Well, how often does this happen? A government agency officially declares itself unconstitutional. That’s what the Consumer Financial Protection Bureau (CFPB) just did, as director Kraninger sent letters to House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell, stating in no uncertain terms that the agency is unconstitutional given the single-director-removable-only-by-POTUS structure.
LCM has been funding a class action against the Gladstone Ports Corporation (GPC) on behalf of local fisheries and fishermen, who claim that GPCs port expansion project led to the collapse of the fishing market there. GPC had been arguing that LCMs funding agreement is unenforceable on the basis of champerty and maintenance, but the court just upheld the agreement as not champertous.
Insurance Australia Group (IAG) is estimating that a class action being waged against it could be worth as much as $1B. Global funder Balance REV is financing the claim, which alleges that customers were sold ‘add-on’ insurance products that had little-to-no financial value.
London, 12th September 2019. Augusta, the UK’s largest litigation and disputes funder by case volume today announces it has raised a further US $115m from a multi-billion-dollar US-based investment manager.
NEW YORK, Sept. 10, 2019 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Burford Capital Limited (OTC: BRFRF, BRFRY) from March 18, 2015 through August 7, 2019, inclusive (the “Class Period”) of the important October 21, 2019 lead plaintiff deadline in the securities class action commenced by the firm. The lawsuit seeks to recover damages for Burford investors under the federal securities laws.
The hits just keep on coming for Burford Capital. First there was the Muddy Waters short, then accusations of a sex tape swap, and now allegations the world’s largest litigation funder spent loads of money on its four non-executive directors (whose responsibility is to keep management in check).
NEW YORK (September 11, 2019) – Leading commercial litigation funder Bentham IMF has completed its third round of hiring since the November 2018 launch of its second fund devoted to US investments.
Well, not everyone is buying Muddy Waters’ claims that Burford Capital mis-represented its accounting. Investor Caro-Kann Capital is long Burford shares, and has released a lengthy and detailed report outlining the firm’s point-by-point rebuttal of Muddy Waters’ allegations.
The case against Burford Capital has been made, and Burford’s response has subsequently been laid out. We’ve from heard from both sides on the issue, and it seems the market has spoken (said market can be fickle, however, so we’ll see what it’s saying six months or a year from now). That said, Muddy Waters’ allegations of Burford’s accounting impropriety cast a very long shadow over the industry, as illustrated by one prominent institutional investor’s decision to sell its holdings in Burford Capital.
One of Muddy Waters’ chief allegations against Burford Capital is that the funder manipulates its financial reporting. The short-seller used the Napo Pharmaceuticals example to illustrate how Burford misreports earnings. Now, after a deluge of investor concern, Burford has released a 7-page explanation of its Napo accounting.
In the case of WAG Acquisition, LLC v. Multi Media LLC, Civil Action No. 2-14-cv-02340, a New Jersey court has reaffirmed that the pursuit of litigation funding by a plaintiff – in this case a partnership with Woodsford Litigation Funding – does not harm standing.
Study after study shows that General Counsel are growing more and more interested in the product of litigation finance, yet the adoption rates remain low. There are numerous hurdles, not the least of which is cultural: many GCs simply retract from the idea that their role and responsibility should transform from cost container to revenue producer. That said, given the shifting economic climate, it’s worth taking another look at how litigation funding can benefit GCs and the balance sheets they are entrusted to safeguard.
NEW YORK–(BUSINESS WIRE)– Premier Event in Litigation Finance to Feature Innovative Program, One-to-One Meetings, Industry Leaders, and Keynote Speaker Stephen Susman
Amid continued growth and developments in the litigation finance market, the leading companies and executives in the industry will convene at the Second Annual LF Dealmakers Forum to be held in New York on September 18-19. The keynote speaker will be Stephen Susman, one of the nation’s top trial lawyers and founder of Susman Godfrey, a nationally recognized firm specializing in high stakes litigation.
The average IRS whistleblower claim takes more than eight years to pay out, if they pay out at all. That’s a huge gamble, but one that isn’t stopping one new litigation funder, whose brand new fund is solely devoted to funding IRS whistleblower claims.
New questions have arisen over payouts to top Burford executives, including CEO Christopher Bogart and co-foudner Jonathan Molot. Despite founding the company, the pair were not actually employees of Burford Capital until 2012. Prior to that, they formed an advisory firm – Burford Group Limited – and charged Burford Capital fees for their advisory work. In the wake of the Muddy Waters allegations, the pair are facing questions about the complex financial structure, as well as their current salaries which remain undisclosed, given the fact that neither is on the company’s board.
JACKSONVILLE, FL / ACCESSWIRE / August 14, 2019 / ParkerVision, Inc. (PRKR), a developer and marketer of technologies and products for wireless applications, today announced results for the three and six months ended June 30, 2019.
In what could be the largest class action in Australian history, Regency Funding is bankrolling a claim against several car makers over faulty airbags which led to at least one fatality and multiple injuries. However one of the car makers, BMW, is challenging the common fund order that allows Regency to collect 25% of any payout, even from those who have not formally joined the class.
