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Nakiki SE Files Letter of Intent for Acquisition of Casino Lawsuit Portfolio

By Harry Moran |

The Nakiki SE announces that it has signed a Letter of Intent to acquire a portfolio of so-called casino and sports betting lawsuits with a disputed value of approximately EUR 6.3 million (plus interest of at least EUR 800,000, as well as additional costs). Nakiki SE or one of its subsidiaries intends to take over an existing portfolio of lawsuits instead of pursuing individual lawsuits as announced in the ad hoc announcement of April 17, 2024. The individual lawsuits mentioned in the ad hoc announcement of April 17, 2024, will not be financed for the time being.

According to German case law from various legally binding decisions, players have a claim for reimbursement of gambling losses, as online casinos largely operated illegally until 2021. The lawsuits to be financed by Nakiki or Legal Finance are based on this legal perspective. A ruling from the German Federal Court of Justice (BGH) and the European Court of Justice (ECJ) is still pending.

In the event of the acquisition of the portfolio and a successful outcome of the litigation, Nakiki or a financing subsidiary is entitled to up to 25% of the litigation success.

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Darrow Expands PlaintiffLink to Support Mass Arbitration

By Harry Moran |

Darrow, the leading legal intelligence platform, today announced the launch of Darrow’s PlaintiffLink platform for mass arbitration.  With tens of thousands of plaintiffs already uniquely vetted on PlaintiffLink, the platform offers unparalleled quality of service for law firms in the pursuit of justice. 

PlaintiffLink is a revolutionary plaintiff-connecting tool for law firms, now built to support the complexity of mass arbitration cases. PlaintiffLink enables attorneys to plan, review, and approve potential clients through a centralized portal. It allows attorneys to connect with the large volumes of clients needed for mass arbitration. Using the platform, attorneys can gain data driven insights that power effective filing strategies and streamlined case management, backed by Darrow’s top-tier legal consultancy. 

“PlaintiffLink provides a cutting-edge solution to the risks and costs associated with mass arbitrations, and makes it easier for attorneys to promptly connect with the tens of thousands of clients needed for these types of cases,” said Evyatar Ben Artzi, Co-Founder and Chief Executive Officer of Darrow. “We’re committed to delivering technology that helps victims connect with the best law firms to ensure justice is served, even in the most complex matters that require expert attention.”

PlaintiffLink addresses the biggest barrier for attorneys considering mass arbitration cases: connecting with a large volume of qualified plaintiffs and managing them seamlessly. Through a centralized portal, attorneys can now leverage PlaintiffLink to connect with tens of thousands of thoroughly vetted, qualified plaintiffs needed for arbitrations. The service operates on a unique contingency model, shifting financial risk away from attorneys.

“We’ve built a dedicated solution to enable visibility into client cohorts in a single matter  so that attorneys can effectively file and manage cases,” said Gila Hayat, Co-Founder and Chief Technology Officer of Darrow.

PlaintiffLink enables lawyers to swiftly review through thousands of individual clients. Users can drill down into specific claim cohorts, download raw CSV data files containing all details about each claim, and review insight reports to get a more visual and statistical analysis of the case. PlaintiffLink also employs a comprehensive review process, with two tiers of expert vetting, to streamline client acquisition and reduce invalid claims. 

Darrow is committed to delivering products that drive firm growth and profits per partner, and it is planning additional releases throughout 2024 to support its users.

For more information, visit: https://darrow.ai 

About Darrow

Founded in 2020, Darrow is a legal tech company on a mission to fuel law firm growth and deliver justice for victims. 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.

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Nakiki SE: Letter of Intent regarding Covid mask litigation; value in dispute up to EUR 34 million

By Harry Moran |

Nakiki SE announces that its subsidiary Legal Finance SE has signed a Letter of Intent for the financing of a so-called corona mask lawsuit with a value in dispute of up to EUR 34 million including costs and interest.

The company that concluded a contract with the Federal Republic of Germany for the supply of Covid masks in 2020 has not been paid and is suing for payment. The case is before the Court of First Instance.

Depending on the outcome of the litigation, the letter of intent provides for a graduated participation of Nakiki SE or its subsidiary in the outcome of the litigation of 15 – 35%.

This is not the lawsuit mentioned in the ad hoc announcement of 9 May 2024, which is still under review, but a different, independent lawsuit.

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Clarion Promotes Partner in Costs and Litigation Funding Team

By Harry Moran |

In a press release from Clarion, the Leeds-based law firm announced the promotion of a partner in its Costs and Litigation Funding Team.

Stephanie Kaye joined Clarion as a Paralegal in 2013 and has since become well regarded for both her networking skills and expertise. Named as a ‘Rising Star’ by Chambers and Partners in 2020, Stephanie has gone on to be recognised as a ‘Leading Individual’ in the rankings for the past three years.

