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Deminor Raises EUR 100 Million to Support Global Growth

By Harry Moran |

Deminor Raises EUR 100 Million to Support Global Growth

Deminor, a leading global litigation funder, is pleased to announce the successful completion of a EUR 100 million funding round. The proceeds will be used to support the continued expansion of Deminor’s litigation portfolio across its three core regions: Continental Europe, the UK and Asia.

Next to this major funding milestone, Deminor has also achieved the “Certified B Corporation™” status, becoming the first litigation funder outside the US to do so. This certification highlights the company’s commitment to high standards of social and environmental performance, transparency, and accountability.

  1. Over the past few years, Deminor has significantly diversified its portfolio in terms of both claim types and geographic reach. Originally focused on securities actions for investors in Continental Europe, Deminor now finances a broad range of claims, including competition and antitrust cases, collective consumer actions and commercial litigation/arbitration throughout its three core regions: Continental Europe, the UK and Asia.

The firm currently funds 47 active cases and has funded a total of 85 cases across 23 jurisdictions. Notably, 78.8% of all concluded cases have resulted in positive outcomes for clients—reflecting Deminor’s disciplined case selection and prudent risk management approach.

Deminor also leverages a proprietary digital platform to deliver technology-driven solutions for managing mass claims in areas such as securities, antitrust, and consumer law.

  1. The latest investment round of EUR 100 million, comprising equity, senior and junior debt, and asset-backed financing, includes participation from a diverse group of investors. These include Contingency Capital LLC (New York), which provided a EUR 72 million (USD 80 million) secured credit facility to the company, alongside finance&invest.brussels SA (backed by the Brussels regional government and local financial institutions), Stalusa (a Belgian family office), and Saffelberg Investments (a Belgian private equity firm). Existing shareholders, including Deminor’s management team, also participated in the round.

Despite challenging market conditions and regulatory uncertainty in 2023 and 2024, the legal finance sector remains resilient and is expected to record strong growth in 2025 and beyond. Key drivers include growing market awareness, restricted corporate credit access, and a rising number of collective actions by both businesses and consumers.

  1. As the first litigation funder outside the USA to achieve B Corp certification, Deminor reaffirms its mission as a value-driven organization. High ethical standards have always guided its investment strategy, and the firm is proud to support claimants who might otherwise lack access to justice. Deminor believes this approach promotes a more balanced legal landscape and contributes to a fairer economy and society.

About Deminor: 

Founded in 1990, Deminor is a Band 1 Chambers & Partners international litigation funder with offices in Brussels, London, Hamburg, New York, Hong Kong, Madrid, Milan, Stockholm 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. 

Combining skill sets from 19 different nationalities and 22 languages, Deminor has actively supported cases in 23 different jurisdictions, including the Americas, the Middle East and offshore centres such as the Cayman Islands and Bermuda. 

In addition to funding one-to-one commercial claims, Deminor originates, syndicates and funds group actions. In 2018, Deminor was instrumental in securing the two largest securities settlements in Europe (EUR 1.4 bn in the Steinhoff case and EUR 1.3 bn in Fortis/Ageas).

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Harry Moran

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Gryphon Law Launches as Contingency-Fee Firm for International Disputes

By John Freund |

A new player is entering the international disputes arena—this time with a distinct twist on legal funding. Gryphon Law has officially launched as the first law firm globally to specialize in contingency-fee representation for cross-border disputes.

Gryphon Law aims to offer an alternative to third-party litigation funding by shouldering the cost of legal claims in return for a share of the outcome. Based in New York and with plans to expand into London and Miami, the firm targets clients who might otherwise turn to traditional funders, offering instead to partner with them directly through performance-based fee structures.

The firm was founded by John Templeman, a seasoned international disputes attorney qualified in New York, England & Wales, and Australia, who previously held roles at leading global law firms. Templeman has assembled a multilingual team capable of handling the full lifecycle of international litigation and arbitration in English, Spanish, and French—from initiation to enforcement. Co-founding the venture is Daura Dutour, an 18-year disputes veteran with experience in the U.S., France, and Haiti, supported by three additional associates.

Templeman stated: "I believe there's a real opportunity in the market to provide clients with an appealing alternative to third party funding, particularly in the sub-US$30 million value range below where many of the funders operate. I've been fortunate to assemble a world-class team of disputes lawyers who share this vision – we're looking forward to contributing to this rapidly evolving field.”

Gryphon Law’s business model suggests a more vertically integrated approach to litigation finance—embedding the funder role within the law firm itself. For clients, this could mean greater alignment of interests, fewer intermediaries, and possibly reduced costs when compared to traditional third-party funding arrangements.

Announcing the First Italian Securitization of Personal Injury Claims

The following was contributed by Francesco Dialti, Partner of CBA Studio Legale.

Litigation funding is a mechanism that is gradually taking root in the Italian market. In turn, application of Italian securitization mechanism to litigation funding is a very recent phenomenon.

So far, there had been only a few securitization transactions to fund private antitrust enforcement. 

