition. CASE assists clients in all aspects of client acquisition, from marketing to intake to records retrieval. They are currently active in a number of case acquisition marketing campaigns for their law firm partners, including Asbestos, Camp LeJeune, Hair Relaxer, MVA, NEC, and PFAS, amongst others. CASE has a database of approximately 4,000 law firms with whom it has had a range of contacts in the past. 

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ALFA Welcomes Mackay Chapman as Newest Associate Member

By Harry Moran |

In a post on LinkedIn, The Association of Litigation Funders of Australia (ALFA) announced that it is welcoming Mackay Chapman as its newest Associate Member. Mackay Chapman becomes the 12th Associate Member of ALFA, following the inclusion of Litica in April of this year.

Mackay Chapman is a boutique legal and advisory firm, specialising in high-stakes regulatory, financial services and insolvency disputes. The Melbourne-based law firm was founded in 2016 by Dan Mackay and Michael Chapman, who bring 25 years of experience in complex disputes to the business.More information about Mackay Chapman can be found on its website.

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CASL Targets Australian Investors in Launch of New $150M Litigation Fund

By Harry Moran |

Leading Australian litigation funder CASL today launched a $150 million fund giving local investors the opportunity to participate in funding of selected new class actions including product liability and other mass consumer claims, commercial litigation and insolvency claims. 

CASL Fund 2 is expected to appeal to Australian sophisticated investors seeking exposure to a truly alternative asset class with attractive risk-adjusted returns and a capital-protected option. The fund is well suited to high-net worth individuals, family offices and foundations seeking to diversify into uncorrelated ESG assets. 

Co-founded in 2020 by two of Australia’s most experienced litigation funders, John Walker and Stuart Price, CASL has quickly established a reputation as an astute backer of legal claims in the competitive Australian market. The two completed actions filed with the backing of CASL’s inaugural $156 million fund since 2022 have returned 165% to investors; another 11 actions are in progress. 

Considered a pioneer of litigation funding in Australia, CASL Executive Chair John Walker co-founded IMF Bentham, now Omni Bridgeway, in 1998 while CASL CEO Mr Price was CEO of Litigation Lending Services for six years prior to co-founding CASL. 

Mr Price said litigation funding had an important role to play in levelling the legal playing field for victims of corporate or government misconduct, and investors were important partners in this process. 

“In global terms Australia is a receptive jurisdiction for the filing of group claims and funded actions but there is increasingly a premium on funders with proven expertise in sourcing and qualifying claims, and managing them to a successful resolution,” Mr Price said. 

“CASL brings that – our team has a proven record for deploying funds efficiently in support of worthy claims and generating strong financial outcomes for both claimants and investors. 

“We see a healthy pipeline of potential new actions in Australia with good prospects and considerable upside for investors willing to fund them. This fund will be a rare opportunity for investors to participate in a purely domestic litigation funding play backed by an experienced local team with a proven record for generating returns for investors. Early indications are we have $30 million in investor pre-commitments so there is clearly an appetite for litigation funding as an alternative asset class.” 

The combined success rate of 183 funded claims involving Mr Walker or Mr Price since 1996 is 92%. These cases have delivered settlement proceeds of $2.6 billion with an average duration of two and half years. 

The launch of CASL Fund 2 comes amid a changing landscape for class actions in Australia, with consumer actions overtaking securities actions as the leading type of funded claim, reflecting the development of effective legislation to hold large corporates to account. 

An innovative feature of the CASL Fund 2 offer is the ability of investors to elect a capital-protected allocation option with a discounted target return.

Key features of the offer include:

 CASL Fund 2: Up to $150m, Class A and Class B Units
 Class AClass B
Capital protectionYesNo
Fund term5 years
(2 years investment, 3 years harvest)
Hurdle rate per annum10%12%
Performance fee (after hurdle, fees and costs)40%25%
Management fee (% of capital commitment) per annum2%2%

Funds raised will be deployed only into new actions, with all existing funded matters funded by CASL Fund 1. No distinction will be made between Class A and B funds for the purposes of funding actions. 

An estimated $200m to $300m is deployed by litigation funders supporting legal claims in Australia, excluding law firms’ funding of actions from their own balance sheets. The most active sources of funding for Australian actions are based offshore and include hedge funds and specialist asset managers, many domiciled in tax-friendly jurisdictions such as the Cayman Islands and Channels Islands, attracted to Australia’s relatively receptive environment for group claims. 

CASL’s Fund 2 will be an Australian-domiciled unit trust. Bell Potter is lead manager for the CASL Fund 2 capital raise. 

Mr Price said: “Agility and responsiveness are important in selecting claims and bringing litigation – being based locally, CASL has the advantage of being able to move and make decisions quickly when required.” 

To coincide with the fundraise CASL announced that Ian Stone, former Group Managing Director and CEO of RAA, would join the Board of CASL’s Trustee entity CASL Funder Pty Limited. Tania Sulan, former Managing Director and Chief Investment Officer – Australia for Omni Bridgeway will also join the CASL Investment Committee. Visit www.casl.com.au for more information about CASL Fund 2.

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Almaden Announces Litigation Financing of up to $9.5 million

By Harry Moran |

Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; OTCQB: AAUAF) is pleased to announce that further to its press release of June 17, 2024, it has confirmed non-recourse litigation funding in the amount of up to US$9.5 million to pursue its international arbitration proceedings against the United Mexican States (“Mexico”) under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”). The Company has also agreed with Almadex Minerals Ltd. (“Almadex”) to an extension to the maturity of its gold loan, and a litigation management agreement to help streamline corporate management of the arbitration process.

  • Non-recourse funding secured to pursue international arbitration proceedings against Mexico;
  • Globally leading counterparty validates quality of legal claims;
  • Gold loan maturity pushed out from March 31, 2026 to March 31, 2030;
  • Litigation Management Agreement streamlines corporate management of the arbitration proceedings to save money and time.

Litigation Financing

The Company has signed a litigation funding agreement (“LFA”) with a leading legal finance provider. The facility is available for immediate draw down for Almaden to pursue damages against Mexico under the CPTPP resulting from Mexico’s actions which blocked the development of the Ixtaca project and ultimately retroactively terminated the Company’s mineral concessions, causing the loss of the Company’s investments in Mexico.

The LFA provides funding which is expected to cover all legal, tribunal and external expert costs of the legal claims, as well as some corporate operating expenses as may be required. The funding is repayable in the event that a damages award is recovered from Mexico, with such repayment being a contingent entitlement to those damages.

The financing follows extensive due diligence by the finance provider. The financing size as well as the quality of the provider is testament to the strength of the Company’s legal claims against Mexico.

Gold Loan Amendment

The Company is also pleased to report that it has agreed with Almadex to extend the maturity of the gold loan (see press release of May 14, 2019) from March 31, 2026 to the earlier of March 31, 2030 or the receipt by Almaden or its subsidiary of any amount relating to its legal claims against Mexico.

In return for this amendment, in addition to its obligation to repay the gold loan, the Company has agreed to pay Almadex 2.0% of the gross amount of any damages award that Almaden may receive as a result of the legal claims, such repayment to be subordinate to amounts due under the LFA, and any additional legal and management fees.

Litigation Management Agreement

Finally, the Company has agreed with Almadex and its Mexican subsidiary to streamline the management of the arbitration proceedings by entering into a Litigation Management Agreement (“LMA”). Under the LMA, Almaden will bear the up-front costs of the arbitration and provide overall direction to the arbitration process for itself and its subsidiaries, as well as Almadex and its subsidiaries, with certain limitations. Almadex will remain a party to the arbitration and continue in its cooperation and support of the process. As noted above, Almaden has already secured litigation funding in the amount anticipated to be needed to fully prosecute the arbitration proceedings.