The team has been ranked as Band 1 for legal costs services by Chambers and Partners for the past five years, and Stephanie’s strong national reputation has enabled her to play a key role in the development and growth of the team.

The Costs and Litigation Funding team advise on a range of matters, specialising in Court of Protection, Cost Management and Litigation Costs, with a very strong UK reputation and growing expertise in high value international costs work. Andrew McAulay, who heads up the team, has been recognised as a leading individual by Chambers for the past five years.

As well as leading the Court of Protection costs service, Stephanie has helped create and cultivate the culture at Clarion. She’s an expert mentor and her role managing junior talent through their apprenticeships and leading on diversity and inclusion initiatives has been invaluable for the firm.

Speaking on the promotion, Roger Hutton, Joint Managing Partner at Clarion, said: “Stephanie has gone from strength to strength, since joining Clarion 11 years ago. It’s no surprise and yet no mean feat, that Stephanie has now moved into the role of Partner – a role I know she’ll thrive in.

“It’s talented individuals like Stephanie who not only help us deliver our national growth strategy, but they are also instrumental in attracting the best talent across the region.”

“The Costs and Litigation Funding team has worked hard to become nationally recognised for the trusted support, advice and expertise it offers to its clients. Stephanie has played an instrumental role in this, and her promotion is testament to that.”

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COURT HOUSE CAPITAL APPOINTS HEATHER COLLINS AS CHIEF INVESTMENT OFFICER

By Harry Moran |

Court House Capital is delighted to welcome Heather Collins as Chief Investment Officer and member of the Investment Committee, responsible for assessing and overseeing investment opportunities for the business across Australia and New Zealand.

Heather is a veteran commercial litigator with significant experience in the litigation funding sector, commercial legal practice and in-house corporate counsel roles spanning insolvency, banking and finance, property, construction, Corporations law, trade practices and employment law. Heather is highly regarded leader in the sector and is a former President of the Women’s Insolvency Network Association NSW branch (WINA), a Professional Member of the Australian Restructuring & Insolvency Association (ARITA) and the Turnaround Management Association Australia (TMA), and is recognised in Chambers and Partners Litigation Support (2024) and Lawdragon Global 100 Leaders in Litigation Finance (2021-2024). In her newly created role, Heather will work alongside the wider team and Chief Executive Officer Michelle Silvers who leads Court House Capital’s overall business strategy and operations. 

“We are seeing increasing demand for funding across Australia and New Zealand, and I am absolutely delighted to welcome Heather Collins as Chief Investment Officer in response to this growth. Heather brings a wealth of experience in funding and commercial litigation, and as Chief Investment Officer she will work closely with me to expand our business and oversee our investment portfolio.” Michelle Silvers, Chief Executive Officer, Court House Capital

“I’m thrilled to join the wonderful team at Court House Capital, in the newly created role of Chief Investment Officer. I have tremendous respect for Michelle and the Court House Capital team and look forward to bringing my extensive legal and funding experience to support our funded claimants and the stellar law firms we work with.” Heather Collins, Chief Investment Officer, Court House Capital

ABOUT COURT HOUSE CAPITAL

Court House Capital is a leading litigation funder focused on cases in Australia and New Zealand. Led by industry founders, with Australian based capital, the team is renowned for expertise, agility and collaboration. courthousecapital.com.au

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DecoverAI Raises $2M to Revolutionize Legal Technology with “Legal Brain” and Generative Defense

By Harry Moran |

DecoverAI, a pioneering legal technology company, is excited to announce that it has raised $2 million in seed funding, led by Leo Capital, with participation from other prominent investors. This funding marks a significant milestone in DecoverAI’s mission to transform the legal industry through cutting-edge AI solutions.

Introducing DecoverAI

At DecoverAI, we harness the power of AI to save legal professionals time and money, addressing systemic flaws in both civil and criminal litigation that often result in widespread injustice. Our goal is to build a comprehensive “Legal Brain” – an Intelligent AI system that encompasses the capabilities needed for real world legal workflows, including discovering evidence, combining that with research and even generating different strategies for narratives to assist legal professionals. This includes eDiscovery, legal research, and case strategy development, providing a seamless and integrated experience. Under the technical leadership of Janar Ramalingam, our CTO, DecoverAI’s flagship technology, Generative Defense, is set to elevate the practice of law by automating complex legal analysis and enabling legal professionals to craft compelling defense strategies with unprecedented efficiency.

