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LCM Appoints New Chief Financial Officer

By Harry Moran |

LCM Appoints New Chief Financial Officer

Litigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, announces the appointment of a new Chief Financial Officer, David Collins.

The Board is pleased to announce the appointment of David Collins as CFO, effective as at todays date. David is a Chartered Accountant and brings over 20 years of experience in senior finance and capital markets roles across a range of leading institutions including EY, Morgan Stanley, Och-Ziff Capital (now Sculptor Capital) and Prudential plc. David also brings considerable experience of the legal finance industry having previously been CFO of Vannin Capital, a leading litigation funder that was acquired by Fortress Investment Group in 2019. Since early 2024 David has been acting as a financial advisor to LCM and knows the business and the legal finance industry well. David will not initially be a member of the Board, but, is considered a Person Discharging Managerial Responsibilities (“PDMR”). David is however expected to join LCM’s board in due course.

Mary Gangemi will step down from her position after a period of transition at which time it is expected she will resign her position on the board. A separate RNS will be issued at that time. Mary has served the Company for some four and a half years, during which time she has significantly contributed to the company’s growth and financial strategy.

Jonathan Moulds, Chairman of LCM, said; “I am delighted to announce the appointment of David Collins as our next Chief Financial Officer. David’s significant financial and capital markets experience will be of tremendous value to us as we transition our business from being a balance sheet investor to becoming a third-party asset manager with a highly attractive economic model. We are thankful for Mary’s dedicated service and the contribution she has made to our financial health and operational success.” 

Patrick Moloney, Chief Executive Officer of LCM, said; “I would like to extend my gratitude to Mary for her contribution to LCM over the past four and a half years. I wish her the very best in her future endeavours. I am also excited to welcome David to our team. He brings a wealth of experience and a strong track record in financial leadership. We see significant opportunities in our markets to drive meaningful shareholder value creation and I am sure that David will play a pivotal role in helping us capitalise on them. Our business continues to perform well and we look forward to updating our investors when we present our results for our 2024 financial year in September.”

About LCM

Litigation Capital Management (LCM) is an alternative asset manager specialising in disputes financing solutions internationally, which operates two business models. The first is direct investments made from LCM’s permanent balance sheet capital and the second is third party fund management. Under those two business models, LCM currently pursues three investment strategies: Single-case funding, Portfolio funding and Acquisitions of claims. LCM generates its income from both its direct investments and also performance fees through asset management.

LCM has an unparalleled track record driven by disciplined project selection and robust risk management. Currently headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT.

www.lcmfinance.com

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Harry Moran

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Pogust Goodhead Appoints Gemma Anderson as Partner, Strengthening Mariana Leadership Team 

By John Freund |

Pogust Goodhead today announces the appointment of Gemma Anderson as partner, a standout addition that reflects the firm’s continued growth and investment in senior talent as the Mariana case advances through the High Court in London. 

Gemma will work on the Mariana litigation alongside Jonathan Wheeler, who leads the case for the firm. Her appointment reunites the pair after fourteen years working together at Morrison & Foerster, where they collaborated on numerous high-stakes disputes. 

Gemma is a highly experienced commercial litigator specialising in complex cross-border disputes. She joins PG from Quinn Emanuel’s London office, where she has spent the last two years as a partner focused on significant, high value commercial cases.  

Alicia Alinia, CEO at Pogust Goodhead, said: “Gemma’s appointment is a fantastic moment for Pogust Goodhead. Her arrival is a clear signal of the team and platform we are building for the future - deep expertise, strong leadership, and the capacity to run major international cases at scale. We’re delighted to welcome her as a partner”. 

Jonathan Wheeler, partner and lead for the Mariana litigation, said: “Gemma is an exceptional disputes lawyer and a natural fit for the Mariana team. We worked closely for fourteen years at Morrison & Foerster, and I’ve seen first-hand the rigour and relentless drive she brings to complex cross-border matters. Her appointment strengthens our ability to deliver for clients as we build on the milestone liability decision and move into the next phase of the case.” 

Gemma Anderson said:  “I’m thrilled to be joining Pogust Goodhead at such a pivotal moment for the Mariana litigation. This is a truly landmark case - not only for the communities affected, but for what it represents globally on access to justice and corporate accountability. I’m looking forward to working with Jonathan and the wider team to help secure a fair outcome for hundreds of thousands of victims.” 

The Mariana proceedings in England involve over 600,000 Brazilian individuals, businesses, municipalities, religious institutions and Indigenous communities affected by the 2015 Fundão dam collapse in Minas Gerais, Brazil. Following the English court’s decision on liability on 14 November 2025, the case is now in its second stage, focused on damages and the quantification of losses. 

High Court Refuses BHP Permission to Appeal Landmark Mariana Liability Judgment 

By John Freund |

Pogust Goodhead welcomes the decision of Mrs Justice O’Farrell DBE refusing BHP’s application for permission to appeal the High Court’s judgment on liability in the Mariana disaster litigation. The ruling marks a major step forward in the pursuit of justice for over 620,000 Brazilian claimants affected by the worst environmental disaster in the country’s history. 