Should the arbitration proceedings result in an award of damages, the pro rata portion of those damages, if any, which may be attributable to Almadex from the 2.0% NSR royalty it held on the Ixtaca project will be determined. Almadex’s award will consist of this pro rata portion, less its pro rata share of the costs of pursuing the legal claims, including the financing costs (the “Almadex Award”). Almadex will compensate Almaden in the amount of 10% of the Almadex Award in exchange for managing the claim proceedings.

Safe Harbor Statement

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things, the total potential cost of the legal claims and the sufficiency of the money available under the LFA to cover these costs, the ability of the LMA to streamline corporate management of the legal claims, and the result and damages arising from the Company’s request for arbitration.

These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant legal, regulatory, business, operational and economic uncertainties and contingencies, and such uncertainty generally increases with longer-term forecasts and outlook. These assumptions include: stability and predictability in Mexico’s response to the arbitration process under the CPTPP; stability and predictability in the application of the CPTPP and arbitral decisions thereon; the ability to continue to finance the arbitration process, and continued respect for the rule of law in Mexico. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release. Such risks and other factors include, among others, risks related to: the application of the CPTPP and arbitral decisions thereon; continued respect for the rule of law in Mexico; political risk in Mexico; crime and violence in Mexico; corruption in Mexico; uncertainty as to the outcome of arbitration; as well as those factors discussed the section entitled “Risk Factors” in Almaden’s Annual Information Form and Almaden’s latest Form 20-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that our forward-looking statements or information will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements or information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to on forward-looking statements or information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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Wordsmith Raises $5M to Empower Lawyers to Scale with AI

By Harry Moran |

Wordsmith, the AI-powered legal assistant platform, has raised $5 million to transform the legal industry and unleash a new generation of hyper-skilled legal professionals.

The seed funding was led by Index Ventures, with participation from General Catalyst and angel investors including Skyscanner founder Gareth Williams. The investment is a sign of how applied AI is rapidly augmenting and enabling professional services – a shift as profound as the transition to digital devices and word processing 40 years ago.

“AI is not about replacing professionals. It’s about making them better at their jobs,” explains Wordsmith CEO Ross McNairn. “Just as the word processor didn’t replace writers, but instead made them more productive, Wordsmith is ushering in a new era of AI-assisted professional services.”

Wordsmith is solving a critical problem faced by in-house legal teams: the overwhelming volume of routine tasks that leave lawyers struggling to keep up with the demands of the business. From confirming policy details to contract analysis and complex financing, the demand for human judgment and the consequences of oversight are high – yet many of the outputs are repeatable and templated. Wordsmith customers get 90% of the through-put of a world-class lawyer and a 99% cost reduction versus going to a law firm, all within 60 seconds.

Hannah Seal, the partner at Index Ventures who led the investment, says: “Wordsmith is at the vanguard of a fundamental shift in how professional services are delivered. It’s not about replacement but augmentation. By harnessing the power of generative AI, they’re not only transforming the legal industry, but also paving the way for a future in which AI-assisted professionals can provide better, faster, and more affordable services to their clients.”

Wordsmith was founded in 2023 by Ross McNairn, Volodymyr Giginiak and Robbie Falkenthal. After training as a lawyer, McNairn sold his first startup to Skyscanner in 2016 and most recently was Chief Product and Technology Officer at Travelperk. CTO Giginiak, one of the first engineers at Meta in London who worked for a decade in key roles at Facebook and Instagram, was helping to implement anti-drone technology for the Ukrainian army before joining Wordsmith. Robbie Falkenthal, COO, is a qualified lawyer who has previously held senior roles at KPMG and Travelperk.For additional information regarding Wordsmith visit https://www.wordsmith.ai/ and follow on LinkedIn.

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Nakiki SE: New Litigation Funding Agreement, Value in Dispute EUR 5 Million: Funding for Defendant

By Harry Moran |

Nakiki SE announces that Legal Finance International GmbH has concluded a litigation financing agreement with a value in dispute of up to EUR 5 million. This litigation financing agreement relates to funding for the defendant:

In selected individual cases, Legal Finance also finances the legal costs of the opposing party or defendant and, in the event of victory, receives twice the legal costs incurred as well as a staggered one-off payment as a premium. In this case, the premium can be up to EUR 785,000.

NAKIKI SE
Johnsallee 30
20148 Hamburg
Germany

Andreas Wegerich, CEO Nakiki

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Armadillo Litigation Funding Welcomes Nicole Bakare, Esq. as New Managing Director

By Harry Moran |

Armadillo Litigation Funding, a premier and trusted alternative asset class litigation funding company, is pleased to announce the appointment of Nicole Bakare, Esq. as the new Managing Director. In this role, Ms. Bakare will enhance and expand the underlying credit offering of the company’s platform and assist in monitoring current portfolios, contributing to the strategic growth and success of the firm and its clients.

Ms. Bakare joins Armadillo Litigation Funding from the Houston office of a large multinational law firm, where she represented corporate clients across a variety of industries in all phases of civil litigation, including state and federal courts, arbitration, and bankruptcy-related litigation. Her extensive experience and dedication to excellence make her a valuable addition to the Armadillo team.

“We are thrilled to have Nicole Bakare join our team,” said Jeff Manley, Chief Operating Officer of Armadillo Litigation Funding. “Her legal expertise and strategic insight will be instrumental in driving our investment evaluation processes and enhancing our portfolio, ultimately benefiting the firms we serve by providing more effective and targeted funding solutions.”

Ms. Bakare is a graduate of The University of Michigan and Tulane University Law School. She has been a member of the State Bar of Texas since 2006. Throughout her career, she has held prominent positions at Greenberg Traurig, LLP; Cozen O’Connor; Doyle, Restrepo, Harvin & Robbins LLP; and served as a briefing attorney to Justice Evelyn V. Keyes at the Court of Appeals for the First District of Texas.

Ms. Bakare expressed her enthusiasm about joining Armadillo Litigation Funding, stating, “I am honored to join Armadillo Litigation Funding, a firm renowned for its excellence and commitment to providing top-tier funding solutions in the complex litigation space,” said Nicole Bakare. “I look forward to leveraging my experience to support our clients and help drive their success through strategic investment evaluation and dedicated service.”

For more information about Armadillo Litigation Funding and its services, please visit www.armadillolf.com.

About Armadillo Litigation Funding: Armadillo Litigation Funding is a leading provider of alternative asset class funding in mass tort, consumer, and commercial litigation. Armadillo offers general obligation loans secured by the borrowers’ interests in current and future awards, including, but not limited to, contingent fees.

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Rockhopper Exploration Announces Receipt of Tranche 1 Funds for the Ombrina Mare Monetisation Transaction

By Harry Moran |

Rockhopper Exploration plc is pleased to provide the following update in relation to the monetisation of its Ombrina Mare Arbitration Award (the “Transaction”) announced on 20 December 2023.

Having satisfied all precedent conditions to the Transaction as announced on 17 June 2024, the Company confirms that the Tranche 1 payment has been received.

Rockhopper has received €19 million of the €45 million Tranche 1 payment. As previously disclosed, Rockhopper entered into a litigation funding agreement in 2017 under which all costs relating to the Arbitration from commencement to the rendering of the Award were paid on its behalf by a separate specialist arbitration funder (the “Original Arbitration Funder”). That agreement entitles the Original Arbitration Funder to a proportion of any proceeds from the Award or any monetisation of the Award. The balance of €26 million has gone to Original Arbitration Funder in order to fully discharge the Company of all of its liabilities under the agreement with the Original Arbitration Funder. Tranches 2 and 3 of the Award remain payable to Rockhopper upon a successful annulment outcome.

