Some would say that the quickest way to be successful in business is to identify a need in the market—then find a way to fill that need. One person who took that advice to heart is Rebecca Berrebi, founder of a litigation funding consultancy firm that just opened.
Australia’s Litigation Finance community is in a state of flux, as new regulations are implemented, and industry players scramble to remain in compliance. Understanding litigation funding for companies in liquidation is essential in order to reap maximum benefits.
The launch of the International Legal Finance Association (ILFA) is a first-of-its-kind event. Burford Capital is the force behind this global organization, fueled by the exciting industry growth that has taken place in recent years. What can we expect from this newly formed entity?
At least six of the world’s most successful litigation finance entities are forming a global coalition called the International Legal Finance Association, or ILFA. Founding members include Burford Capital, Omni Bridgeway, Therium Capital Management, Harbour Litigation Funding, and Woodsford Litigation Funding. Also joining the association are Parabellum Capital, DE Shaw & Co, Nivalon AG, Fortress Investment Group, and Validity Finance.
Delta Capital Partners Management LLC, a global private equity firm specializing in litigation and legal finance, has announced a new appointment to its Board of Advisors, Robert Brown, CEO of the Americas at Lincoln International.
Does a litigation funder have a vendetta against Queenstown mayor Jim Boult? That’s the contention after a reveal that Chris Meehan is connected to the funding of a case against Boult. The case alleges that Boult’s companies, Stonewood Homes and Holmfirth Group, traded while insolvent. Millions of dollars were lost, and investors want their money back. Meehan himself is involved in a few nearby developments, one of which is in Queenstown.
As new regulations for funders in Australia take effect, the Litigation Finance landscape enters a new era. In addition to the requirement that litigation funders hold a license and the new classification of funds as ‘managed funding schemes’, ASIC has issued some relief for funders.
It’s no secret that not everyone is a proponent of Litigation Finance. In Australia, new regulations threaten to permanently alter how class action suits are managed, and how litigation funding can be used to assist them. Andrew Saker of Omni Bridgeway, a major funder, is speaking out.
IP law is a vital part of the Litigation Finance landscape. Patent and intellectual property litigation are industry mainstays, and represent the most-funded legal sector. As such, changes in the IP ecosystem impact the Litigation Finance world as well.
Omni Bridgeway (ASX:OBL) is delighted to welcome renowned leader in emerging markets debt restructuring, Tim DeSieno as its new Global Director of Distressed Debt and Senior Investment Manager.
Forbes Ventures is pleased to announce that, further to the announcement of 2 March 2020, it has established a wholly owned UK subsidiary, Forbes Ventures Cell 1 Limited (the “UK Cell”).
Affiniti Finance, the UK’s leading Consumer Credit litigation funder announces a £250m capital raise deal with a multi-billion dollar US based fund, which it said would ‘significantly’ increase its ability to fund the large volume of mid-range cases, specifically in the financial mis-selling and personal injury sector in the UK.
The Judgement Fund is used by the Bureau of Fiscal Services to provide remuneration to plaintiffs who successfully sue the federal government of the US. This arm of the US Treasury Department has been given leave by the Supreme Court to use the fund to pay insurers.
Litigation Finance is deepening its presence in the shareholder class action scene—challenging businesses when those who invest in them lose money. HESTA, a health-industry-specific fund, is now funding 21 class-action suits representing shareholders.
Multinational companies are choosing international arbitration to settle disputes in greater numbers than ever. For those who make this choice, Litigation Finance can take the financial stress out of the ordeal. Third-party legal funding can be used commercially and internationally.
Current economic conditions are making it more challenging to run a business regardless of industry. In the legal world, budgets are shrinking and GCs, already stretched to the brink, are taking on even more costs. An ability to adapt to circumstances while finding ways to save money is of the essence.
