July 26, 2021

Gaston Kroub of Kroub, Silbersher & Kolmykov PLLC warns big defendants that they must be strategic about their approach to funded plaintiffs, as a recent decision from a US patent case serves as proof that there is little appetite in many judicial quarters for making funding arrangements a centerpiece of patent cases.
A Canadian judge has refused to approve a litigation funding agreement in the insolvency proceedings of an Ontario-based demolition company primarily because it failed to address the financing of any adverse costs award.
Litigation Capital Management is backing a prospective shareholder class action in Australia against Blue Sky Alternative Investments ("BLA"), a former ASX darling that faced difficulties after short-seller Glaucus reported on a number of practices that Glaucus argued inflated the value of BLA’s reported fee-earning assets under management. The company subsequently reduced its assets under management and saw its share price drop from around $12.50 to 18.5c before entering external administration, taking hundreds of millions in shareholder’s funds with it. The class action will be run by Piper Alderman.
Therium is backing a potential £1 billion class action in the UK against major banks that were fined for rigging the foreign exchange market. Barclays, Citigroup, JP Morgan and RBS were fined more than €1 billion by the EU’s competition watchdog in 2019 after a five-year investigation revealed market rigging between 2007 and 2013. The banks now face a group claim brought by pension funds, asset managers, hedge funds and corporates from around the world who were affected by the forex cartels. The Competition Appeal Tribunal is deciding whether to issue a collective proceedings order, allowing the action to proceed to the next stage of litigation.

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