As previously disclosed, success fees of approximately €4 million are owed to Rockhopper’s legal representatives if Rockhopper win the claim, meaning liability is established and Italy is required to pay more than a nominal sum in damages (either by way of award or settlement in an amount equal to or more than €25 million).

Following receipt of the Tranche 1 payment, Rockhopper’s cash balance is approximately $27 million.

Please refer to the Company’s announcement on 20 December 2023 for further details on the Ombrina Mare Arbitration Award. Capitalised terms shall have the same meaning as in the 20 December 2023 announcement.

Samuel Moody, CEO, commented:

“We are delighted to have received the Tranche 1 payment under the Ombrina Mare monetisation agreement.  This cash gives us the strongest balance sheet we have had for a number of years, and we remain confident in the merits of our legal case as we await the decision of the Ad Hoc Panel on the annulment request from the Italian Republic.”

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Latest Burford Quarterly Explores How Business and Economic Trends are Impacting Commercial Disputes Across Industries

By Harry Moran |

Burford Capital, the leading global finance and asset management firm focused on law, today releases its latest Burford Quarterly, a journal of legal finance that explores the top trends at the nexus of law and finance.

Articles in the Burford Quarterly 3 2024 include:

  • The business and legal trends shaping healthcare

The US healthcare industry is one of the country’s largest. Business factors from consolidation to rising costs to lingering Covid-19 impacts are contributing to increases in major disputes, which are in turn driving shifts in how healthcare businesses pursue and finance recoveries.

  • Expert insights: Construction disputes roundtable

Burford moderates a roundtable of construction dispute experts as they discuss megaprojects, AI and the challenges of accurately forecasting and managing construction disputes.

  • The European perspective: Assessing the impact of the Unified Patent Court

A year after its launch, patent experts weigh in on the new UPC pan-European patent litigation system impacting 17 member nations, more than 300 million people and, increasingly, businesses and law firms pursuing corporate IP monetization, including expectations of increasing use and acceptance of the UPC.

  • Judges weigh in on financial disclosure

Judges at a recent legal finance industry conference explained why mandatory disclosure of legal finance is unnecessary and would hinder the efficiency of businesses pursuing their claims.

David Perla, Co-COO of Burford Capital, said: “Our latest Burford Quarterly takes an in-depth look at how economic factors and business trends are contributing to impacts on companies across industries. Of particular note is a close analysis of the US healthcare sector, where increasing consolidation and rising costs is causing more and larger disputes. We also talk to industry experts on topics including the rise in construction sector disputes and the impact of the EU’s Unified Patent Court, which for the last year has enabled businesses to enforce their rights across all 17 member nations much more effectively, leading to a big rise in interest in financing IP litigation in Europe.”

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, Sydney and Hong Kong.

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

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.

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Arcadia Finance Announces Launch of New Litigation Funding Firm

By Harry Moran |

Arcadia Finance, a new litigation funding firm focused on commercial litigation and arbitration, today announced its official launch to offer customized financial solutions and unparalleled support to empower clients and partners in achieving their legal goals. Led by litigation funding veterans David KersteinRonit Cohen, and Joshua Libling, the Arcadia leadership team has decades of funding and litigation experience, having collectively originated or underwritten over 80 transactions with funding commitments of more than $400 million.

Arcadia has secured access to over $100 million in investment capital with a broad mandate to offer solutions to all participants in the legal market. Arcadia expects most of its deals to be in the $2 million to $25 million range but can fund matters with commitments as low as $500,000 and as high as necessary to meet a client’s needs. “I believe that the future of litigation funding is client-focused,” Kerstein said, “and that means being able to meet clients where they are and cover the waterfront of potential litigation-backed investment opportunities.”

Arcadia’s focus on U.S.-based commercial and patent litigation and domestic and international arbitration is open to the whole spectrum of litigation-based assets, from mass torts to law firm lending to patent acquisition, including cross border and offshore matters.

“The team of Dave, Joshua, and Ronit are recognized and valued across the industry as one of the most trusted, experienced and successful funding teams. They are client-focused, fair and easy to work with. Their deep expertise and stellar credentials in not only litigation and arbitration but also in the funding industry enable them to quickly come up with creative and flexible solutions for their clients,” said Roman Silberfeld, National Trial Chair at Robins Kaplan, one of the nation’s premier trial law firms. “They are at the very top of the industry.”

The Arcadia Approach

Arcadia Finance goes beyond traditional finance. The firm is dedicated to providing “frictionless funding” through true partnerships with clients and law firms providing:

  • Customized Solutions: Arcadia tailors its funding approach to meet the specific needs of each case, engaging in proprietary risk analysis to ensure appropriate pricing and the best possible outcomes.
  • Responsive and Supportive Team: Arcadia’s team is committed to providing transparency, responsive communication and authentic guidance throughout the entire litigation process.
  • Forward-Thinking Approach: Arcadia stays ahead of the curve, leveraging its expertise to anticipate challenges and strategize for success.
  • Exceeding Expectations: Arcadia is committed to exceeding client expectations by fostering trust and loyalty through a genuine dedication to clients’ success.

Cohen said: “At Arcadia Finance, we prioritize what matters most–our clients’ cases. We understand the challenges you face, having been trial lawyers ourselves. That’s why we created our ‘frictionless funding’ approach. It means streamlined processes, clear communication, and efficient decision-making, all aimed at getting clients the capital they need, fast. This empowers lawyers to focus on what they do best–advocating for their clients and achieving the best possible outcomes. Our transparent approach gives clients the information they need at every step, fostering trust and building a diversified, well-considered portfolio for investors.”

The Arcadia Team

Ronit Cohen, Co-Founder & Managing Director: One of the most experienced professionals in the funding industry, Ronit spent seven years at Bentham IMF, now Omni Bridgeway, where she helped launch their first office. She then joined Validity Finance 5 years ago, shortly after its launch. Ronit’s focus is on underwriting, having spent over a decade leading, creating, and monitoring litigation merits and risk projects. At Validity, she also headed up a pro bono effort to provide capital to wrongfully accused individuals during the pendency of their civil actions. Prior to joining the funding industry, Ronit was a litigator at Simpson Thacher and O’Melveny and Meyers. She received a B.A. from Yale University and a J.D. from Columbia University, graduating as a James Kent Scholar.

David Kerstein, Co-Founder & Managing Director: Dave is another industry pioneer. He was one of Validity Finance’s co-founders and served as Managing Director and Senior Investment Officer. In addition to co-leading Validity’s origination and structuring teams, he helped to guide Validity’s strategic growth into new and expanded markets and avenues for investment. Prior to co-founding Validity, Dave was an investment manager at Bentham IMF. He has been named among Lawdragon’s “Global 100 Leaders in Legal Finance” and selected by Who’s Who Legal as a “Thought Leader in Third Party Funding.” Prior to entering the litigation finance industry, Dave spent 15 years as a trial lawyer focused on complex commercial litigation and arbitration at Gibson Dunn. He received his J.D. from University of Pennsylvania (Toll Scholar) and a B.A. from University of Pennsylvania (Benjamin Franklin Scholar).

Joshua Libling, Co-Founder & Managing Director: Joshua was a member of Validity Finance’s senior leadership team with primary responsibility for risk analysis and pricing tools. His focus is on translating subjective legal merits assessments into trackable risk data that informs Arcadia’s investment decisions and portfolio construction. He is also responsible for modeling and operations at Arcadia. Joshua was previously a litigator at Boies Schiller Flexner, where he was involved in some of the country’s highest-profile and highest-stakes litigations and has worked extensively on appellate matters. He clerked for Judges on SDNY and the Second Circuit. Joshua has been named among Lawdragon’s “Global 100 Leaders in Legal Finance.” He received a J.D. from NYU Law School (magna cum laude) and his undergraduate degree from the University of Chicago.