The refusal leaves the High Court’s findings undisturbed at first instance: that BHP is liable under Brazilian law for its role in the catastrophic collapse of the Fundão dam in 2015. In a landmark ruling handed down last November, the Court found the collapse was caused by BHP’s negligence, imprudence and/or lack of skill, confirmed that all claimants are in time and stated that municipalities can pursue their claims in England. 

In today’s ruling, following the consequentials hearing held last December, the court concluded that BHP’s proposed grounds of appeal have “no real prospect of success”. 

In her judgment, Mrs Justice O’Farrell stated:  “In summary, despite the clear and careful submissions of Ms Fatima KC, leading counsel for the defendants, the appeal has no real prospect of success. There is no other compelling reason for the appeal to be heard. Although the Judgment may be of interest to other parties in other jurisdictions, it is a decision on issues of Brazilian law established as fact in this jurisdiction, together with factual and expert evidence. For the above reasons, permission to appeal is refused”. 

At the December hearing, the claimants - represented by Pogust Goodhead - argued that BHP’s application was an attempt to overturn detailed findings of fact reached after an extensive five-month trial, by recasting its disagreement with the outcome as alleged procedural flaws. The claimants submitted that appellate courts do not re-try factual findings and that BHP’s approach was, in substance, an attempt to secure a retrial. 

Today’s judgment confirmed that the liability judgment involved findings of Brazilian law as fact, based on extensive expert and factual evidence, and rejected the defendants’ arguments, who now have 28 days to apply to the Court of Appeal.  

Jonathan Wheeler, Partner at Pogust Goodhead and lead of the Mariana litigation, said:  “This is a major step forward. Today’s decision reinforces the strength and robustness of the High Court’s findings and brings hundreds of thousands of claimants a step closer to redress for the immense harm they have suffered.” 

“BHP’s application for permission to appeal shows it continues to treat this as a case to be managed, not a humanitarian and environmental disaster that demands a just outcome. Every further procedural manoeuvre brings more delay, more cost and more harm for people who have already waited more than a decade for proper compensation.” 

Mônica dos Santos, a resident of Bento Rodrigues (a district in Mariana) whose house was buried by the avalanche of tailings, commented:  "This is an important victory. Ten years have passed since the crime, and more than 80 residents of Bento Rodrigues have died without receiving their new homes. Hundreds of us have not received fair compensation for what we have been through. It is unacceptable that, after so much suffering and so many lives interrupted, the company is still trying to delay the process to escape its responsibility." 

Legal costs 

The Court confirmed that the claimants were the successful party and ordered the defendants to pay 90% of the claimants’ Stage 1 Trial costs, subject to detailed assessment, and to make a £43 million payment on account. The Court also made clear that the order relates to Stage 1 Trial costs only; broader case costs will depend on the ultimate outcome of the proceedings. 

The costs award reflects the scale and complexity of the Mariana case and the way PG has conducted this litigation for more than seven years on a no-win, no-fee basis - funding an unprecedented claimant cohort and extensive client-facing infrastructure in Brazil without charging clients. This recovery is separate from any damages award and does not reduce, replace or affect the compensation clients may ultimately receive. 

Sigma Funding Secures $35,000,000 Credit Facility, Bryant Park Capital Serves as Financial Advisor

By John Freund |

Bryant Park Capital (“BPC”) announced today that Sigma Funding has recently closed a $35 million senior credit facility with a bank lender. Sigma Funding is a rapidly growing litigation finance company focused on providing capital solutions across the legal ecosystem.

Sigma’s experienced executive team oversees a portfolio of businesses spanning insurance-linked litigation and other sectors, bringing a proven track record of successful growth and meaningful exits.

Bryant Park Capital, a leading middle-market investment bank, served as financial advisor to Sigma Funding in connection with the transaction.

“Bryant Park Capital was an indispensable advisor to Sigma and worked closely with our management team throughout the process,” said Charlit Bonilla, CEO of Sigma Funding. “BPC’s experience in the litigation finance space was critical in identifying potential banking partners and ultimately structuring our credit facility. Their extensive industry knowledge helped bring this deal to a successful close, and we are grateful for their support. We look forward to doing more business with the BPC team.”

About Sigma Funding

Founded in 2021, Sigma Funding is a leading New York–based litigation funding platform that provides pre- and post-settlement advances to plaintiffs involved in contingency lawsuits, as well as financing solutions for healthcare providers and attorneys. The company is the successor to the founders’ prior venture, Anchor Fundings, a pre-settlement litigation funder that was acquired by a competitor. 

For more information about Sigma Funding, please visit www.sigmafunding.com.

About Bryant Park Capital

Bryant Park Capital is an investment bank providing M&A and corporate finance advisory services to emerging growth and middle-market public and private companies. BPC has deep expertise across several sectors, including specialty finance and financial services. The firm has raised various forms of credit and growth equity and has advised on mergers and acquisitions for its clients. BPC professionals have completed more than 400 engagements representing an aggregate transaction value exceeding $30 billion.

For more information about Bryant Park Capital, please visit www.bryantparkcapital.com.