Facilitating Cross-Border Dispute Resolution and Promoting TPF Industry Development — “International Conference on the Third-Party Funding Industry” Successfully Concluded in Beijing

By John Freund |

On the afternoon of September 25, the “International Conference on the Third-Party Funding Industry” was successfully held in Beijingi. The Conference was hosted by the Beijing International Dispute Resolution Center (BIDRC), organized by Houzhu Capital, and co-organized by Dingsong Legal Capital.

The conference received support from the Beijing Arbitration Commission/Beijing International Arbitration Center (BAC/BIAC), China International Economic and Trade Arbitration Commission (CIETAC), China Maritime Arbitration Commission (CMAC), Hong Kong International Arbitration Centre (HKIAC), Singapore International Arbitration Centre (SIAC), and the International Chamber of Commerce (ICC). Other supporting organizations included the Chinese Society of International Law, China-Asia Economic Development Association, China-Africa Business Council, Queen Mary University of London, Burford, Omni Bridgeway, Hilco IP Merchant Banking, Nivalion, Dun & Bradstreet, Caijing, and Law Plus. The Conference attracted over 300 guests in person and more than 60,000 participants online.

Huang Jin, Chairman of the Beijing International Dispute Resolution Center and President of the Chinese Society of International Law, and Yu Jianlong, Vice President of the China Council for the Promotion of International Trade (CCPIT) and Vice President of the China Chamber of International Commerce (CCOIC), delivered opening remarks. The Conference was moderated by Jiang Lili, Commissioner and Secretary-General of BAC/BIAC.

Huang Jin first warmly welcomed and sincerely thanked all participants and supporters on behalf of BIDRC. He stated that this Conference is the first international conference hosted by BIDRC, marking a significant milestone. As the operational entity of the Beijing International Commercial Arbitration Center, BIDRC plays a crucial role in supporting the establishment of the international commercial arbitration center and leading the high-quality development of arbitration in China. He emphasized the need to understand the key trends in the development of international commercial arbitration, including humanization, modernization, internationalization, localization, integration, and digitization. He also stressed the importance of improving a robust arbitration system, cultivating world-class international arbitration institutions, and creating a top-tier business environment characterized by market orientation, rule of law, and international standards. These efforts will enhance China’s foreign-related legal system and strengthen its capacity.

Yu Jianlong highlighted in his speech that, given the profound changes in the international situation and trade patterns in recent years, enhancing corporate competitiveness and strengthening corporate compliance are crucial for promoting high-level opening-up and facilitating the high-quality international expansion of Chinese enterprises. Third-party funding is an important tool for improving companies’ ability to address overseas disputes. With the accelerated pace of Chinese companies expanding abroad and the deepening integration of the domestic legal service market with international standards, third-party funding is gradually being accepted and utilized by more Chinese enterprises and legal professionals. He expressed that this conference provides an excellent platform for the industry to explore third-party funding. He hopes participants will strengthen collaboration between academia and practice, deepen their understanding of corporate needs, and continuously learn from international best practices. He also looks forward to fostering cooperation between third-party funding institutions and enterprises.

As a leading scholar in the field of third-party funding, Professor Mulheron from Queen Mary University of London was invited to deliver a keynote speech on the state of third-party funding in England and Wales. Full speech (recording and transcript) available at Houzhu Capital’s WeChat Official Account

In her address, Professor Mulheron examined the rise and evolution of third-party funding in the region, and talked about issues surrounding self-regulation and government oversight within the industry. She provided clear explanations of typical business models in third-party funding, the fee structures for funders, potential costs borne by funders, after-the-event (ATE) insurance, and protections for funded parties. She also offered in-depth insights into cutting-edge issues and perspectives within the field. Professor Mulheron concluded with five key takeaways about third-party funding in England: First, the market is very established and sophisticated, with many funders, brokers and ATE insurers in the market now; Second, third party funding features in both English litigation and arbitration;  Third, because of the criteria which funders apply to cases under their business models, only less than 10% of all cases pitched to the funders are funded; Fourth, third-party funding must comply with industry codes of conduct, which include minimum capital requirements for funders; Finally, while England possesses considerable experience in judicial practices concerning third-party funding, there have been debates and disagreements regarding the structure of funding and the validity of funding agreements, and the legislature is taking steps to address relevant issues to further support third-party funding, as it is indeed becoming a huge global market.