A New Era for Legal Research and eDiscovery

One of DecoverAI’s standout features is its ability to query several million documents or several terabytes of data simultaneously, providing legal professionals with rapid and comprehensive access to vast amounts of data and analytics. This capability is a game-changer for general counsels and law firms of all sizes, from boutique practices to the largest AmLaw 200 firms, as well as for plaintiffs seeking to leverage advanced technology for their cases. By offering a scalable solution that meets diverse needs, DecoverAI is positioned to become an indispensable tool across the entire legal industry.

Mission and Vision

At DecoverAI, our mission is to empower legal professionals with the tools they need to achieve better outcomes, faster. At DecoverAI, we envision a world where legal teams will be augmented with human-like intelligence served by smart AI-assisted platforms.

Lawyers handling both criminal defense and civil litigation will be able to harness the power of thousands of associates with perfect memory at their fingertips at a fraction of the cost of what it costs today.

Funding Utilization

The $2 million raised will be used to accelerate the development and deployment of our innovative technologies. The funds will be allocated to enhance our AI capabilities, expand product features, grow our teams, and invest in marketing and sales efforts to bring our solutions to a wider audience.

Quotes from Leadership and Investors

“We are incredibly excited about the potential of DecoverAI to revolutionize the legal industry. Our goal is to empower the best attorneys in the fraternity with the immense power and capabilities of large language models, enabling them to significantly uplevel themselves against their competitors,” said Ravi Tandon, CEO of DecoverAI. “This funding will allow us to take significant strides towards realizing this vision and making a real difference for legal professionals.”

“DecoverAI’s Generative Defense is a game-changer for the legal industry. It represents the next generation of legal technology, providing tools that were previously unimaginable. We are thrilled to have the support of our investors as we embark on this journey,” added Kevin J. Van Horn, COO & CRO of DecoverAI.

“DecoverAI’s proposition is perfectly aligned with Leo Capital’s focus on supporting tech-centric global solutions designed for large-scale disruption. As legal disputes increase, the burden on lawyers and judicial systems worldwide has become overwhelming, making it essential to harness the power of AI to transform legal workflows in a highly targeted way. DecoverAI’s proprietary ‘Generative Defense’ is a groundbreaking solution that is poised to be transformative for law firms of all sizes,” said Ravi Srivastava, Partner at Leo Capital.

About DecoverAI

Founded in 2024, DecoverAI is a Washington, D.C.-based legal technology company focused on delivering AI-driven solutions to enhance the efficiency and effectiveness of legal professionals. By integrating advanced AI with legal workflows, DecoverAI is setting new standards in the industry and driving the future of legal technology.

About Leo Capital

Leo Capital is a venture capital firm that invests in groundbreaking startups across various sectors, with a focus on technology-driven innovation. Leo Capital is dedicated to supporting visionary entrepreneurs and companies that have the potential to disrupt industries and create lasting impact.

Contact Information:

Kevin J. Van Horn
Chief Operating Officer & Chief Revenue Officer
DecoverAI
Email: info@decoverhq.com For more information, visit DecoverAI’s website.

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Maz Ghorban Takes Helm as President of Rockpoint Legal Funding, Leading Expansion into Probate Funding

By Harry Moran |

Maz Ghorban, an experienced senior executive with a distinguished 25-year career spanning the legal services, call center, and software industries, has taken the helm as President of Rockpoint Legal Funding, a burgeoning leader in Litigation Funding. With extensive experience in scaling private and public companies, Ghorban is set to drive the company’s mission to facilitate optimal case outcomes by providing critical funds and accessible medical treatment to plaintiffs, while delivering operational efficiencies and capital to law firms.

Ghorban’s appointment comes at a pivotal time as Rockpoint Legal Funding prepares to launch its new venture, Rockpoint Probate Funding. His seasoned leadership and data-driven decision-making have already made a significant impact on shaping this new initiative. It is important to note that Rockpoint Legal Funding is not a financial, medical, or legal advisor, and individuals should seek appropriate professional advice for such matters.

Recognizing a need similar to litigation funding, probate funding offers substantial benefits for beneficiaries and executors who require access to funds during the often lengthy and complicated probate process. Probate funding can help heirs avoid the prolonged wait for their inheritance and can be utilized to cover expenses such as medical bills, funeral costs, and day-to-day living expenses.

Under Ghorban’s leadership, Rockpoint Legal Funding is poised for significant growth and success among its already substantial offerings from pre-settlement and post-settlement funding to plaintiff and litigation funding and medical lien purchases. His strategic vision, combined with his deep industry knowledge and unwavering commitment to excellence, will drive the company’s mission forward and enhance its reputation as a leader in the legal funding industry.

Mr. Ghorban jovially states, “To be blessed with the career I have had and the amazing teams I have worked with is something I will always be grateful for, but not until I arrived at Rockpoint did I truly feel at home, surrounded by a supportive team of managing executives, and the most highly reviewed and dedicated sales staff and client reps in the industry.”

