Explore LFJ’s Thought Leadership library and stay informed through cutting-edge insights and expert perspectives from industry leaders who are defining the legal funding landscape.

As a former litigator who recently obtained his MBA, Andrew offers a unique perspective in his role of creating, developing, and maintaining business relationships with law firms and litigants as LF² expands its commercial program.

Andrew is an Associate Director of Investments at LF². In his role, Andrew works with the Underwriting and Investment team to both analyze and develop potential funding opportunities. Andrew received a Dean’s Merit Scholarship from Cardozo Law School and an MBA from Columbia Business School. Andrew practiced as a commercial litigator prior to entering the litigation finance industry.

Company Name and Description:  Lex Ferenda Litigation Funding LLC. We specialize in funding single commercial cases starting at $1 million.

Company Website: www.lf-2.com

Year Founded: 2020

Headquarters:  Rye, New York

Area of Focus: Business development and underwriting.

Member Quote: I’m grateful to be able to make an impact in such a dynamic industry, particularly as it continues to grow and enhance outcomes within and beyond the legal community.

Stuart Price is the Chief Executive Officer, Managing Director and co-founder of CASL. Mr Price worked in the United Kingdom, the Middle East and Australia during his 30+ year career in banking and investment banking, legal and litigation finance. Mr Price has held senior positions in litigation finance for over a decade with a career highlight being the resolution of a class action against the Queensland State Government for ‘Stolen Wages’ for $190m, on behalf of over 12,000 First Nations peoples.  

Mr Price was instrumental in the establishment of The Association of Litigation Funders of Australia (ALFA), where he was the inaugural CEO and Managing Director from 2018. Mr Price continues as a Director of ALFA.

Mr Price has a 1^st Class Honours Degree in Applied Mathematics from the University of St. Andrews, is a Fellow of the Institute of Chartered Accountants in England & Wales, a member of the Institute of Chartered Accountants in Australia & New Zealand, a Fellow of the Governance Institute of Australia and a Fellow of FINSIA.

Company Name and Description: CASL was founded in 2020 by John Walker and Stuart Price with the objective of creating a level playing field and providing access to the legal system for claimants to prosecute meritorious claims.

CASL is a significant litigation funder in the Australian market, raising investment capital of $156m in 2022 that represents one of the largest dedicated pools of capital to this market.

Company Website: https://www.casl.com.au/

Year Founded:  2020

Headquarters: Sydney

Area of Focus: Litigation Finance

Member Quote: CASL has one of the most experienced litigation finance teams which when combined with substantial financial resources, enables it to be a leading provider of litigation finance with local decision making.

Sam Klatt is the Chief Investment Officer at 10 East, where he is responsible for sourcing and managing investment opportunities.

Mr. Klatt has +20 years of experience investing in public equities real estate, private credit, private equity, and venture capital. Prior to founding Portage Partners and then 10 East, Mr. Klatt was a vice president at M.D. Sass, a private investment manager that focused on traditional and alternative investment strategies.

Mr. Klatt received an M.S. in Real Estate Development from Columbia University in 2010 and earned a B.A. in Economics from Johns Hopkins University with a minor in Entrepreneurship and Management. Mr. Klatt is also a Chartered Financial Analyst.

Company Name and Description: 10 East, led by Michael Leffell, allows qualified individuals to invest alongside a seasoned team with a decade+ historical track record of strong performance in litigation finance, private credit, real estate, niche venture/private equity, and other one-off investments that aren’t typically available through traditional channels.  

Benefits of 10 East membership include:   

• Flexibility – members have full discretion over whether to invest on an offering-by-offering basis.  
• Alignment – principals commit material personal capital to every offering.   
• Institutional resources – a dedicated investment team that sources, monitors, and diligences each offering.  

10 East is where founders, executives, and portfolio managers from industry-leading firms diversify their personal portfolios. 

Company Website: 10east.co

Year Founded: 2011, as Portage Partners, rebranded as 10 East in 2022 

Headquarters:  New York

Area of Focus: Litigation finance, real estate, private credit, and niche venture/private equity. Emerging managers, independent sponsors, and one-off co-investments.

Member Quote: Our principals, partners and members have invested more than $100 million in litigation finance opportunities since inception—it’s a strategy where we often identify highly attractive risk/return asymmetry with the added benefit of being less correlated to the markets.

Mats Geijer is a lawyer by training, with a background in shipping and insurance companies, and a pioneer in the Scandinavian litigation funding market for the past 10 years. Currently head of Scandinavia at one of Europe’s oldest litigation funders, DEMINOR, Mats is a Swedish legal expert and an experienced business manager who has worked on a broad range of domestic and multi-national disputes with a particular focus on management liability, post-M&A-litigation and insurance disputes.