About Arcadia Finance

Based in New York City, Arcadia Finance cuts through the red tape of litigation funding. Our seamless collaboration, clear deal terms, and broad mandate empower clients to navigate challenges, make informed decisions, and secure capital–fast. Led by industry veterans with over $400 million invested across 80+ deals, Arcadia offers adaptable solutions for all–from litigation boutiques to AmLaw firms and corporations. For more information, go to www.arcadiafin.com.

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LCM Appoints New Chief Financial Officer

By Harry Moran |

Litigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, announces the appointment of a new Chief Financial Officer, David Collins.

The Board is pleased to announce the appointment of David Collins as CFO, effective as at todays date. David is a Chartered Accountant and brings over 20 years of experience in senior finance and capital markets roles across a range of leading institutions including EY, Morgan Stanley, Och-Ziff Capital (now Sculptor Capital) and Prudential plc. David also brings considerable experience of the legal finance industry having previously been CFO of Vannin Capital, a leading litigation funder that was acquired by Fortress Investment Group in 2019. Since early 2024 David has been acting as a financial advisor to LCM and knows the business and the legal finance industry well. David will not initially be a member of the Board, but, is considered a Person Discharging Managerial Responsibilities (“PDMR”). David is however expected to join LCM’s board in due course.

Mary Gangemi will step down from her position after a period of transition at which time it is expected she will resign her position on the board. A separate RNS will be issued at that time. Mary has served the Company for some four and a half years, during which time she has significantly contributed to the company’s growth and financial strategy.

Jonathan Moulds, Chairman of LCM, said; “I am delighted to announce the appointment of David Collins as our next Chief Financial Officer. David’s significant financial and capital markets experience will be of tremendous value to us as we transition our business from being a balance sheet investor to becoming a third-party asset manager with a highly attractive economic model. We are thankful for Mary’s dedicated service and the contribution she has made to our financial health and operational success.” 

Patrick Moloney, Chief Executive Officer of LCM, said; “I would like to extend my gratitude to Mary for her contribution to LCM over the past four and a half years. I wish her the very best in her future endeavours. I am also excited to welcome David to our team. He brings a wealth of experience and a strong track record in financial leadership. We see significant opportunities in our markets to drive meaningful shareholder value creation and I am sure that David will play a pivotal role in helping us capitalise on them. Our business continues to perform well and we look forward to updating our investors when we present our results for our 2024 financial year in September.”

About LCM

Litigation Capital Management (LCM) is an alternative asset manager specialising in disputes financing solutions internationally, which operates two business models. The first is direct investments made from LCM’s permanent balance sheet capital and the second is third party fund management. Under those two business models, LCM currently pursues three investment strategies: Single-case funding, Portfolio funding and Acquisitions of claims. LCM generates its income from both its direct investments and also performance fees through asset management.

LCM has an unparalleled track record driven by disciplined project selection and robust risk management. Currently headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT.

www.lcmfinance.com

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NORTHWALL CAPITAL RAISES MORE THAN €640M FOR EUROPEAN OPPORTUNITIES STRATEGY

By Harry Moran |

NorthWall Capital (“NorthWall”), a leading credit investment firm delivering private capital solutions to counterparties in Western Europe, today announces the final close of its flagship NorthWall European Opportunities Fund II and associated vehicles (“NWEOF II” or “the Fund”), attracting more than €640m in investor commitments.

The Fund and associated vehicles surpassed the €500m target, receiving strong support from new and existing global institutional investors and more than doubling the size of its predecessor, NorthWall European Opportunities Fund I (“NWEOF I”).

NorthWall’s European Opportunities strategy, established at the firm’s inception in 2017, invests across the broad opportunity set in European opportunistic private credit by delivering scalable private capital solutions to counterparties in Western Europe. NorthWall’s systematic sourcing approach, coupled with a focus on creating bespoke funding solutions, enables the firm to structure opportunities that deliver strong downside protection while targeting uncorrelated returns. The strategy also makes tactical allocations to areas of dislocation and has successfully participated in the dislocation in asset-backed opportunities. 

Prior to the final closing, NWEOF II was already substantially deployed, having committed c. 60% of its capital to 14 transactions across five countries in Western Europe.

The Fund attracted capital commitments from a global base of institutional investors, consisting of pension funds, insurance companies, large institutional single and multi-family offices and private banks from across Europe, North America and APAC. The Fund received strong support from a large US-based consultant and an Australian superannuation fund.

The firm’s principals have been investing in European private credit for nearly 20 years, and the NorthWall team has deployed over €1.0bn in the European Opportunistic Credit strategy to date. In addition to the flagship funds, the firm has extensive expertise in legal assets, asset-backed and senior lending opportunities. 

Fabian Chrobog, Founder & Chief Investment Officer of NorthWall Capital, said: “We are honoured by the success of the fundraise for NWEOF II and would like to thank our existing and new investors globally for their partnership. We remain committed to delivering scalable investment opportunities that generate attractive risk-adjusted returns for our investors while also serving as a reliable partner to our counterparties. We continue to observe one of the most compelling opportunity sets in European credit in recent history and will continue to thoughtfully scale NorthWall in a way that allows us to lean into areas of dislocation. I also wanted to congratulate and thank the NorthWall team that has been working tirelessly to deliver the best outcomes for our stakeholders.”

About NorthWall Capital

NorthWall Capital is a London-based credit investment firm, delivering private capital solutions to counterparties in Western Europe. The firm manages €1.5bn of AUM in long dated funds on behalf of global institutional investors, seeking to capture compelling risk-adjusted returns from Western European credit markets.

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

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Alexi Secures $11 Million USD Series A Funding to Accelerate AI-Powered Legal Technology Innovations

By Harry Moran |

Alexi (www.alexi.com), a Canadian legaltech company and leader in generative AI for legal research and litigation tasks, today announced an $11 million USD ($15 million CAD) Series A fundraise. The round is led by Drive Capital, with participation from existing investors including Draper Associates, and brings Alexi’s total funding to over $20 million. In addition to the raise, Chris Olsen, Partner at Drive Capital, will join the company’s Board of Directors.

This fresh instalment of capital comes less than a year after Alexi’s release of their Instant Memos, Arguments and Chat capabilities. The funding will immediately support hiring across engineering, product development, brand and design, legal, and business development teams to help Alexi continue to innovate and scale its technology. It will also enable Alexi to meet increasing demand from law firms to incorporate an array of AI-powered litigation tools into their businesses and accelerate upcoming releases across North America and other jurisdictions.

“We evaluate over 6,000 companies a year, most of which position themselves as an ‘AI company.’ Alexi is one of the very few examples, however, of using AI to solve a business problem,” said Chris Olsen, Co-Founder and Partner at Drive Capital. “Lawyers who use Alexi run more successful law practices. It is only a matter of time until attorneys all over the world are using Alexi to be better lawyers.”

Alexi is a pioneer in generative AI for litigation teams. Their platform enables legal professionals to generate high-quality legal memos, identify pertinent legal issues or arguments to achieve desired outcomes and perform AI-powered routine litigation tasks-all within a single platform. The company’s ultimate mission is to empower legal teams with artificial intelligence, breaking down barriers to knowledge and enabling justice for all.

“The rate of innovation happening at Alexi is truly astounding. Instead of trying to predict the future, we’re building it,” said Mark Doble, CEO of Alexi. “This capital further enables us to build incredible value into our products and empower our customers to better serve their clients.”

Alexi is experiencing impressive growth, with recent user activity increasing by 15-20% each month. Currently, thousands of litigators across the U.S. and Canada rely on Alexi.

