The pandemic is far from over, but the steps that legal firms are taking to mitigate it have only just begun. Third-party funders are already seeing shifts in the way firms are approaching them. It’s not surprising that law firms will be creative and proactive in heading off financial woes before they occur—but it is startling how quickly things are changing.
An Australian class-action suit against prominent online entities has taken major strides forward in recent weeks. Targeting Facebook, Google, and Twitter over their refusal to accept cryptocurrency advertising, the case has amassed over one billion Australian dollars. This staggering number makes it one of the largest class action cases in the country.
In her 65-page decision, Justice Jillian Mallon ruled that the case against Ross Asset Management will go to trial. This came after ANZ Bank filed to have the case thrown out before trial. Ross Asset Management has been called the biggest Ponzi scheme in New Zealand since its went under in 2012.
Balanced Bridge Funding, LLC (“Balanced Bridge”), a specialty finance firm based outside Philadelphia, is ramping up their legal funding efforts to provide capital to plaintiffs and attorneys working on a contingency fee basis. Balanced Bridge’s post-settlement funding product is specifically designed to help bridge applicants from the time of settlement to final distribution of payment.
Last week, Dealmakers hosted a virtual event titled ‘Law Firm-Funder Partnerships in a Time of Economic Uncertainty.’ The event was sponsored by Validity Finance, and featured a panel of speakers including Alanna Clair (AC), Partner at Dentons, Jordan Goldstein (JG), Partner and GC at Selendy & Gay, Joshua Libling (JL), Portfolio Counsel at Validity, and Reed Oslan (RO), Partner at Kirkland & Ellis. The panel was hosted by Bob Robertson (BR), Strategic Advisor at Dealmakers.
HOUSTON, April 28, 2020 /PRNewswire-PRWeb/ — Lex Mundi, in conjunction with members of the Lex Mundi Litigation, Arbitration and Dispute Resolution Group, has published the first-of-its kind interactive guide – Lex Mundi Global Attorney-Client Privilege Guide. This one-of-a kind guide allows users to compare common and civil law attorney-client privilege information for more than 65 jurisdictions around the world — all in a side-by-side customized report.
Given that the stock market has fallen almost 20% in the last 30 days, securities claims are expected to surge. The need for increased operational funds and asset liquidity makes Litigation Finance an attractive option for companies facing such claims.
It’s clear that insurers and policyholders are keeping a close eye on the law as it pertains to pandemics. Clauses in contracts specifically related to viral or biological agents will take center stage in new lawsuits that are sure to spring up after COVID-19 precautions have taken a heavy toll on businesses.
Convicted of fraud in 2007, Alexander Tugushev is now suing a former business partner. The case is being funded by 17 Arm, a firm advised by a former prosecutor and former foreign secretary, and is raising questions due to the high-profile nature of those involved, and because of the use of Litigation Finance.
NEW YORK, April 22, 2020 /PRNewswire/ — Tribeca Capital Group, LLC, a leading voice in the field of consumer pre-settlement funding, is pleased to announce its new initiative designed to expand its lawsuit client base to include high dollar commercial plaintiffs and the law firms who represent them.
LONDON, April 24, 2020 /PRNewswire/ — AxiaFunder, the UK’s first for-profit litigation funding platform, today announces its second case win, returning 93.75% to investors in just 15 months.
The following article is part of an ongoing column titled ‘Investor Insights.’
Brought to you by Ed Truant, founder and content manager of Slingshot Capital, ‘Investor Insights’ will provide thoughtful and engaging perspectives on all aspects of investing in litigation finance.
In a typical scenario, contingency cases involve Davids v. Goliaths. That is to say, usually smaller law firms are the ones who take cases on contingency. Established firms are less likely to take cases on a contingency basis, but that may be changing—thanks in part to litigation funding.
April 20, 2020, Chicago IL–Delta Capital Partners Management LLC, a global private equity firm specializing in litigation and legal finance, today announced the hiring of a new senior executive.
SAN CARLOS, Calif., April 14, 2020 (GLOBE NEWSWIRE) — BioCardia, Inc. (Nasdaq: BCDA), a leader in the development of comprehensive solutions for cardiovascular regenerative therapies, today reported it has entered into an agreement for litigation financing which has been filed today with the Securities and Exchange Commission on Form 8-K.
The first episode in this series is titled “An Introduction to a New Yet Old Funding Alternative” and is co-produced by West LegalEdCenter™. It will feature Jeremy Waitzman (Sugar Felsenthal Grais & Helsinger LLP); Dave Kerstein (Validity Finance LLC); Christopher Freeman (Burford Capital); and Joel Cohen (Stout).
The following article is part of an ongoing column titled ‘Investor Insights.’
Brought to you by Ed Truant, founder and content manager of Slingshot Capital, ‘Investor Insights’ will provide thoughtful and engaging perspectives on all aspects of investing in litigation finance.
The growing influence of litigation finance in the global legal environment has led to increased regulation and certain ethical concerns. That said, funders, clients, and legal professionals are all feeling optimistic about the impact of lit fin in the future. In addition, new markets are opening up in Asia-Pacific and elsewhere.
SYDNEY, 14 April 2020: Omni Bridgeway Limited (ASX:OBL) is delighted to announce the appointment of Raymond van Hulst to the Board of Directors, effective 9 April 2020.
Staggering data has emerged in the class action suit against Southern Response, showing that the liability of the New Zealand federal government could surpass $400MM. This estimate is based on the nearly 3,000 plaintiffs subjected to unlawful behavior by Southern Response—who had assumed responsibility for claims sold by private insurer AMI, which was liquidated in 2012.
This publication will be hosting a special digital conference on April 16th, discussing the topic of COVID-19 and the impact it has had on the litigation funding and broader legal services industry.
A new report from Wolverhampton University Professor Peter Walton shows a 50% increase in the UK insolvency litigation market over the last four years. Given the financial stress caused by COVID-19, we can only assume that the increase in insolvency litigation will continue apace.
The following piece was contributed by Joshua Libling, Portfolio Counsel at Validity Finance, LLC.
Litigation finance has always billed itself as a way of helping meritorious claims regardless of the economic strength of the litigant. The coronavirus pandemic is now exerting enormous and growing stress on law firms and clients. If ever there was a moment for litigation finance to live up to its own hype, this is it. We think it can.
NEW YORK, April 7, 2020 /PRNewswire/ — Ankura, a global business advisory and expert services firm, today announced its appointment of Robert Capper as Senior Managing Director. Based in London, Mr. Capper bolsters Ankura’s complex investigations capabilities for clients in Europe, the Middle East and Africa (EMEA), Asia and globally. A former member of the British Intelligence Services, Mr. Capper specializes in high-profile sovereign disputes and asset tracing, as well as fraud and white-collar crime investigations.
The following piece was contributed by Louis Young, Managing Director of Augusta Ventures.
The Legal Services industry, like many others, is today racing to come to terms with the implications of coronavirus. A range of impacts have been felt to date, including cases being put on hold, staffing concerns and critically, cash flow issues. With clients under pressure, bills aren’t being paid and pipeline looks increasingly uncertain. Alongside this, law firms have high fixed costs, particularly staff, so income is urgently needed.
TORONTO, ON / ACCESSWIRE / April 6, 2020 / Stans Energy Corp. (HRE.V)(HREEF) (“Stans” or the “Company”) is pleased to announce that it has entered into a Cooperation agreement with its Finance Providers to secure financing for the Award recognition and enforcement proceedings. This Agreement is an extension of the existing Litigation funding agreement of March 2018, and its main terms provide for the following:
