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Case Developments Commercial

Inventor Leverages Litigation Funding to Beat Microsoft

By John Freund |
One of the great benefits of third-party legal funding is the ability for small companies and even individuals to fight on a level playing field against the world’s largest corporations. This dynamic was made evident in a recent case, where a US inventor was able to achieve a $10 million award for patent infringement from Microsoft, after enlisting the support of a litigation funder.
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Announcements Case Developments Commercial

English Court of Appeal decides that ground-breaking £93m legal claim brought on behalf of rail passengers against train operating companies can proceed

By John Freund |
London’s specialist competition court, the Competition Appeal Tribunal (CAT), decided in October 2021 that a class action should proceed on behalf of rail passengers who are allegedly being overcharged by the Southeastern and South Western rail franchises by not making ‘boundary fares’ sufficiently available. Southeastern and South Western could have taken last year’s decision as a prompt to do the right thing by their customers and offer compensation. Unfortunately, they sought to delay resolution of the case, and ultimately the payment of compensation, by pursuing an appeal.
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Commercial Special Features

Key Takeaways from LFJs Special Event: How Investors Approach Litigation Finance

By John Freund |
On Thursday, July 14th, Litigation Finance Journal hosted a digital event, “How Investors Approach Litigation Finance.” The event featured a unique cross-section of investor types, including David Gallagher, Co-Head of Litigation Investing at The D.E. Shaw Group, CJ Wei, Vice President of Private Credit at Northleaf Capital, Benjamin Blum, Managing Director at Flexpoint Ford, LLC, David Demeter, Director of Investment at Davidson College, and Kendra Corbett, Partner at Cloverlay. The event was moderated by Ed Truant, Founder of Slingshot Capital.
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Commercial Regulatory Issues

The Role of Superannuation Funds in Litigation Finance

By John Freund |
The role of superannuation funds in litigation finance (specifically in funding class action claims) has been highlighted by industry insiders in Australia, who point to it as a benefit to the funds themselves and also an encouragement of good corporate governance. The recent example of HESTA, a super fund based in Sydney, taking part in a class action lawsuit against multiple financial service companies, has demonstrated both the appetite and the potential benefits of such engagements.
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Announcements Deals

Brown Rudnick advises on £100m litigation funding partnership between North Wall Capital and PGMBM

By John Freund |
International law firm Brown Rudnick has advised alternative investment firm North Wall Capital on a £100m litigation funding partnership with PGMBM, a law firm focused on environmental, social and corporate governance cases. The investment will be used by PGMBM to address the growing demand from consumers and other victims of injustice to seek recourse against corporates.
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Commercial Special Features

What Lloyd v. Google Means for UK Class Actions and Litigation Funders

By John Freund |
The Lloyd v. Google claim has given rise to some thought-provoking questions:
  • Has Google breached its duties as a data controller? If so, have class members of the ensuing collective action suffered quantifiable damages?
  • How exactly should “same interest” be determined in a case regarding the misuse of data?
  • Do individual members of a class have to demonstrate material harm in order to receive recompense?
In the following article, we will explore the answers to these and other questions that have arisen from Case UKSC 2019/0213, otherwise known as Lloyd v. Google.
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Commercial Regulatory Issues Special Features

Federal Court of Australia approves its power to make future orders for class closure

By John Freund |
The following piece was contributed by Lillian Rizio and Max Hensen of Australian law firm, Piper Alderman.  The Full Federal Courts’ decision in Parkin v Boral Limited (Class Closure) [2022] FCAFC 47 (Parkin) confirms the courts’ power to issue pre-mediation (and settlement) soft class closure notices to group members. The decision hints at the (positive) appetite of the Federal Court in making future orders for class closure that facilitate a just outcome,[1] simplifies the assessment of quantum prior to settlement, and reduces an element of risk in funded litigation.
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Announcements Consumer

Mustang Litigation Funding of Wayzata, Minnesota; Mustang Specialty Funding I and II; James “Jimmy” Beltz, and Kevin Cavanaugh Remove Legal Bay Lawsuit to New Jersey Federal Court