About Alexi

Founded by Mark Doble and Sam Bhasin, Alexi’s proprietary AI-powered platform equips litigators with core legal skills. Designed to streamline the legal research process and assist with routine litigation tasks, Alexi saves time and enhances productivity for law firms. Committed to innovation and excellence, Alexi continues to lead the way in transforming access to legal knowledge. For more information, visit https://www.alexi.com or follow Alexi on LinkedIn.

About Drive Capital

Drive Capital is the most established venture capital firm at the intersection of industry and modern technology. Drive unlocks returns for limited partners by investing in market-defining companies anywhere in North America. Over the last decade, Drive grew to manage more than $2B in total assets. From insurance and manufacturing to energy, healthcare, finance and more, Drive’s portfolio is full of real businesses, including DuoLingo, UDACITY and KOHO, creating real value in the real world. The result is world-class returns from the greatest emerging market in the world – America. Drive is proudly headquartered in Columbus, Ohio – the geographic center of mass of Western GDP, but Drive also has boots on the ground in a dozen North American cities, with more to come.

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CaseMark Secures $1.7 Million Seed Funding Led by Gradient Ventures to Revolutionize Legal Workflows with Generative AI

By Harry Moran |

CaseMark AI, a pioneer in legal generative AI workflows, today announced the closing of a $1.7 million seed funding round led by Gradient Ventures, Google’s AI-focused seed fund. Additional participation came from Rex Salisbury‘s Cambrian, Ride Home AI Fund and Alumni Ventures. The funding will drive the company’s mission to help legal professionals benefit from the efficiency and productivity of generative AI.

CaseMark’s AI-powered legal workflows address automating time-consuming tasks like document summarization, research, and legal analysis. This frees up valuable time for legal professionals to focus on high-value activities such as client strategy and casework.

CaseMark’s platform is modular, web-based, and easy-to-deploy. Unlike legacy legal tech, it seamlessly integrates into existing legal workflows such as deposition summaries or discovery responses, minimizing disruption and maximizing user adoption. The built-in chat tool allows legal professionals to query their case content in a secure, privacy first environment. 

“We’re the AI easy button that won’t get attorneys in trouble,” said Scott Kveton, CEO of CaseMark. “Hours spent summarizing take minutes now. That time saved can be reclaimed to work on legal strategy,” said Kveton, highlighting the platform’s efficiency gains.

“The rise of generative AI is transforming the legal landscape. Attorneys are now leveraging AI tools to sift through vast amounts of documents and automate time-consuming tasks like summarizing lengthy court transcripts. Casemark is at the forefront of this movement, offering an innovative solution for quickly and accurately generating summaries of depositions, cases, and trials,” said Denise Teng, Investor at Gradient Ventures. “Casemark’s platform has the potential to streamline legal work, making it more efficient and cost-effective for everyone from solo practitioners, large law firms to legal tech companies. We’re proud to support Scott and his team as they redefine legal tech.”

“For generative AI to succeed in legal workflows, it needs to perform reliably and cost efficiently. With CaseMark’s LLM-agnostic architecture and mixture-of-experts approach, they can deliver best-in-class results at a fraction of the cost of their well-funded competitors. It’s game on.” stated Chris Messina, inventor of the hashtag and GP at the Ride Home AI Fund.

The seed funding will accelerate CaseMark’s product development, expand its team of AI and legal experts, and drive adoption of its AI-powered legal workflows among law firms, legaltech companies, court reporting and litigation services firms.

“CaseMark has demonstrated incredible speed in bringing a high quality product to market, delivering real value for their clients. I look forward to seeing how continued enhancements in underlying models allows the team to do even more.” said Rex Salisbury. 

The CaseMark Workflow API enables access to all of CaseMark’s AI-powered workflows via a white-label integration for legal tech companies and litigation support firms. Companies can leverage the AI-as-infrastructure service provided by CaseMark to increase time-to-market and maximize revenue for the most common attorney use cases.

ABOUT GRADIENT VENTURES

Gradient Ventures has been investing at the forefront of artificial intelligence since 2017. We are led by former founders, technical experts, and domain specialists, who know how to take an idea to product-market-fit and beyond. Gradient Ventures is headquartered in the San Francisco Bay Area. For more information, visit www.gradient.com.

ABOUT CASEMARKCaseMark is a pioneer in the legaltech industry, dedicated to transforming the way legal professionals work. Our AI-driven workflow platform streamlines document creation, research, and workflow management for law firms, litigators, and support services. With a focus on privacy, security, and innovation, CaseMark empowers legal professionals to maximize efficiency and deliver exceptional outcomes for their clients. Learn more at www.casemark.ai.

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Nakiki SE: New litigation financing agreements: EUR 3 million, option volume EUR 1.5 million

By Harry Moran |

Nakiki SE, in future Legal Finance Holding SE, announces 3 new litigation financing agreements:

Real estate purchase agreement:

The seller of non-EU real estate with a value of EUR 10 million suffered damages of approximately EUR 2.3 million as a result of a cancelled property purchase agreement. Legal Finance entered into a litigation funding agreement with the seller to pursue the claim.

Sports car accident:

A policyholder suffered damage in a serious car accident and the insurance company refused to pay the claim for approximately EUR 700,000. Legal Finance entered into a litigation funding agreement with the policyholder to pursue the claim.

Loan agreements:

A borrower refused to repay business loans totalling approximately EUR 550,000. Legal Finance entered into a litigation funding agreement with the lender to enforce the outstanding payments.

The total amount in dispute of the new litigation financing agreements is approximately EUR 3.5 million (excluding costs and interest). The option volume is approximately EUR 1.5 million.

Additional cases are under review.

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Burford Capital Expected to Join Russell 3000® and 2000® Indexes

By Harry Moran |

Burford Capital, the leading global finance firm focused on law, is expected to join the broad-market Russell 3000® and small-cap Russell 2000® Indexes at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective after the US market opens on July 1, 2024, according to a preliminary list of additions posted on May 24, 2024. Burford is the first legal finance firm to be listed on the New York Stock Exchange and the first legal finance firm expected to join the Russell 3000® and 2000® Indexes. Legal finance is an emerging asset class generally uncorrelated to market conditions or the performance of the overall economy.

Burford’s inclusion in the Russell 3000® and 2000® Indexes reinforces its continued growth both with its investors and with its clients, which include Fortune 500 companies and many of the world’s largest law firms. Burford, which celebrates its 15th anniversary in October 2024, helps clients shift the cost of their commercial disputes as well as manage the risk and optimize the timing of the often-significant cash flows associated with pending claims, judgments and awards. The company has a multi-billion dollar portfolio, and in 2023, a Burford-funded case against Argentina involving the renationalization of Argentina’s oil company, YPF, resulted in the largest judgment in the history of the US District Court for the Southern District of New York, with the court awarding plaintiffs approximately $16 billion in damages.

Christopher Bogart, CEO of Burford Capital, said: “Since its founding in 2009, Burford has deployed billions of dollars to the business of law, and we’re continuing to see growing demand from CFOs, GCs and other business leaders who recognize that they can use legal finance to turn the legal department from a cost center to a capital source, including a recent $325 million Group-wide commitment with a Fortune 50 company. Joining the Russell 3000® and 2000® Indexes is an exciting moment for Burford, and we are proud to continue on a trajectory of growth and increasing visibility to clients and investors alike.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to the data as of the end of December 2023, about $10.5 trillion in assets are benchmarked against the Russell US indexes.

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, Sydney and Hong Kong.
 
For more information, please visit www.burfordcapital.com.
 
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.