Mats comes with experience working for renowned international litigation funders and insurance companies, and is viewed as a pioneer in the Scandinavian Litigation Funding market, the “daddy of Nordic dispute funding” as someone once said. He worked on some of the first known deals in the region 10+ years ago and was recruited to setup the Deminor office in Stockholm during 2023.

According to Mats: "Now one year down the line, it’s been a roller coaster ride, with lot’s of traveling to see old and new faces in the legal community in Scandinavia and Europe. The opening of the office coincided with a dip in the economy, high inflation, high interest rates and generally a lot of stress in the financial system. The first case came in on day two from a bankruptcy estate when I literally had just gotten myself “online” after the summer break, and it hasn’t stopped.

Another aspect that I have really enjoyed at Deminor is the opportunity to work with private enforcement on Antitrust cases, this is an interesting and growing market in Scandinavia. To summarize, it has been a positive start and I hope we can continue the positive momentum during the years to come. Everyone in the industry is always welcome to pay us a visit in Stockholm, the capital of Scandinavia (in the view of Swedes at least)."

Company Name and Description:  Founded in 1990, Deminor is a leading privately-owned and international litigation funder with offices in Brussels, London, Hamburg, Madrid, New York, Stockholm, Hong Kong, Milan, and Luxembourg. Deminor’s name, derived from the French ‘défense des minoritaires’, reflects its origins in providing services to minority shareholders. Deminor is still very much defined by the pursuit of good causes and its determination to restore justice for clients. Deminor is the brand name of the Deminor Recovery Services group, a group of companies whose strategic focus is to assist businesses and investors in monetising legal claims. Deminor is ranked Band 1 by Chambers and Partners for Litigation Funding in Europe.

Company Website: www.deminor.com

Year Founded:  1990

Headquarters:  Brussels, Belgium

Area of Focus:  Litigation Funding of commercial disputes in Scandinavia, primary target is arbitration proceedings. Antitrust and private enforcement on behalf of claimants. Investment recovery assistance on securities litigation on behalf of institutional investors.

Member Quote: The service we provide is a win-win for all parties - when done in the right way!

Jeffrey T. Zaino, Esq. is the Vice President of the Commercial Division of the American Arbitration Association in New York. He oversees administration of the large, complex commercial caseload, user outreach, and panel of commercial neutrals in New York. He joined the Association in 1990. Mr. Zaino is dedicated to promoting ADR methods and services.

His professional affiliations include the American Bar Association (Dispute Resolution, Litigation, and Business Law Sections), Connecticut Bar Association, District of Columbia Bar Association, New York State Bar Association (Dispute Resolution Section - Executive Committee Member and Chair of the Blog Committee; Commercial & Federal Litigation Section, Chair of the Arbitration and ADR Committee), New York City Bar Association (Member of the Arbitration Committee and Affiliate Member of the ADR Committee), Board of Advisors of the Scheinman Institute on Conflict Resolution, New York Law School ADR Advisory Committee, American Bankruptcy Institute, and Westchester County Bar Association.

He has also written and published extensively on the topics of election reform and ADR, including several podcasts with the ABA, TalksOnLaw, and Corporate Counsel Business, and has appeared on CNN, MSNBC, and Bloomberg to discuss national election reform efforts and the Help America Vote Act.  He was deemed a 2018 Alternative Dispute Resolution Champion by the National Law Journal and received awards for his ADR work from the National Academy of Arbitrators, Region 2 and Long Island Labor and Employment Relations Association, New York State Bar Association (Commercial and Federal Litigation and Dispute Resolution Sections).

Company Name and Description: The not-for-profit American Arbitration Association^® (AAA^®)-International Centre for Dispute Resolution^® (ICDR^®) is the largest private global provider of alternative dispute resolution (ADR) services in the world.

With that comes enormous responsibility, which the AAA-ICDR^® embraces. Its work lessens the load of a tremendously overburdened court system. Its efforts ease the financial hardships of those shattered by natural disasters. The foundation it established supports access to justice for all. 

The AAA-ICDR has a core dedication to service and particularly to education. It would be gratifying to focus on teaching people to stay out of disputes; however, since that is not a realistic objective in today’s world, the AAA-ICDR provides fair, rational, faster, and less adversarial means to handle the disputes that inevitably arise. 

Contrary to a common misperception, arbitration is confidential—not secretive. Parties are free to talk about their cases; it is the AAA-ICDR and the arbitrators who are bound to keeping parties’ confidences, similar to a judge and jury. 

Company Website: www.adr.org

Year Founded:  1926

Headquarters:  NYC

Area of Focus:  Commercial, Construction, Consumer, Employment, Government, International, and Labor

Member Quote: I look forward to working with the members of the Legal Funding Journal to collaborate on various efforts, including the promotion of arbitration and mediation.

Genevievette Walker-Lightfoot brings extensive expertise in compliance, risk management, and regulatory affairs. As the Managing Member of The Law Offices of Genevievette Walker-Lightfoot, P.C., she ensures SEC-regulated entities adhere to compliance standards. With ties to FINRA and previous positions at the Federal Reserve Board and the U.S. Securities and Exchange Commission, she has been listed among The Hedge Fund Journal's Top 50 Women in Hedge Funds.