Last August, finally the first Italian law securitization exclusively dedicated to fund litigation of claims for personal injuries was successfully completed, which represents a milestone for the development of the litigation funding market in Italy.

The transaction – carried out by the special purpose vehicle Prontodanno.it SPV 1 S.r.l., with the assistance of CBA Studio Legale as legal advisor – involves a target portfolio of over 500 claims, with a prospective value of €70 million, for compensation, under contractual and/or non-contractual liability, for personal injuries suffered by individuals as a result of medical malpractice or road accidents or accidents at work.

In the context of the transaction, Prontodanno.it S.r.l. acts as asset manager and Centotrenta Servicing S.p.A. as servicer. This note aims to provide a brief overview of such transaction, focusing in particular on its main structural and operational aspects. From a structural point of view, the transaction qualifies as a true sale securitization.

In order to aggregate as many claims as possible, it is a multi-originator transaction, with the assignors being individuals resident in Italy who own a potential right to compensation for damages suffered as a result of medical malpractice, road accidents or workplace accidents.

The purchase of these claims by a special purpose vehicle (SPV), set up specifically for this purpose under Italian law 130/1999, is financed through the issuance of partly-paid asset-backed securities (ABS), subscribed by a number of professional investors, including family offices and holding companies of some well-known Italian entrepreneurial families.

In particular, by subscribing to the securities and paying to the SPV the relevant subscription price – partly at the time of issue of the ABS and partly during the so-called “investment period” (see below) – the noteholders provide the SPV with the necessary funds not only to purchase the claims, but also to pay the relevant litigation costs.

The transaction has a revolving nature: cash flows generated by the collection of the claims, for a defined term (the “investment period”), are used exclusively to purchase new claims and finance the litigation costs; i.e., in the first phase, there is no repayment of capital to investors.

In order to cover the purchase price of new claims and the litigation costs to be incurred during the transaction, the SPV shall mainly use (i) the initial payments made by the noteholders at the time of subscription of the ABS and (ii) the amounts collected from time to time by the SPV from the claims. If such proceeds are insufficient to purchase new claims and/or finance ongoing litigation, the SPV may request additional payments from the noteholders until expiry of the investment period. 

It is to be noted that, as expressly provided under Italian securitization law, the claims and all related collections constitute assets segregated from all other assets of the SPV, being available exclusively to satisfy the SPV's obligations to the noteholders and any other creditor of the SPV in relation to the relevant transaction.

The asset manager Prontodanno.it S.r.l. has been appointed to select and evaluate the claims, while Centotrenta Servicing S.p.A., acting as servicer supervised by the Bank of Italy in accordance with applicable Italian legislation, is responsible for verifying the compliance of the transaction with the law and the relevant prospectus, as well as for the management and recovery of the claims.

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Francesco Dialti is a Partner and heads the Banking & Finance and Capital Markets practices. He has gained considerable experience in advising Italian and international banks on banking law, asset finance and structured finance. He advises financial institutions, companies and investors on real estate finance, project finance, asset finance and structured finance.

He is recognised by Chambers & Partners; Legal 500 ranks him as Leading Partner in B&F Lender side, as Recommended Lawyer in B&F Borrower side and Shipping, as Key Lawyer in Energy; Best Lawyers ranks him as Recommended Lawyer in Banking and Finance. IFLR1000 recognised him as Highly Regarded in B&F and in Project Finance, Leaders League and Lexology Index placed him in the Banking & Finance category.

At the Client Choice Awards, he was honoured in the Banking category in 2015, 2016, 2017, 2019, 2020 and 2022.

Omni Bridgeway Backs Landmark UK Apple Pay Class Action

By John Freund |

A new UK class action against Apple is set to test the boundaries of competition law and collective redress, with global litigation funder Omni Bridgeway stepping in to finance the case. James Daley, a well-known consumer advocate and founder of Fairer Finance, is spearheading the action with the backing of Milberg London LLP, targeting Apple’s alleged abuse of market dominance through its Apple Pay platform.

According to the claim website, the proposed class action—believed to represent as many as 50 million UK consumers—centers on Apple’s practice of restricting iPhone users to Apple Pay as the sole mobile wallet option, and imposing fees on card issuers that are ultimately passed on to consumers. Legal proceedings are expected to be filed before the UK’s Competition Appeal Tribunal within weeks.

Daley has assembled a high-profile team, including King’s Counsel Thomas de la Mare and economists from Oxera Consulting, to support the claim. Milberg’s Zena Prodromou and James Oldnall lead the legal team, and this marks the third competition claim in as many years for the firm’s increasingly active antitrust litigation practice.

Omni Bridgeway's Investment Manager Simon Latham praised the effort, saying, “Class actions are vital as they often represent the only avenue for consumers to gain access to justice.”

If successful, the case could reshape how platform monopolies are challenged in the UK and open the door for more consumer-focused litigation funders to support broad-based claims. As collective actions continue to gain traction in UK courts, litigation funding will remain a crucial enabler in holding dominant tech firms accountable.