Forward-looking statements

This announcement contains “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, regarding assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as “forward-looking statements”. In some cases, predictive, future-tense or forward-looking words such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “may”, “plan”, “potential”, “predict”, “projected”, “should” or “will” or the negative of such terms or other comparable terminology are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Burford cautions that forward-looking statements are not guarantees of future performance and are based on numerous assumptions, expectations, projections, intentions and beliefs and that Burford’s actual results of operations, including its financial position and liquidity, and the development of the industry in which it operates, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this announcement. Except as required by law, Burford undertakes no obligation to update or revise the forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise.

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Leading Finance Firm Secures Coveted Spot in European Litigation Funders Association (ELFA)

By John Freund |

A top-tier litigation finance firm has achieved a significant milestone by becoming a member of the prestigious European Litigation Funders Association (ELFA).

This development marks a strategic move for Nera Capital as it continues to solidify its position as a key player in the global litigation funding market.

With its headquarters in Dublin, along with offices in Manchester and The Netherlands, the company has earned a reputation for delivering innovative financial solutions and cutting-edge technology across a diverse range of claim types.

The company’s portfolio includes high-volume consumer disbursement funding in the UK and substantial commercial claims in both Europe and the USA.

This strategic membership in ELFA underscores Nera Capital’s commitment to fostering ethical and effective litigation funding practices.

The ELFA is a collective of like-minded professionals from the litigation funding industry whose management committee is formed by representatives from the original founding companies, Deminor, Nivalion and Omni Bridgeway.

To become a member, firms need to have demonstrated excellence in the sector and a proven track record of deploying a significant amount of capital into the market.

Aisling Byrne, Director at Nera Capital, expressed her delight at this milestone, stating: “We are very pleased to join the European Litigation Funders Association.

“As a member, we look forward to collaborating with industry peers, sharing our wealth of experience, and contributing to the advancement of ethical and effective litigation funding practices across Europe.

“It positions us to advocate for transparency and promote higher industry standards that benefit all stakeholders involved. We believe our involvement will drive positive change and reinforce the essential role of litigation funding in delivering access to justice.”

Nera Capital’s membership in ELFA comes at a pivotal time when the litigation funding market is experiencing rapid growth.

By aligning with ELFA, Nera Capital is poised to play a crucial role in shaping the future of the industry, and the importance of litigation funding.

Wieger Wielinga, Managing Director of Omni Bridgeway and Chairman of ELFA, welcomed the company’s membership, noting the significance of their inclusion:

“With its roots in Ireland, the only Common Law EU country, Nera Capital operates in several EU jurisdictions as well as the UK.

“ELFA is thrilled to have another experienced funder on board, further enabling us to develop best practices for assisting claimants, insolvency trustees and consumer organisations and law firms across Europe.

“The addition of Nera to ELFA will also enhance our ability to advocate for the funding industry and its invaluable role in delivering access to justice across Europe.”

About Nera Capital:

·        Established in 2011, Nera Capital is a specialist funding provider to law firms.

·        Provides Law Firm Lend funding across diverse claim portfolios in both the Consumer and Commercial sector.

  • Headquartered in Dublin, the firm also has offices in Manchester and The Netherlands.

·        Nera Capital is dedicated to facilitating the setup of class actions and group actions to promote equitable access to justice for individuals and interest groups. With a proven track record, Nera Capital has spearheaded numerous impactful claims, empowering clients to achieve legal redress in cases such as Housing Disrepair Claims, where vulnerable claimants lack the means to address their grievances effectively. Additionally, Nera Capital has played a pivotal role in supporting claims like the Trucking Cartel case in Europe, assisting in exposing evidence of anti-competitive behaviour by manufacturers. Through its strategic interventions and advanced AI capabilities, Nera Capital continues to champion fairness and accountability in the legal landscape. 

·       www.nerecapital.com

About The European Litigation Funders Association (ELFA):

·        ELFA was founded by three leading litigation funders with a European footprint and today includes the vast majority of EU based litigation funders. ELFA was established to serve as the voice of the commercial litigation funding industry operating from within the EU member states. With the objective of representing the industry’s interests before governmental bodies, international organisations and professional associations, ELFA aims to act as a clearinghouse and reference for relevant information, research and data regarding the uses and applications of commercial legal finance within the European continent. ELFA aims to be inclusive for all professional litigation funders of larger or smaller size and to allow specific contributing market participants and academics as associate members.

·        www.elfassociation.eu

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Fernando Gragera joins Aon to lead the litigation and contingency insurance practice in Iberia

By Harry Moran |

Aon strengthens its M&A and Transaction Solutions team and pioneers a local team specialising in the management of these risks

Aon plc (NYSE: AON), a leading global professional services firm, has appointed Fernando Gragera as Director of Litigation and Contingent Risks for Spain and Portugal. Fernando will join the Iberia M&A and Transaction Solutions (AMATS) team led by Lucas López Vázquez, and globally in Aon’s international Litigation Risk Group. His role will be to develop the litigation insurance practice and assist Aon’s clients in transferring risks arising from litigation and contingent situations.

Fernando Gragera, a Spanish lawyer and solicitor of England and Wales with more than 13 years of professional experience, comes from PLA Litigation Funding, a litigation funder specialising in the Iberian market. Previously, he worked as a lawyer in the litigation and arbitration department of Cuatrecasas and as in-house counsel at Meliá Hotels International, where he was responsible for the group’s litigation and arbitration.

This appointment responds to the growing interest from investment funds, corporations and law firms in covering contingent and litigation-related risks and makes Aon the first professional services firm with a local team specialising in contingent and litigation solutions in Iberia.

Miguel Blesa, head of Aon Transaction Solutions in Iberia: “Fernando’s appointment is a major milestone for the industry and embodies a commitment we have been working on for years. In this way, we reinforce our commitment to continue to support our clients and help them make the best decisions to protect and grow their business”.

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries and sovereignties with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.

Follow Aon on X and LinkedIn. To learn more visit our NOA content platform. 

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Altroconsumo Secures Impressive 50 million Euro Settlement for 60,000 Participants to Dieselgate Class Action in Italy

By Harry Moran |

Altroconsumo and VW Group have reached a ground-breaking agreement, providing over 50 million euro relief to over 60,000 Italian consumers affected by the emissions fraud scandal. Celebrating this major win for Italian consumers, Euroconsumers calls on Volkswagen to now also compensate Dieselgate victims in the other Euroconsumers countries. 

The settlement reached by Altroconsumo, arising from a Euroconsumers coordinated class action which commenced in 2015 ensures that Volkswagen will allocate over 50 million euros in compensation. Eligible participants stand to receive payments of up to 1100 euros per individual owner.

This brings an end to an eight year long legal battle that Altroconsumo together with Euroconsumers has been fiercefully fighting for Italian consumers and marks a significant milestone in seeking justice for those impacted by the ‘Dieselgate’ scandal.

We extend our massive congratulations to Altroconsumo for reaching this major settlement in favor of the Italian Dieselgate victims. Finally, they will receive the justice and compensation they deserve. This milestone underscores the importance of upholding consumer rights and the accountability of big market players when these rights are ignored, something Euroconsumers and all its national organisations will continue to do together with even more intensity under the new Representative Actions Directive” – Marco Scialdone, Head Litigation and Academic Outreach Euroconsumers

Together with Altroconsumo in Italy, Euroconsumers also initiated Dieselgate class actions against the Volkswagen-group in Belgium, Spain and Portugal. While the circumstances are shared, the outcomes have been far from consistent.