The FCA or ‘False Claims Act’ has secured more than $3 billion in settlements or judgments in civil cases in the 2019 fiscal year alone. Much of that relates to healthcare claims, and nearly two-thirds involve relators—which is another term for whistleblowers. This is not surprising, given the widespread application of Qui Tam provisions that offer a portion of an award to whistleblowers who assist the prosecution with cases under the FCA.
At what point might a David become a Goliath? Some would say that Litigation Finance is the catalyst for such a transformation. Take the case of Akiane Kramarik and the famed portrait of Jesus she painted at age nine. Over the years, she’s been the subject of television appearances, media events, and even a big-budget film. But as she grew up, missing royalty payments and other shady dealings began to emerge.
Global Energy Horizons Corp (GEHC) an alternative energy corporation headquartered in Victoria, British Columbia, Canada has won a significant Judgment against The Winros Partnership (formerly Rosenblatt Solicitors) a City of London based law firm.
All eyes are on a fee request from Quinn, Emanuel, Urquhart, & Sullivan. The class action, which revolved around Obamacare and insurers left unpaid after Congress neglected to pay promised subsidies, was completed in April when the US Supreme Court ruled that insurers were owed roughly $12 billion in unpaid subsidies meant to cover Americans without insurance.
India appears to be the latest country to embrace the practice of Litigation Finance—at least in theory. The Indian Prime Minister, Narendra Modi, recently spoke about foreign investment opportunities in India. One of the many types of foreign investments being encouraged is third-party litigation funding. This leaves some asking whether or not the Indian judicial system is ready for the practice.
Litigation Capital Management Limited, a global provider of disputes funding, publicly listed on the London Stock Exchange’s AIM market, is pleased to announce it has executed an agreement to finance a corporate portfolio transaction to provide a significant finance facility to a subsidiary of a global building and infrastructure contractor to fund a portfolio of its construction claims.
William Farrell, Jr., Managing Director and Co-Founder of Chicago-based Longford Capital, recently appeared on a podcast hosted by K&L Gates. Farrell shared his personal journey from working as a prosecutor in the Cook County prosecutor’s office to founding and managing litigation funding powerhouse Longford Capital.
The False Claims Act has long been a source of contention in modern courts. The law, which dates back to 1863, allows anyone aware of fraud against the federal government to make a claim. The act is often cited by litigation funders, however, a court decision from earlier this week rules that such cases can be easily dismissed.
A data breach impacting at least 500 million guests is the foundation of a class-action-style suit filed against Marriott International. The alleged breaches took place between July 2014 and September 2018, and involve guests around the world, including about 30 million EU residents.
TORONTO, Aug. 20, 2020 /CNW/ – In response to the more than 3,000 small businesses negatively affected by the Eglinton Crosstown LRT project, BridgePoint Financial has launched CrosstownHelpTM, an expropriation and business-loss consulting and financing program to help recoup losses and restore financial and business stability to those impacted by the delayed infrastructure project.
As the federal government in Australia sets up new regulations governing the Litigation Finance industry, some fear that class actions will be much more difficult to pursue. One major change requires that all funders be licensed by ASIC—and meet its expectations of competence, honesty, fairness, and efficiency. That may not seem like a tall order, but it’s not yet certain what hurdles must be cleared to obtain the required licenses.
A previous post asserted that Longford Capital is funding Epistar’s IP claim against the University of California. That information is incorrect. Longford is funding a separate IP claim filed by the Regents of the University of California, which is unrelated to Epistar’s action against the university.
The inaccurate post has been removed, and we regret the error.
It may be the largest privacy-related class action in history, as The Privacy Collective gears up for a class action against Oracle and Salesforce. The action, which alleges the unlawful large-scale collection and storage of internet users’ data in Denmark. Allegedly, the data was shared with multiple commercial and AdTech companies.
What happens when a liquidator lacks the resources to pursue a debt? Often times, the debtor walks away from their responsibilities. That may be changing under Singapore’s new Insolvency Restructuring and Dissolution Act (IRDA)—which took effect just two weeks ago. The Act is part of a larger overhaul of Singapore’s insolvency legislation.