Before joining Rockpoint, Ghorban served as Executive VP and Business Unit CEO of Alert Communications, a subsidiary of Everservice and the largest legal-only intake call center in the United States. Ghorban’s extensive background in supporting plaintiff and defense firms spans every part of the firm lifecycle. His comprehensive understanding of the legal services landscape positions him uniquely to lead Rockpoint Legal Funding and its new probate funding initiative to new heights.

As Rockpoint Legal Funding embarks on this exciting new chapter with the launch of Rockpoint Probate Funding , the company’s future looks brighter than ever. With Ghorban at the helm, Rockpoint is well-positioned to continue its legacy of excellence and make a lasting impact on the legal services industry.

For more information about Rockpoint Legal Funding and its new probate funding initiative, please visit the company’s website ( https://rockpointlegalfunding.com/ ) or contact Dan Burks-Goodman at 424-502-4645×894 or 381053@email4pr.com

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Omni Bridgeway Announces Partial Completion of Funds 2&3 Investment

By Harry Moran |

Omni Bridgeway Limited (ASX:OBL) (Omni Bridgeway) announces an in principle, partial completion of a Funds 2&3 investment following a settlement of the related litigation with certain defendants. The settlement is subject to the parties entering into a binding settlement agreement and court approval.  The partial completion is expected to generate gross income of $43.71 million in Funds 2&3. Proceedings continue with further investment deployments and proceeds anticipated. 

Omni Bridgeway expects to receive payment during the next 4 quarters, resulting in the following metrics (subject to prevailing foreign exchange rates):

 Cash basis(A$m)
Gross income43.7
Profit before tax38.6
MOIC8.6x
IRR %58%
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NORTHWALL APPOINTS SCOTT CARPENTER AS CHIEF OPERATING OFFICER

By Harry Moran |

NorthWall Capital (“NorthWall”), a leading credit investment firm delivering private capital solutions to counterparties in Western Europe, today announces the appointment of Scott Carpenter as Chief Operating Officer.

Scott commenced his role at NorthWall in June and brings with him 35 years of experience in a wide variety of financial management roles globally. Most recently, Scott spent 11 years at Alpha Wave Global, a $19bn AUM global investment company focused on private equity, private credit and public markets. Scott joined the firm at inception as a day one employee and rose to the role of Chief Operating Officer. Prior to that, Scott was Global Head of Operations for eight years at leading alternative credit platform CQS (now Manulife | CQS Investment Management) and previously spent 10 years at Credit Suisse working in a variety of operational management roles in London, New York, Singapore, Sydney, Brisbane and Wellington.

Scott replaces Founding Partner and Chief Operating Officer Ian Lokkerbol, who will retire from the industry at the end of July with the intention to pursue a career in nature conservation. During his time at NorthWall, Ian has supported the growth of the firm from a start-up to a €1.5bn AUM diversified European credit platform with c. 30 employees. Ian will continue to support the management team in an informal advisory capacity.

Fabian Chrobog, Founder and Chief Investment Officer at NorthWall Capital, said: “We are delighted to welcome someone of Scott’s calibre to NorthWall. His significant experience of stewarding private capital and alternative credit firms through periods of growth will be invaluable as we enter the next phase in our development.”

“It is with great sadness that we say farewell to Ian, who has been an integral part of the NorthWall journey since we founded the firm in 2017. I have had the pleasure of working with Ian in a variety of different positions for almost 15 years and will miss him greatly. Ian was the first person to join me at NorthWall and the faith he put in our young venture was a key contributor to our success. Over the last seven years Ian has been instrumental in building a best-in-class infrastructure and in shaping a culture that has helped NorthWall develop a near-perfect team retention track record since inception. On behalf of the entire NorthWall team I wanted to thank Ian for his contributions and wish him the best in his future endeavours.”

Alexander Garnier, Founding Partner and Portfolio Manager at NorthWall Capital, remarked: “We are thrilled to welcome Scott to the NorthWall team. His extensive experience and proven track record in operational leadership and strategic growth will be pivotal as we chart our next phase of growth.”

“Ian’s departure marks the end of an era, and he will be greatly missed. His leadership and dedication have been one of the bedrocks of our success, and I cannot thank him enough. I wish him all the best in his next chapter. We are confident that Scott’s appointment as COO will build on the solid foundation Ian has established, driving NorthWall towards even greater achievements.”