Euroconsumers was the first European consumer cluster to launch collective actions against Volkswagen to secure redress and compensation for all affected by the emissions scandal in its member countries. After 8 years of relentless pursuit, we urge the VW group to finally come through for all of them and give all of them the compensation they rightfully deserve. All Dieselgate victims are equal and should be treated with equal respect.” – Els Bruggeman, Head Policy and Enforcement Euroconsumers

Consumer protection is nothing without enforcement and so Euroconsumers and its organisations will continue to lead important class actions which benefit consumers all across the single market. 

Read the full Altroconsumo press release here.

About Euroconsumers 

Gathering five national consumer organisations and giving voice to a total of more than 1,5 million people in Italy, Belgium, Spain, Portugal and Brazil, Euroconsumers is the world’s leading consumer cluster in innovative information, personalised services and the defence of consumer rights. Our European member organisations are part of the umbrella network of BEUC, the European Consumer Organisation. Together we advocate for EU policies that benefit consumers in their daily lives.

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New Study Reveals How GCs and CFOs Across Industries Manage Legal Risk and Value in an Uncertain Climate

By Harry Moran |

Burford Capital, the leading global finance and asset management firm focused on law, today releases a new study that examines how senior legal and finance department leaders across industries approach litigation spend, legal cost and risk management and optimizing legal department value.

Much has changed in the 15 years since Burford’s inception in the wake of the global financial crisis. Economic, political and societal changes have impacted different industries and their legal functions in different ways. This study reveals how leaders from both legal and finance functions in various industries are responding to both external and internal factors—adapting their legal strategies to navigate the evolving landscape effectively—and where they plan to allocate resources moving forward.

The research is gathered from online interviews with 400 senior lawyers and finance professionals across ten industry sectors, shedding light on their decision-making processes regarding commercial disputes as well as cost and risk management within their legal departments. Industry sectors addressed are construction and real estate; consumer goods and services; energy; food; healthcare; manufacturing; mining; pharma and life sciences; retail; and transportation and supply chain.

Key findings from the study include:

  • Senior legal and finance leaders in construction and mining expect the biggest increases in litigation spend in the next five years, with pharma and food close behind.
  • 3 of 4 GCs and CFOs in construction and real estate say a top priority is to increase certainty and predictability of legal costs—25% higher than the average across all industries.
  • Pharma and life sciences GCs and CFOs are four times more likely than the average across all industries to say they could reallocate $50 million or more elsewhere in the business by financing litigation and arbitration.
  • Almost two thirds (65%) of senior finance and legal leaders at mining companies say that in the next 15 years they are likely to use monetization, a legal finance solution that provides businesses immediate capital by advancing some of the expected entitlement of a pending claim, judgment or award.
  • Half of GCs and CFOs at food companies expect their organization’s litigation and arbitration spend to increase by more than 25% over the next five years; they are also 54% more likely to have used legal finance than the average across all industries.
  • A third of senior finance and legal leaders at energy companies say they already have a robust affirmative recovery program in place, nearly twice as many as the average across all industries. 
  • Healthcare, retail and consumer GCs and CFOs are more likely to say legal finance can play a significant role in reducing overall litigation and legal costs, perhaps reflecting these sectors’ typically thin margins and their desire for innovative cost-saving measures.
  • Finance and legal leaders at retail companies are the most likely to say they intend to invest heavily in legal technology and AI over the next year.
  • Industries in which leaders anticipate the largest increases in future litigation spend do not currently have the largest budgets, suggesting a significant shift in litigation priorities among some industries.

Christopher Bogart, CEO of Burford Capital, said: “Burford’s latest research affirms that GCs and CFOs across industries are thinking about new ways to create value for the business, which is at the heart of our work to help clients reframe the legal department from cost center to capital source.

“Burford was founded in the wake of the 2009 global financial crisis, and we recognize that our capital and expertise are especially valuable in challenging times. A major shift since our founding is the continued expansion of our client base from law firms to companies, including very large ones, and financing arrangements with companies now account for the majority of our business. We help all our clients navigate risk and exploring innovative capital solutions, but the growth of our business with corporate clients—including a recent $325 million deal with a single Fortune 500—is exemplary of how much our capital and expertise can help businesses both survive and thrive in today’s uncertain landscape.”

The latest research is based on an online survey of senior financial officers and in-house lawyers of companies across ten different industries and with annual revenues of $50 million or more in the US, UK, Australia, Singapore, Germany, France, Spain, Switzerland, Sweden, The Netherlands and the UAE. All respondents are in roles that include knowledge of their companies’ litigation expenditures and decision-making.The Industry perspectives on litigation and arbitration survey can be downloaded on Burford’s website. The research was conducted by GLG from December 2023–January 2024.

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Burford Capital Reports First Quarter 2024 Results

By Harry Moran |

Burford Capital Limited (“Burford”), the leading global finance and asset management firm focused on law, today announces its first quarter 2024 results.

In addition, Burford has made available an accompanying first quarter 2024 results presentation on its website at http://investors.burfordcapital.com.

Christopher Bogart, Chief Executive Officer of Burford Capital, commented:

“Our first quarter showed our highest ever reported level of first quarter cash receipts, above-average realized gains, continued case conclusions with loss levels below historical experience and moderate new business activity broadly consistent with a typical first quarter. Total revenues reflected the variable timing of recognition we expect in our business; the underlying portfolio continued to show forward momentum with no material negative developments, while lower operating expenses reflected the absence of elevated variable costs.”The full summary of the quarterly results can be read here.

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Lex Ferenda Litigation Funding LLC Announces Promotion; New Appointment

By Harry Moran |

Lex Ferenda Litigation Funding LLC “LF2” is pleased to announce the following promotion and appointment: Andrew Kelley is now LF2’s Deputy Chief Investment Officer; Andrew Bourhill joins LF2 as Associate Director, Investments. Kelley previously served as Managing Director, Underwriting and Risk. Bourhill, who was an intern at the company while completing his MBA at Columbia Business School, graduated this month and now joins on a full-time basis.

“LF2 has been working on its first investment fund, committing it to litigation assets around the US. It has always been our plan to increase our commitments to Andrew and Andrew, and we are pleased that the business is in a place that we are able to do that,” said Chris Baildon, LF2’s Chief Operating Officer.

PROMOTION

Kelley, who now serves as the Company’s Deputy Chief Investment Officer, is a key part of the management team and works carefully with the co-founders and advisory board to understand risk and manage investments.

“I am excited to expand my role at LF2 and look forward to continuing to help our clients and their counsel successfully navigate the dispute resolution process without having to worry about how to pay for their representation,” said Kelley. “As a former outside counsel and in-house lawyer, I understand the complex business and legal dynamics of successfully funding, prosecuting, and resolving disputes.”

Prior to joining LF2 in early 2023, Kelley was Associate General Counsel and head of commercial litigation at Fortune 500 company, DaVita Inc.. He has also served as General Counsel to a private equity firm headquartered in Colorado and as outside counsel at two different international law firms in Colorado. Kelley received his J.D. from Harvard Law School and his B.A. from the University of Colorado, Boulder. He is actively licensed to practice law in Colorado.

APPOINTMENT

Bourhill joins as Associate Director, Investments, and will be primarily responsible for creating, developing, and maintaining business relationships with law firms and litigants to ensure that LF2’s commercial activity continues to expand while its clients receive best-in-class service.

“I am looking forward to joining the LF2 team and applying my unique perspective in a dynamic industry with such high growth potential,” said Bourhill. “As a former litigator and finance professional, I’m excited to enhance outcomes for both our clients and investors while being able to promote access to high quality legal representation.”

Prior to obtaining his MBA, Bourhill was an associate attorney at a premier defense law firm in Manhattan specializing in commercial litigation. Bourhill received his J.D. from the Cardozo School of Law, and his B.A. from Emory University. He is actively licensed to practice law in New York.