Hedonova, established in 2020, specializes in alternative investments, encompassing a diverse range of assets such as startups, real estate, fine art, carbon credits, and more. Hedonova offers a single fund structure that allows shareholders to invest without the burden of managing the day-to-day distribution of their investments. Hedonova's mission is to make alternative investments accessible to all.

Below is our LFJ Conversation with Genevievette Walker-Lightfoot:

1. Hedonova has a unique business model. Can you explain how the fund works?

Certainly, the Hedonova fund operates on a single fund structure, which means that instead of offering multiple funds with different risk profiles, we consolidate various alternative investments into one accessible option for investors. This simplifies decision-making for our clients, as they don't have to navigate multiple investment choices. Within this single fund, we strategically diversify across different asset classes, such as startups, real estate, art, litigation finance, and more. By spreading investments across diverse assets, we aim to manage risk effectively and potentially enhance returns for our investors.

2. How do you make it possible for investors worldwide to access alternative investments?

We prioritize global access to alternative investments through several means. Firstly, we leverage user-friendly online platforms, making it easy for investors worldwide to explore and invest in our fund. Hedonova has established and operates four feeder funds within its international framework across various jurisdictions, each meticulously structured under the relevant local laws. Additionally, we establish strategic partnerships with financial institutions across different regions, enabling us to reach a wider audience. Through these partnerships, we ensure that investors from various parts of the world can seamlessly participate in our fund, tapping into the opportunities offered by alternative investments. 

3. How are you adapting your business to the new regulatory requirements of the SEC’s Private Adviser Rule?

Adapting to the new regulatory requirements of the SEC’s Private Adviser Rule is a key focus for us. We're enhancing our compliance measures and transparency practices to align with the regulatory framework. This involves thorough reviews of our operations and investment processes to ensure compliance. Additionally, we're strengthening our communication channels with investors, providing them with clear and transparent information about our fund and its compliance with regulatory requirements. We aim to maintain trust and confidence in our operations by prioritizing investor protection and regulatory compliance.

4. Are there unique challenges in the Litigation Funding space for Hedonova?

Yes, the Litigation Funding space presents its own set of unique challenges. One significant challenge is assessing the financial viability of litigation cases. We carefully evaluate factors such as potential costs associated with litigation, the likelihood of successful resolution, and the estimated timeline for outcomes. Maintaining transparent communication with all parties involved, including law firms and plaintiffs, is crucial. We navigate these challenges by implementing rigorous evaluation processes and fostering open dialogue with our partners, ensuring alignment of interests and effective management of risks.

5. What are the advantages for investors in litigation finance?

Investors stand to gain several advantages from investing in litigation finance. Firstly, it offers the potential for high returns, as successful litigation cases can result in significant settlements or awards. Additionally, litigation finance typically involves shorter investment horizons than traditional investments, allowing investors to realize returns within a shorter timeframe. Moreover, litigation finance often exhibits a low correlation with traditional markets, providing diversification benefits to investors. By incorporating litigation finance into their portfolios, investors can access alternative sources of income and enhance overall portfolio resilience.

6. What are the types of litigation finance cases that Hedonova has invested in?

Hedonova has invested in various types of litigation cases across different sectors. These include commercial lawsuits, intellectual property disputes, class action lawsuits, and more. Each case undergoes a thorough evaluation process, where we assess its financial viability, the strength of legal arguments, and the expertise of the legal team involved. By diversifying across different litigation cases, we aim to spread risk and maximize potential returns for our investors.

7. How can investors use litigation finance to diversify their portfolios?

Investors can utilize litigation finance to diversify their portfolios by capitalizing on its non-correlation with traditional assets, as returns from legal cases are often unaffected by economic fluctuations. Diversification within the litigation finance asset class itself spreads risk across various cases with different risk profiles, mitigating the impact of any single case's outcome. With the potential for high returns and exposure to alternative assets beyond stocks and bonds, litigation finance offers a unique avenue for portfolio diversification. Additionally, investors gain access to specialized legal expertise and thorough due diligence processes conducted by litigation finance firms, enhancing their investment decisions. As the litigation finance industry matures, it presents opportunities for long-term growth, making it an attractive option for investors seeking to broaden their investment horizons.

Our guest today is Marci Waterman, President of Sterling Analytics. Sterling Analytics audits billions of dollars of legal spend annually to help companies manage their outside legal expenses through a reliable and consistent process of review.

Prior to joining Sterling Analytics, Marci was a New York City prosecutor in the Major Narcotics Unit serving as a felony trial attorney. Marci also serves as Chief Operating Officer of SterlingRisk — one of the nation’s top independently owned insurance brokerage firms — where she oversees the company’s activities.