Ian Lokkerbol, Founding Partner at NorthWall Capital, commented: “While I am sad to be retiring from the industry and leaving a firm I care so deeply about, I look forward to spending more time focused on nature conservation, a great passion of mine. I also know I am leaving NorthWall in very strong hands and well positioned to continue to grow, a journey I am proud to have been a part of. I wish Fabian, Alex, Scott and the team lots of successes going forward, as I continue to cheer from the sidelines.”

“I am thrilled to be joining NorthWall at such an exciting stage in the company’s growth,” added Scott Carpenter, Chief Operating Officer at NorthWall Capital. “Over the past seven years, Fabian, Alex, Ian and the entire team have established the firm as a leading European credit investment manager and laid a strong platform for future growth. I look forward to supporting the firm in further capitalising on the increasing opportunity for European credit.”

In June, NorthWall announced the final close of its flagship NorthWall European Opportunities Fund II and associated vehicles attracting more than €640m in investor commitments, surpassing its initial €500m target and more than doubling the size of its predecessor vintage.

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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Dr. Stephan Klebes Joins Deminor’s Hamburg Team To Expand Its Leading Position In The German Litigation Funding Market

By Harry Moran |

Deminor welcomes Dr. Stephan Klebes to the Hamburg team to expand its leading position in the German litigation funding market

Dr. Stephan Klebes adds experience and expertise in complex commercial disputes, investment recovery cases and antitrust actions to the Deminor team – especially in the fields of arbitration and capital markets law.

Deminor is pleased to announce the appointment of Dr. Stephan Klebes as Senior Legal Counsel. With the arrival of Stephan, a further experienced litigator joins the established team of Dr. Malte Stübinger (General Counsel Germany), Patrick Rode (Senior Legal Counsel) and Tim Willing (Senior Legal Counsel).

Dr. Stübinger commented on Stephan’s arrival:

“With Stephan, we are gaining a highly qualified colleague with a broad legal background who will actively support our further growth in Germany and brings the Deminor mindset with him. An excellent addition to our team that emphasises our strong commitment to the German market.”

Stephan Klebes was admitted to the German Bar in 2021 and has broad experience in litigating and advising on cross-border disputes before international arbitral tribunals and state courts, with a particular focus on general commercial disputes and investment recovery cases. Prior to joining Deminor, he was an associate with the specialised litigation law firm Quinn Emmanuel where he represented companies in various types of arbitration proceedings, as well as complex investment recovery claims before state courts.

Erik Bomans, Chief Executive Officer, added:

“I wish to echo my colleagues’ sentiments by congratulating Stephan on joining Deminor’s growing Hamburg team. Stephan’s wide-ranging legal expertise is a welcome arrival, and I am confident they will complement General Counsel Dr Malte Stübinger and his fellow Senior Legal Counsels. I look forward to his contribution to Deminor and our clients as we strengthen our position as a Chambers & Partners Band 1 Ranked provider of litigation funding solutions in Germany.”

Stephan Klebes studied law and economics at the University of Mannheim (LL.B., First State Examination) and the University of Cape Town, South Africa (LL.M. in Alternative Dispute Resolution). He then obtained his doctorate at the University of Osnabrück at the chair of Prof Dr Mary-Rose McGuire on an arbitration-related topic and completed his clerkship at the Higher Regional Court of Celle.

On joining Deminor, Stephan comments:

“I am delighted to be working with Deminor to further advance the field of litigation funding in Germany and Europe. The possibility of third-party financing of litigation and arbitration still has a lot of potential. Deminor will certainly be able to further expand its leading role in the German market on the basis of its strongly value-based approach. It is a great pleasure for me to be able to contribute to this mission.”

Dr. Klebes was recognised by Best Lawyers in the category “Ones to Watch 2024” in the field of Arbitration and Mediation.

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Clio Announces US $900M Investment at US $3B Valuation to Transform the Legal Experience For All

By Harry Moran |

Clio, the global leader in legal technology, announced it has raised US $900 million, based on a US $3 billion valuation, in a Series F investment round led by New Enterprise Associates (NEA). The round also includes new partners Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark, who join current investors TCV, JMI Equity, funds and accounts advised by T. Rowe Price Associates, Inc. and by T. Rowe Price Investment Management, Inc., respectively, and OMERS. Marking a new era in its growth journey, Clio will continue to expand its multi-product platform, including further investments in its burgeoning AI portfolio and integrated legal payments. It will also accelerate its rapid market expansion upmarket and internationally, deepening its organic growth to more than 130 countries across the globe.

For 16 years, Clio has been at the forefront of creating innovative, cloud-based solutions tailored to the unique needs of the legal industry. Clio is the operating system for law firms, powering every aspect of the legal process. It simplifies law firm management by centralizing client intake, case management, document management, legal payments, and more. With more than 250+ legal technology software integrations, Clio is also the world’s largest legal technology platform, endorsed by more than 100 law societies and bar associations worldwide, including all 50 state bar associations in the United States.

