Omni Bridgeway’s share price fell subsequent to an appeals judgment against Seqwater. The ruling overturned a 2019 judgment against the dam management company. The original ruling determined that Seqwater was liable for half of the compensation claims from floods in early 2011.
Follower Notices have been in use since 2014, and refer to a notification given to someone who has used an “avoidance scheme” that was determined to be ineffective by a case against another user. This gives taxpayers an opportunity to adjust or amend their tax filings. Her Majesty’s Revenue and Customs (HMRC) issues these notices frequently, which is considered controversial for a variety of reasons.
Claimants in the Flint water crisis case have been cautioned by a judge not to seek or accept deals for a cash advance on their share of the settlement. Claimants are set to share the $641 million settlement, though the agreement has not yet been given final approval.
Six banks based in China have avoided liability in their role in the Nike Counterfeit case. The banks were cited for failing to freeze the assets of several hundred counterfeiters of Nike goods. Together, the banks faced sanctions of up to $150 million.
Investors asked for more than $50 million in damages in the Ross Asset Management Ponzi scheme. The case was expected to be heard in the Wellington High Court in 2020 but was delayed. Instead, it ended unceremoniously, with a short statement revealing precious little about the confidential settlement.
Legal-Bay, The Presettlement Funding Company, reports that Bayer is reassessing its efforts to settle the numerous lawsuits they are facing due to their Roundup brand weed killer. It is estimated that 30,000 plaintiffs still have outstanding suits against Monsanto (a subsidiary of Bayer), claiming the company’s product is directly responsible for making them sick. Certain cancers are alleged to have been caused by the glyphosate-based herbicide including non Hodgkin lymphoma.
His Honor Judge Cadwallader ruled that a couple suing their former solicitors should be held liable for costs. The Liverpool judge also affirmed that Vanessa and Michael Kennedy breached their agreement with law firm Bermans and the funder, Escalate Law, when they misled their lawyers.
The High Court of Singapore took a dramatic step recently in granting ‘super priority’ status in a corporate restructuring. This is the first time any third-party legal funder has been given such an order since Singapore’s IRDA became law in 2018
A lawsuit brought by Union Investment, Germany’s third-largest asset manager, is not welcome news for banks and bondholders. Wirecard is accused of making more than 70 statements, including corporate press releases, that are being described as fraudulent.
A motion to compel disclosure of a funding agreement was denied in a recent case accusing Southwest Airlines and Boeing of collusion to cover fatal aircraft defects. Damonie Earl et al v Boeing revolves around allegations that Southwest and Boeing colluded to mislead ticket buyers about 737 Max Jets—which were defective.
Leading litigation funder Omni Bridgeway is currently investigating claims made by CMC Markets’ Crude Oil West Texas Intermediate Cash product. Investors are encouraged to register their interest in a potential class action relating to investment losses and damages. This is not book building, but rather a gauge of interest in the matter.
In 2016, anti-trust proceedings were filed against Mayne Pharma, asserting that it conspired with other defendants to artificially inflate generic pharmaceutical prices and restrain trade. This led to a 10% price drop over several days of trading.
Attorneys for a class-action case filed against Lloyds of London are asking other affected businesses to join the action. The focus of the case involves business interruption insurance, and whether or not COVID-related closures should be covered.
Sometimes an NDA feels so basic there doesn’t seem to be a need to read it. At the same time, not reading something before you sign is folly—unless you’re talking about iTunes terms and conditions. In a recent case, Harcus Sinclair LLP v Your Lawyers Ltd, a partner in a law firm admitted to not reading the NDA before signing. Not surprisingly, the judges were not amused. This oversight caused pointedly negative consequences for the law firm and the litigation funder.
This week, James Hardie Industries announced a settlement in a weather tightness class action heard in Auckland High Court—in the middle of a trial expected to last 17 weeks. James Hardie, a global producer of fiber cement and fiber gypsum, will receive NZ $1.25 million as part of the settlement.
It’s estimated that a class action in Australia may assist developers with their restoration and replacement costs. This case is expected to be the largest in the nation in 2021, as it involves more than 3400 apartment buildings now deemed unsafe.
The divorce settlement between Farkhad Akhmedov and Tatiana Akhmedova has been in contention since it was first ruled on in 2016. London’s High Court determined that Akhmedova should receive over GBP 453 million of his more than GBP one billion estate. According to her, that judgment was not enforced.