During Panel I, Professor Fu Yulin from Peking University Law School served as the moderator. The panelists included Zhang Haoliang, Head of the Business Development Division (International Cases Division) of the BAC/BIAC; Wei Ziping, Director of the Oversight and Coordination Office of CIETAC; Chen Bo, Deputy Secretary-General of CMAC; Yu Zijin, Consultant of HKIAC; Zhang Cunyuan, Director of the China Region of SIAC and Chief Representative of the Shanghai Representative Office; and Huang Zhijin, Director for North Asia and Shanghai Representative Office of ICC. The discussion centered on third-party funding and arbitration rules, drawing on the practices and experiences of the respective institutions. The panelists exchanged insights on recent updates to arbitration rules concerning third-party funding, disclosure requirements, measures to prevent conflicts of interest, and relevant cases processed by their organizations. The panelists concurred that third-party funding is evolving rapidly in practice, and arbitration institutions generally adopt a relatively open stance towards its use in arbitration. They also recognize the necessity for ongoing practice to fully understand the impact of third-party funding on arbitration procedures and rules, with the aim of maintaining the independence and justice of arbitration while better serving the parties.

During Panel II, the discussion was moderated by Fei Ning, Senior Consultant of Houzhu Capital. The panelists included Quentin Pak, Director at Burford; Fu Tong, Co-founder and CEO of Houzhu Capital; Michael D. Friedman, CEO of Hilco IP Merchant Banking; Lau chee chong, Senior legal counsel of Omni Bridgeway in Singapore; Falco Kreis, Senior Investment Manager and Head of the Munich Office at Nivalion; Zhang Zhi, Founder of Dingsong Legal Capital; and Zhu Zhen, Product Sales & Solutions Director of Dun Bradstreet. The panelists discussed third-party funding practices both domestically and internationally, sharing their institutions’ experiences across various jurisdictions. They explored a range of topics, including case selection processes and criteria, monetization and funding in the field of intellectual property, the interaction between arbitration rules and funding practices, and risk management for enterprises expanding into foreign markets. They noted that the client base and demand for litigation funding are becoming increasingly diversified, prompting third-party funding institutions to expand their product and service offerings. The panelists expressed optimism regarding the development of third-party funding in China while highlighting unique challenges that the Chinese market faces compared to the international landscape.

During Panel III, the discussion was moderated by Wang Jialu, Co-founder of Houzhu Capital. The panel featured Zachary Sharpe, Head of the Global Disputes Team at Jones Day’s Singapore office; Liu Xiao, Partner of Quinn Emanuel Urquhart & Sullivan, LLP; Zhong Li, Partner of Hui Zhong Law Firm; Wang Zheng, Partner of Hongqiao Zhenghan Law Firm; Li Zhiyong, General Counsel and Chief Compliance Officer of CSCEC International; and Li Lu, Chief Compliance Officer of Essence Securities Asset Management Co., Ltd. The panelists discussed the application of third-party funding, sharing common challenges and solutions they encountered in their past practices, each informed by their specific business contexts. They addressed various issues, including how to set and manage reasonable expectations regarding case progress and outcomes, effectively handle confidentiality and privilege concerns, and navigate disclosures along with related conflicts of interest. In conclusion, the panelists agreed that third-party funding plays a unique role in promoting dispute resolution and accessing justice, especially in bridging the gap between law firms and enterprises in complex cross-border litigation and arbitration.

The successful convening of this conference has established a valuable channel for ongoing communication between domestic and international practitioners and scholars in the field of third-party funding. It has enhanced understanding and awareness of third-party funding within the domestic market and facilitated positive interactions and cooperation among third-party funding institutions, dispute resolution agencies, and relevant users. This will significantly advance the further development of third-party funding in China and make an indispensable contribution to helping Chinese enterprises effectively address cross-border disputes and achieve high-quality development.

About the author

John Freund

John Freund

Commercial

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Community Spotlights

Community Spotlight: James Koutoulas, CEO, JurisTrade & Typhon Capital Management

James Koutoulas is the CEO of JurisTrade as well its asset management affiliate, Typhon Capital Management, which is a multi-strategy hedge fund with US and Cayman private fund platforms. He is also Managing Member of Koutoulas Law, LLC, a law firm specializing in high-profile financial services litigation.

James founded Typhon in 2008 and it has since grown to 25 staff members, 15 (including many award-winning) trading strategies with operations in 4 countries and 8 cities. While running Typhon, he served as lead customer counsel in the MF Global bankruptcy, leading the recovery of all $6.7 billion in customer assets.

He has successfully litigated a multi-billion cryptocurrency fraud class action, a statistical arbitrage IP theft arbitration, a breach of contract jury trial against a billion-dollar asset management, and a capacity-rights guarantee contract dispute against a quantitative hedge fund. He is a frequent contributor to CNBC, thestreet.com, CoinDesk, and other prominent media outlets. He served on the Board and Executive Committee of the National Futures Association, the derivatives self-regulatory organization, where he helped implement the Dodd-Frank rules on the multi-trillion-dollar swaps market and has advised Congress on commodity and bankruptcy laws and regulations.

James has a JD from the Northwestern University School of Law with a securities concentration.

Company Name and Description: JurisTrade has designed a Litigation Asset Marketplace (operated by trading affiliate, Typhon Capital Management) to package and/or securitize litigation finance solutions to law firms, owners of bankruptcy, mass tort, and other litigation claims, and third-party investors looking for exposure to the asset class. JurisTrade offers a new and disruptive solution: it allows law firms, plaintiffs, and/or those with a financial interest in litigation the opportunity to sell or assign an interest in litigation outcomes to qualified investors in a much more efficient manner than is currently available.

Typhon Capital Management is a multi-strategy hedge fund specializing in tactical trading strategies designed to be uncorrelated to traditional markets under most market conditions and have strong negative correlation during periods of stress. Typhon dedicates itself to developing unique strategies that are truly differentiated and perform when almost everything else fails. Typhon uses unique, modular strategies as building blocks to design bespoke products to meet each investor’s individual needs.

Company Website: https://juristrade.com/ & https://typhoncap.com/

Year Founded: JurisTrade – 2023 & Typhon - 2008  

Headquarters:  1691 Michigan Ave Suite 200, Miami Beach, FL 33139

Area of Focus:  JurisTrade – Litigation Finance & Typhon Capital Management – Finance, Alternative Investments

Member Quote: “By adding standardization, liquidity, and transparency to the nascent but growing litigation finance market, we will institutionalize one of the final frontiers in asset management.”

Angeion Group Expands Mass Tort Litigation Management Capabilities Through Merger with Case Works

By Harry Moran and 4 others |

Angeion Group (“Angeion”), the industry leader in end-to-end group litigation support, announced today its merger with Case Works, a premier provider of case data management solutions, including client engagement, medical record retrieval, medical review, and inventory analysis. Neutral, but never passive, this strategic integration of Case Works reinforces Angeion’s forward thinking approach to providing seamless tech-enabled support for complex litigation firms and leading law departments, with efficiency and precision.