“This historic raise was heavily oversubscribed, further demonstrating the overwhelming demand and confidence in Clio’s future,” said Jack Newton, CEO and Founder of Clio. “I’m thrilled to embark on this journey with NEA and our group of exceptional investors. The Clio operating system is the undisputed platform of the legal technology sector, engineered to not only meet but anticipate future industry demands. We are pioneering this future for our customers, driven by our mission to transform the legal experience for all. Our commitment to delivering unparalleled value propels every decision we make, and we are inspired by the massive opportunities ahead.”

Tony Florence, Co-CEO at NEA, has joined Clio’s Board of Directors. Mr. Florence commented, “Clio embodies everything NEA looks for in a growth-stage investment: an exceptional, purpose-driven team, market and product leadership, and stellar business physics. Clio is mission critical to law firms, and the company’s best-in-class retention and NPS are testaments to the team’s ability to continuously innovate, deliver immense value, and meet the dynamic needs of the legal sector. With the right foundation in place for continued market expansion and advanced AI capabilities, we believe the best is yet to come. We look forward to applying NEA’s company-building expertise to partner with Jack and the Clio team on their next phase of growth.”

Clio raised its Series E funding in April 2021, a US $110M growth equity round. Since then, Clio has grown its revenue beyond US $200M ARR and has expanded internationally to the APAC region, as well as upmarket to become the leader in mid-market cloud legal practice management software, serving more than 1,000 mid-sized firms in the United States alone. Clio’s all-in-one payments business has skyrocketed since its launch in 2022, now processing billions of dollars annually in legal-specific transactions. Additionally, Clio’s platform has been expanded to include: 

  • Clio Duo proprietary generative AI solution to help lawyers complete routine tasks, and leverage their firm analytics to run a more efficient practice; including audit log functionality for court discovery (available in 2024)
  • Clio Accounting to manage firm finances in one system of record, designed to help keep law firms compliant
  • Module for personal injury lawyers with distinct litigation needs, and procedures for medical recordkeeping, this add-on offers rapid settlement estimates for high volume case assessments
  • Clio Draft intelligent document automation and court form libraries in 50+ jurisdictions
  • Electronic court filing services available directly in Clio to streamline court interactions
  • Legal Aid and nonprofit grant billing models, eligibility calculators, and dashboards
  • Google Local Service Ads directly embedded in the Clio platform to generate, screen, and intake local leads

“While we’re immensely proud of our growth to date, the real opportunity lies ahead of us,” continued Newton. “AI is ushering in an exciting and important new era for legaltech, and Clio is leading that transformation. There’s much to accomplish for the success of our customers so they can thrive in an economy that embraces technology in every interaction.”

Clio has more than 1,100 employees located across hub locations in North America, EMEA, and APAC regions. The company is actively hiring across all areas of its business including product, R&D, sales, marketing, and customer success.

Law firms Osler, Hoskin & Harcourt LLP and Wilson Sonsini Goodrich & Rosati served as legal counsel to Clio. William Blair acted as Clio’s exclusive financial advisor.

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Leading European Finance Firm Nera Capital to Fund €1 Billion Truck Cartel Class Action

By Harry Moran |

A prominent European finance company has announced it will be funding over 25,000 claims in a €1 billion class action against truck manufacturers, who were part of a price-fixing cartel.

Nera Capital, which has offices in Manchester, Dublin and The Netherlands, is focussing exclusively on group redress claims, helping consumers and small to medium sized businesses, fight for justice against antitrust behaviour by corporates.

In 2016, the European Commission found MAN, Volvo/Renault, Daimler, Iveco, and DAF broke European Union antitrust rules by colluding on truck pricing and on passing on the costs of compliance with stricter emission rules from 1997 to 2011.

The Commission imposed a record €2.93 billion fine on the manufacturers, except MAN as it revealed the existence of the cartel. All companies acknowledged their involvement and agreed to settle the case.

Speaking about this historic class action, Nera Capital Director, Aisling Byrne, said this investment will ensure truck owners receive justice for the damage the 14-year cartel caused. “The agreements covered both medium-duty trucks and heavy-duty trucks and affected the entire European Economic Area. While the cartel stopped running in 2011, the after affect was felt by truck owners in the following years, and it is important that those affected get their chance for justice.”

Nera Capital has appointed a leading German law firm to act for the claimants in the case.

When the European Commissioner for Competition Margrethe Vestager handed down the historic fine in 2016, she said it was not acceptable that the manufacturers were part of a cartel instead of competing with each other. In 2016 she commented on the more than 30 million trucks on European roads, which accounted for around three quarters of inland transport of goods in Europe, playing a vital role for the European economy.