“I am humbled to have Kelley and Bourhill take expanded roles at LF2 and believe that their increased fidelity with our clients and investors will make our business stronger,” said Michael German, Chief Investment Officer at LF2. “We are continuing to expand in the litigation finance space and are excited about the future, particularly with Andrew and Andrew playing strategic roles within the business,” German said.

ABOUT LEX FERENDA LITIGATION FUNDINGLF2 is a commercial litigation finance company anchored by institutional capital. LF2 is structured with the objective of meeting the highest standards in investment process management, quality control, risk management, and compliance. For further information about LF2, please visit: www.lf-2.com.

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Burford Capital Announces Date for Release of 1Q24 Financial Results and Results Call Registration and Participation Details

By Harry Moran |

Burford Capital Limited (“Burford”), the leading global finance and asset management firm focused on law, today announces that it will release its financial results for the three months ended March 31, 2024 (“1Q24”) on Monday, May 13, 2024, at 7.00am EDT / 12.00pm BST.

Burford will hold a conference call for investors and analysts at 8.00am EDT / 1.00pm BST on Monday, May 13, 2024. The dial-in numbers for the conference call are +1 646 307-1963 (USA) or +1 800 715-9871 (USA & Canada toll free) / +44 (0)20 3481 4247 (UK) or +44 800 260 6466 (UK toll free) and the access code is 7684047. To minimize the risk of delayed access, participants are urged to dial into the conference call by 7.40am EDT / 12.40pm BST.

A live webcast of the call will also be available at https://events.q4inc.com/attendee/323980508, and pre-registration at that link is encouraged.

An accompanying 1Q24 results presentation for investors and analysts will also be made available on Burford’s website prior to the conference call at http://investors.burfordcapital.com.Following the conference call, a replay facility for this event will be accessible through the webcast at https://events.q4inc.com/attendee/323980508.

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Darrow Names Mathew Keshav Lewis As Chief Revenue Officer & US General Manager

By John Freund |

Darrow, the leading AI-powered justice intelligence platform, today announced the appointment of Mathew Keshav Lewis as its first Chief Revenue Officer and US General Manager. Lewis brings over 20 years of experience driving revenue and growth for high-profile legal and technology companies – including SaaS platform Dealpath, alternative investment platform Yieldstreet, and legal services pioneer Axiom Law – and will be responsible for helping Darrow scale as it continues an accelerated growth trajectory. 

“Mathew’s arrival at Darrow opens enterprise-level deals to all plaintiff law firms, previously accessible only to a select few,” said Evyatar Ben Artzi, CEO and Co-Founder of Darrow. “His expertise from YieldStreet and Axiom empowers our partners to leverage AI, driving unprecedented growth and innovation.” 

Lewis, who will be based in Darrow’s New York headquarters, joins Darrow after serving as the first Chief Revenue Officer of Dealpath, a real estate deal management platform. He also previously held the role of Chief Revenue Officer and GM, Investments at Yieldstreet, where he drove record revenue and growth for the investment platform. 

“I’m delighted to join a team of tremendously talented individuals at Darrow, who have already disrupted the legal technology space and forged the path ahead,” said Mathew Keshav Lewis, Chief Revenue Officer & US General Manager of Darrow. “I am inspired by Darrow’s progress to date, and I look forward to working alongside Darrow’s growing team to expand the company’s footprint.”

This announcement comes at a period of rapid growth for the company, which completed its $35 million Series B funding round last year. Darrow currently works on active litigation valued over $10 billion across legal domains such as privacy, consumer protection, and antitrust. 

About Darrow: Founded in 2020, Darrow is a LegalTech company on a mission to fuel law firm growth and deliver justice for victims of class and mass action lawsuits. Darrow’s AI-powered justice intelligence platform leverages generative AI and world-class legal experts and technologists to uncover egregious violations across legal domains spanning privacy and data breach, consumer protection, securities and financial fraud, environment, and employment. Darrow is based out of New York City and Tel Aviv. For more information, visit: darrow.ai

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Omni Bridgeway Releases Investment Portfolio Report for 3Q24

By John Freund |

Omni Bridgeway Limited (ASX: OBL) (Omni Bridgeway, OBL, Group) announces the key investment performance metrics for the three months ended 31 March 2024 (3Q24, Quarter) and for the financial year to date (FYTD).

Summary

  • Investment income of A$296 million FYTD; A$56 million provisionally attributable to OBL.
  • 23 full completions, 17 partial completions FYTD, with an overall multiple on invested capital (MOIC) of2.0x.
  • A$333 million of new commitments FYTD with a corresponding A$447 million in new fair value, on track to achieve our A$625 million target.
  • Pricing remains at improved levels, up 32% for the FYTD compared to FY23.
  • Strong pipeline, with agreed term sheets outstanding for an estimated A$212 million in new commitments.
  • OBL cash and receivables of A$101 million plus A$60 million in undrawn debt at 31 March 2024.
  • A$4.4 billion of possible estimated portfolio value (EPV) in completions over the next 12 months. 
  • Further simplification and enhancement of our disclosures as announced at the Annual General Meeting, comprising non-IFRS OBL-only financials and non-IFRS fair value on a portfolio basis and OBL-only basis.
  • These new disclosures and metrics, as well as a valuation framework for our existing book and platform, were presented at our investor day on 27 March 2024.

Refer to https://omnibridgeway.com/investors/investor-day.

Key metrics and developments for the Quarter

Income and completions

  • Investment income of A$296 million generated from A$193 million income recognised and A$103 million income yet to be recognised (IYTBR), with A$56 million provisionally attributable to OBL FYTD (excluding management and performance fees). 
  • During the Quarter, 11 full completions and 11 partial completions (excluding IYTBR), resulting in 23 full completions and 17 partial completions (excluding IYTBR) FYTD, and one secondary market transaction, with a FYTD overall MOIC of 2.0x.

New commitments

  • Our stated targets for FY24 include A$625 million in new commitments or equivalent value, prioritising value over volume to reflect potential for improved pricing of new commitments.
  • FYTD new commitments of A$333 million at 31 March 2024 (from matters that were newly funded, conditionally approved or had increased investment opportunities). 
  • The fair value associated with these commitments is $447million, 72% of the full year value generation target.
  • Pipeline of 37 agreed exclusive term sheets, representing approximately A$212 million in investment opportunities, which if converted into funded investments is a further 34% of our FY24 commitments target.  
  • In addition to the regular new commitments to investments in the existing funds FYTD, an additional A$11.5 million of external co-fundings were secured for these investments to manage fund concentration limits. OBL will be entitled to management fees as well as performance fees on such external co-funding.

Portfolio review

  • A$4.4 billion of EPV is assessed to possibly complete in the 12 months following the end of the quarter. This 12 month rolling EPV is based on investments which are subject to various stages of (anticipated) settlement discussions or for which an award or a judgment is expected. All or only part of these may actually complete during the 12 month period.
  • We anticipate replacing these final EPV metrics with fair value metrics by the end of this financial year.

Cash reporting and financial position

  • At 31 March 2024, the Group held A$100.7 million in cash and receivables (A$62.8 million in OBL balance sheet cash, A$2.0 million in OBL balance sheet receivables and A$35.9 million of OBL share of cash and receivables within Funds) plus access to a further A$60 million in debt.
  • In aggregate, we have approximately A$161 million to meet operational needs, interest payments, and fund investments before recognising any investment completions, secondary market sales, management and transaction fees, and associated fund performance fees.
  • Post Quarter-end and as per the date of this report, in anticipation of the expiry of the availability period of the debt facility, OBL has drawn down the A$60 million in undrawn debt and received the funds.

Investor day

The investor day presentation and Q&A which took place on 27 March 2024 can be viewed at https://omnibridgeway.com/investors/investor-day.

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