By John Freund |
Legal Bay, The Lawsuit Settlement Funding Company, announced today that on June 15, 2022, its recent New Jersey State Court lawsuit filing against Mustang Legal Funding and its principals has been removed to the United States District Court for the District of New Jersey, Newark Vicinage, by the Mustang Entities, James Beltz, and Kevin Cavanaugh. The case now bears the following docket name: Legal Bay LLC v. Mustang Funding LLC, et al., No. 22-cv-3941 (ES) (JBC). The matter has been assigned to District Judge Esther Salas and Magistrate Judge James B. Clark, III.
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Announcements Commercial Deals

DLA Piper launches global partnership with UNHCR

By John Freund |

DLA Piper today announces a new partnership with the UN Refugee Agency (UNHCR) that will see the two organisations working collaboratively to develop innovative responses to the global refugee crisis, enhance refugee integration and advocate for impactful, systemic change. During the first three years, DLA Piper will provide pro bono support worth over $3.7m and contribute financially to the agency’s global programmes.

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Case Developments Commercial

Therium Funds Multi-Billion Pound Action Alleging Truck Cartel Price Collusion 

By John Freund |
Six producers of big rigs have allegedly conspired in a 14-year scheme to defraud government regulators over emissions mandates. The Competition Appeal Tribunal has approved a £2B claim marking a historic first for United Kingdom collective actions. The Road Haulage Association (RHA) is representing an estimated 18,000 claimants as the beneficiaries of the hopeful award. 
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Case Developments Commercial Special Features

Federal Court of Australia makes first aggregate damages award in a funded representative proceeding in Toyota Class Action

By John Freund |
The following piece was contributed by Martin del Gallego and Matthew Harris of Australian law firm, Piper Alderman. This article considers a recent decision of the Federal Court of Australia, awarding damages to class action claimants on an aggregate basis.  Aggregate damages is a rare global award which covers all group members described or identified in the award.  This was the first instance of aggregate damages being awarded to a funded litigant in Australia, and may spur a trend in representative claims brought on this basis.
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Announcements Commercial People Moves

Validity Finance Expands into California with Addition of Former Covington & Burling Litigator Mark Chen and Several Distinguished Advisors

By John Freund |

Leading litigation funder Validity Finance  announced it has expanded to California, adding experienced litigator Mark Chen as portfolio counsel in Los Angeles.  Mr. Chen was previously special counsel with Covington & Burling in LA, representing clients in complex commercial disputes, including major intellectual property cases in the entertainment sector. In his new role, he will help assess Validity’s funding opportunities with law firms and businesses in Southern California and the West Coast.

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Commercial Fundraising

Bloomberg Law on Historic ‘Secondary Deal Fund’ Landing $750M 

By John Freund |
Bloomberg Law profiles Ashley Keller and Adam Gerchen as serial law entrepreneurs who have now raised $750M to fund the first secondary transaction litigation fund. Six years ago, Mr. Keller and Mr. Gerchen made headlines by selling their litigation finance firm for upwards of $160M to Burford Capital. Bloomberg Law reports that the secondary deal landscape for litigation finance is in its infancy. News of Keller and Gerchen’s new secondary market fund (under the banner of Gerchen Capital Partners) is being viewed as a signal of the maturing nature of litigation investment broadly. 
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Announcements People Moves

Victory Park Capital Bolsters Legal Finance Team with Additions of Chad Clamage and Ahmed Eltamami

By John Freund |

Victory Park Capital (“VPC”), a leading global alternative investment firm, today announced the additions of Chad Clamage, Principal, and Ahmed Eltamami, Vice President, to the firm’s investment team. Clamage and Eltamami are primarily responsible for sourcing, analyzing, executing and managing investments within legal finance. They will work closely with Luke Darkow, Principal, and Richard Levy, Chief Executive Officer, Chief Investment Officer & Founder, who leads the legal finance strategy at VPC.

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Commercial

Key Takeaways From LFJ’s Podcast With Erik Bomans, CEO and Executive Board Member of Deminor

By John Freund |
On the latest episode of the LFJ Podcast, we spoke with Erik Bomans, CEO and Executive Board Member of Deminor. Mr. Bomans discussed recent developments and trends in litigation funding in continental Europe, including what the total addressable market looks like and how that is expected to grow over time, how country-specific jurisdictions are differentiated, some of the main barriers to investing in litigation funding in Europe, and how the regulatory environment across the continent can actually be a benefit to funders.
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