Ms Byrne echoed these comments and said the firm’s success is built through its strong industry relationships and a passion for justice. “This is a pivotal moment for corporate accountability,” she added. “Our investment underscores our commitment to supporting small businesses and consumers who have been impacted by antitrust violations. With a strong track record of committing over £475 million, in aggregate, into claims, we are excited to offer our support to truck owners across Europe, because we believe justice should be accessible to all. Nera Capital stands firm in its mission to level the playing field against corporate misconduct. This class action is not just about compensation but also about holding accountable those who undermine fair competition.”

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.

.     Member of European Litigation Funders Association.

.     www.neracapital.com

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Litigation Lending Services Announces a New $35million Credit Facility 

By Harry Moran |

Litigation Lending Services (LLS), a pioneering force in the litigation funding industry for over 25 years, proudly announces the completion of a strategic $35 million credit facility with a leading Australian based global alternative asset manager. This credit facility further bolsters the Company’s robust financial structure in tandem with its existing fund and balance sheet. 

Known for its commitment to social impact investment alongside handling insolvency and commercial and class action claims, LLS continues its mission to support those in their legal battles while making a positive difference in the community. 

As demonstrated by the recent announcement of the $180.4m settlement in the Stolen Wages Western Australia class action, LLS’s strategic approach to litigation financing combines rigorous case evaluation with a passion for driving positive societal change, making it an attractive opportunity for investors seeking both financial returns and meaningful contributions to the community. 

“We are thrilled to have successfully secured a new finance partnership, reinforcing our financial stability and positioning us for continued growth and impact,” stated Chair Shaun Bonétt. “This not only strengthens our ability to support meritorious cases but also reinforces our belief that everyone deserves fair access to legal recourse, regardless of their financial situation.” 

With an impressive track record of fostering access to justice, Litigation Lending Services remains at the forefront of the industry. As LLS continues to celebrate its 25th anniversary, the funding further ensures that the Company is well positioned to continue its vital work providing crucial support to those who might otherwise lack access to the legal system. 

For more information about Litigation Lending Services, please visit https://litigationlending.com.au or contact:

Susan Wynne
Chief Executive Officer (Acting)
Litigation Lending Services
02 90519990
swynne@litlend.com.au

About Litigation Lending Services 

Litigation Lending Services is (LLS) a leading litigation funder with 25 years of experience in supporting insolvency, commercial claims and class actions with a key focus on funding social impact litigation. With a strong financial foundation and a commitment to justice, LLS empowers claimants to pursue meritorious cases, driving both financial and societal benefits.

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LCM – Trading Update for 2024 Financial Year 

By Harry Moran |

Litigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, is pleased to provide an update on its business for the 2024 financial year ended 30 June 2024.

We are pleased to report another successful year with eight investments concluding in the period generating realisations for LCM, inclusive of performance fees, totalling AUD$56.0m.  This is compared to LCM’s invested capital of AUD$23.8m, representing a multiple on invested capital (MOIC) of 2.4x. This performance aligns with our long-term track record of an average MOIC of 2.7x from investments concluded within the last 13 years, and underscores the successful execution of our strategy.  

Moreover, we have made a strong start to our 2025 financial year.  Shortly after the 2024 financial year end, a single case investment concluded generating realizations for LCM of at least AUD$12.5m, including performance fees, compared to LCM’s invested capital of AUD$1.5m, representing a MOIC of 8.3x. 

PeriodRealisations (AUD$m)Invested Capital (AUD$m)MOIC multiple
H128.48.83.2x
H227.615.01.8x
FY2456.023.82.4x
Post Period end12.51.58.3x

The average duration of cases concluded in FY24 was 45 months – slightly longer than our general expectation of 36-42 months, which remains unchanged.  This largely reflects the COVID related delays that we have previously communicated which impacted several of the investments that concluded in the period.  Importantly, elongated time has not adversely impacted on investment performance. 

We continue to invest in what we believe are the highest quality legal claims, collaborating with leading law firms and barristers in our respective markets.  We have seen high demand for our capital in the second half of the year and expect to report New Commitments for FY24 in excess of AUD$250m (FY23: AUD$176m). It remains our key strategic priority to continue to grow New Commitments, and thus ensure LCM achieves additional financial scale.

Our current portfolio of investments, both direct investments that are entirely funded via our own balance sheet and those in which we are co-invested alongside our managed external funds, continue to perform in line with our expectations.  

Patrick Moloney, CEO of LCM, commented: “The performance of our concluded investments in our 2024 financial year highlights the strength and effectiveness of our investment strategy. Through our rigorous investment process, we have assembled a high-quality portfolio of uncorrelated legal finance assets that are positioned to deliver attractive future aggregate investment performance. Given our access to capital, further growing New Commitments remains our key strategic priority and we are well on track. We see significant upside potential here. 