The merger of Angeion and Case Works follows majority investments into both companies by private equity firm Renovus Capital Partners (“Renovus”) in 2024. Angeion also acquired bankruptcy administration solutions provider Donlin Recano in late 2024. Renovus worked alongside the companies’ founders and management teams to unify the businesses and deliver a seamless experience for clients and employees throughout the integration.

Case Works has earned a reputation of excellence by ensuring accuracy, completeness, and applicability of case data to support legal requirements. By combining their core capabilities with Angeion’s advanced technology and data-driven approach, this merger further solidifies Angeion’s position as the most trusted partner for navigating complex, high-stakes litigation and settlements.

Effective large-scale litigation and settlements rely on comprehensive, well-organized data and the ability to apply that data effectively within the context of a particular project. Combining Case Works’ proven excellence in capturing and managing critical case information with Angeion Group’s expertise in technology, process efficiency and claims management, provides a more structured, more transparent, and more effective approach to large-scale litigation and settlement management.

“Case Works brings deep expertise and a proven track record of supporting firms with large data and medical record retrieval needs. They are known for their dedication to precision, care and bedside manner,” said Steven Weisbrot, CEO of Angeion Group. “Together, we are raising the bar for what clients can expect—faster, more accurate processes and a commitment to white glove service.”

Angeion Group and Case Works share a common vision: to set the new standard for how large-scale litigation and group settlement support can combine technological efficiency with thoughtful human interaction. Both organizations are driven by a commitment to innovation, precision, and efficiency and are mindful that litigants should expect and receive compassion and respect throughout the group litigation process. This merger will elevate industry standards and ensure that all parties, their council, and the courts benefit from a more streamlined, thoughtful and effective process.

“We’re excited to join forces with Angeion Group,” said Susan Barfield, Founder of Case Works. “Their commitment to innovation and client service aligns perfectly with our own, and we look forward to delivering even greater value to the firms and clients we support.”

“We’re honored to have partnered with these leading companies, building upon our strong track record in tech-enabled legal services,” added Lee Minkoff, Managing Director at Renovus. “We’d also like to thank founders Steve Weisbrot and Susan Barfield for their leadership throughout this game changing merger for the group litigation support industry.”

Angeion remains steadfast in its mission to completely modernize and optimize complex litigation management to the benefit of all stakeholders.

About Case Works

Case Works is the leading provider of tech-enabled litigation support solutions to the country’s premier plaintiff law firms. Based in Austin, Texas, the Company was created with a single mission: To Help Lawyers Help People. Case Works provides a full suite of case management services including claims qualification, intake, medical records retrieval & review, case development, and ongoing plaintiff engagement.

About Angeion Group

Angeion Group is a leading provider of legal notice and settlement administration services, leveraging advanced technology, proven best practices, and expert consulting to manage class actions, mass torts, and collective redress administration. Recognized for its innovation, efficiency, and unwavering client commitment, Angeion Group continues to redefine industry standards.

Nicola Horlick Pauses Digital Bank Launch to Raise Funds for Motor Finance Claims

By Harry Moran and 4 others |

As LFJ covered last week, the group proceedings being brought against motor finance providers over commissions paid to dealers is attracting a significant amount of interest across the legal funding industry, with the possibility of lucrative settlements to come. 

An article in Financial News features an interview with investment fund manager Nicola Horlick, who discusses her focus on litigation funding for the high-profile motor finance claims in the UK. Horlick, founder and CEO of Money&Co, explained that her company is currently raising funds to lend to law firms that are working on the car finance commission claims. Speaking about the significance of these claims to the wider legal funding industry, Horlick argued that “this is the biggest thing that is likely to happen in litigation funding in the next 15 years.”

The emphasis placed on raising funds for these claims has caused Horlick to pause her plans to launch a digital bank in 2025, with the fund manager explaining that they “don’t have the bandwidth to do the fundraise for that and the bank”. Horlick went on to state that fundraising for the claims “has to be the priority”, and that in the time before these claims begin to reach settlements, “we need to help clients amass as many claims as possible.”