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Court Issues Carriage Decision in Ukraine Airlines Flight PS752 Class Action

The Ontario Superior Court of Justice has awarded carriage of the proposed class action to the Arsalani Plaintiffs. On January 8, 2020, UIA Flight PS752 took off hours after the IRGC fired and struck US bases in Iraq. Minutes after takeoff, IRGC missiles struck Flight PS752, causing it to crash to the ground. There were no survivors.

The proposed class action is on behalf of the passengers and the passengers’ families. It alleges the Islamic Republic of Iran, the Islamic Revolutionary Guard Corps (IRGC) (collectively the Iran Defendants) and Ukraine International Airlines PJSC (UIA) are liable in negligence: the Iran Defendants continued to operate and control the airport, aircraft and airspace in exchange for flyover fees after it launched missiles at the US military bases in Iraq and the UIA did not ground the Aircraft.

Regarding state immunity of the Iran Defendants, the Court agreed that state immunity is not absolute, it can be lifted in this case through the commercial activity exception.

In a lengthy and well reasoned decision, the Court reviewed the numerous carriage factors that favoured the Arsalani Plaintiffs. The Honourable Court awarded carriage to the Arsalani Plaintiffs finding “it is in the best interests of the class, having regard to access to justice, judicial economy, and behaviour modification.”

“We are grateful for this important court decision as we seek justice and compensation for our loved ones” said Omid Arsalani, whose sister, brother-in-law and niece perished on Flight PS752.

“With the help of our team, we will continue to work through the courts to seek justice and compensation” said Tom Arndt, of TWA Law, a leading class action lawyer representing the class members.

The Court found that third party litigation funding and indemnity were the most important factor favouring carriage to the Arsalani Action. The court previously approved the Galactic Funding Agreement in a decision released on September 21, 2020.

“We are prepared to go the distance with TWA Law as they prosecute the Arsalani Action to completion” said Fred Schulman, Chairman and CEO of Galactic Litigation Partners LLC.

Members of the proposed class action are encouraged to consult the case specific website regarding progress of the litigation: www.flightps752.ca

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Announcements Consumer

Golden Pear Upsizes Corporate Note to $78.7M Amid Growth Plans

By John Freund |

Golden Pear Funding has extended and upsized its investment-grade corporate note to $78.7 million, further bolstering the firm's capacity to serve the expanding litigation finance sector. The New York-based funder, a national leader in both pre-settlement and medical receivables financing, said the proceeds will support working capital and fuel strategic growth initiatives.

A press release from Golden Pear outlines how the capital raise reflects continued investor confidence in the firm’s business model. CEO Gary Amos noted that the infusion is critical as Golden Pear seeks to scale alongside the “rapidly expanding litigation finance market.” CFO Daniel Amsellem added that the new funding aligns with the company’s capital allocation strategy, aimed at optimizing operational efficiency and executing strategic projects.

Brean Capital, LLC acted as the exclusive financial advisor and sole placement agent on the transaction.

Founded in 2008, Golden Pear has funded more than $1.1 billion to over 87,000 clients and remains one of the largest specialty finance companies in the U.S. Its business model spans legal case funding and medical receivables purchasing, with backing from a network of private equity partners that provide institutional support for continued expansion.

Announcements Regulatory Issues

LionFish Updates Model Documents in Response to CJC Report

By John Freund |

LionFish Litigation Finance Ltd has released a new suite of model litigation funding documents, updating its original set from February 2021. The revision comes on the heels of the Civil Justice Council's (CJC) Final Report on Litigation Funding, issued on 2 June 2025, which calls for a regulatory structure informed by best practices, including key principles published by the European Law Institute (ELI) in October 2024.

A LionFish press release details that the updated suite incorporates several of the ELI Principles (notably 4-12) and broader CJC recommendations, except where doing so would require legislative or procedural reform. LionFish's goal, according to Managing Director Tets Ishikawa, is not to dictate market norms but to foster industry-wide standardisation and efficiency. This proactive move is also intended to spark further collaboration between funders, insurers, and legal practitioners to develop trade practices akin to those in mature financial markets, such as those promoted by the Loan Market Association and the International Swaps and Derivatives Association.

The new suite includes three core documents: a litigation funding agreement, a priorities deed to define proceeds distribution, and an assignment deed for insurance benefits. Notably, LionFish has also added documentation for co-investment arrangements, reflecting a growing trend in syndicated funding deals. The funder has already closed seven such transactions.

Managing Director Tanya Lansky emphasised that while litigation funding remains complex, making documentation public enhances transparency and facilitates quicker deal closings—an essential factor for sustaining market growth.

As litigation finance continues to mature, this move by LionFish highlights a shift toward professionalisation and standardisation. With regulators increasingly focused on transparency and fairness, such initiatives may set a de facto benchmark for others in the industry. The question remains: will other funders follow suit, or will regulatory mandates be needed to compel alignment?

Announcements Commercial Legal Innovation

Backlit Capital Solutions Launches Legal Finance Consultancy

By John Freund |

Backlit Capital Solutions has announced the launch of its full-service legal finance consultancy. The firm aims to provide comprehensive funding solutions for legal claims, offering services that include litigation finance, arbitration funding, and judgment enforcement strategies.

An article in PR Newswire states that Backlit Capital Solutions is positioning itself as a comprehensive provider in the legal finance sector, aiming to serve a diverse clientele that includes claimants, law firms, lenders, and investors. The firm's service offerings encompass litigation finance, arbitration funding, and judgment enforcement strategies, indicating a broad approach to legal funding solutions.

The launch of Backlit Capital Solutions reflects a growing trend in the legal finance industry, where firms are expanding their services to address the multifaceted needs of legal claimants and their representatives. By offering a suite of services under one roof, Backlit Capital Solutions aims to streamline the funding process and provide tailored solutions to its clients.

As the legal finance landscape continues to evolve, the entry of firms like Backlit Capital Solutions underscores the increasing demand for specialized financial services in the legal sector. Their comprehensive approach may set a new standard for how legal finance consultancies operate, potentially influencing the strategies of existing and emerging players in the market.