“We look forward to updating our investors on our strategic progress with our full-year results presentation on

19 September and are excited about our future opportunities.” 

Below is a brief summary of selected investments that concluded in the second half of our 2024 financial year. 

Binding Settlement reached  – Direct balance sheet Investment

A successful outcome in a dispute investment which forms part of LCMs portfolio of 100% direct investments has been achieved. The proceedings were heard in the Supreme Court of Western Australia and included two levels of appeal at which LCM’s funded party was successful at each level.  A binding settlement deed has been executed by the parties resulting in the realisation of LCM’s investment. The investment is one of four legacy disputes held at cost within our financial statements.  Details of the returns are highlighted below:

AUD$mInvestment performance
Invested capital 2.8
Investment return9.2
Total revenue12.0
MOIC4.3x

Binding Settlement reached – Direct balance sheet Investment

A further successful outcome was achieved with respect to a portfolio of insolvency claims related to the failure of an Australian listed construction company. A binding settlement deed was executed by the parties resulting in the realisation of LCM’s investment. The investment also forms part of LCMs portfolio of 100% direct investments. Details of the returns are highlighted below:

AUD$mInvestment performance
Invested capital 2.8
Investment return7.4
Total revenue10.3
MOIC3.7x

Furthermore, below is a summary of the investment that concluded shortly after our financial year end. 

Bilateral Investment Treaty – Fund I Investment

LCM funded a claim advanced in respect of a breach of a bilateral investment treaty and brought under the International Centre For Settlement of Investment Disputes (ICSID) Convention. The Tribunal issued an award in July 2023 in favour of LCM’s funded party for USD$76.7m plus interest and costs.  The Respondent sought to challenge the award, but the parties have now reached a settlement in advance of the annulment hearing. The terms of the settlement are confidential. 

The claim forms part of LCM’s managed Global Alternative Returns Fund (“Fund I”) and was funded directly from LCM’s balance sheet (25%) and Fund I investors (75%). Details of the returns are highlighted below:

AUD$mInvestment performanceLCM performance metricsFund I performance metrics
Invested capital 5.91.54.4
Investment return23.35.817.5
Total revenue29.27.321.9
MOIC on investment 5.05.05.0
Performance fee*5.2(5.2)
Gross profit23.311.012.3
MOIC inclusive of performance fees5.0x8.3x3.8x

*The investment returns are subject to change based on the prevailing FX rate and timing of distribution 

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 revenue 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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Fenchurch Legal Appoints Nathan Patterson as Senior Financial Controller

By Harry Moran |

Fenchurch Legal a specialist provider of litigation funding for small and medium-sized UK law firms, today announced the appointment of Nathan Patterson as Senior Financial Controller.

Nathan brings a wealth of experience to the role, with a proven track record of effective financial management and strategic planning. He previously held key financial positions at a boutique advisory firm in Dubai and a Plc house-building company in the UK.

A qualified accountant and tax advisor, Nathan is both FCCA and CTA qualified. He will play a pivotal role in driving Fenchurch Legal’s continued growth and financial success.  In his new role, Nathan will head the Finance department, ensuring accurate financial reporting, strategic budgeting, and the overall financial health of the company. He will also oversee risk management, conducting thorough financial due diligence on all borrowers. His role is pivotal in maintaining Fenchurch Legal on a path of robust financial health and sustainable growth.

Nathan Patterson commented on his appointment: “I am excited to join Fenchurch Legal at such a key time in the company’s growth period and contribute to its continued success. My goal is to enhance the financial operations and support the company’s growth ambitions through sound financial management and strategic planning.”

Louisa Klouda, CEO of Fenchurch Legal, said: “We are delighted to welcome Nathan to our team. His extensive experience will be of great value to us as we experience a period of rapid growth. He will help us continue to scale our operations and expand our client base. Nathan’s appointment underscores Fenchurch Legal’s commitment to building a strong and experienced team to support our growth plans.”

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Litica becomes a member of the Managing General Agents’ Association (MGAA)

By Harry Moran |

Litica is pleased to announce it is now a member of the Managing General Agents’ Association (MGAA).

Having joined as members in June, this week marked Litica’s first time at the MGAA Annual Conference. It was a full day of interesting speakers and valuable networking opportunities at the exhibition. It was good to reconnect with our peers and industry leaders, explore innovative solutions, and discuss the future of MGAs.

We’re looking forward to becoming more involved in the association as well as leveraging the resources and opportunities that being a member unlocks for our business and our people.

For more information, contact Sam Dansey.

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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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