April 29, 2022

Counsel for the official committee of unsecured creditors of Sears Holdings is seeking court approval of a US $35 litigation funding facility with Bench Walk Advisors. Sears Holdings, the parent company of the iconic Sears retail brand, filed for Chapter 11 bankruptcy protection in October 2018. While under creditor protection, litigation was commenced by a restructuring subcommittee seeking over $2 billion in damages arising from certain pre-filing related party transactions. $25 million was set aside to cover the initial costs of the litigation, but these funds are now near exhaustion. In order to continue in the pursuit of the claims, a competitive process was initiated to secure additional funding. After several rounds of hard-fought and arm’s-length negotiations with Bench Walk and another funder, Bench Walk emerged as the winner.
Chicago-based Statera Capital’s Andrew Woltman has been selected by the Law360 editorial staff to serve on Law360’s Legal Industry Editorial Advisory Board for 2022. Board members advise and provide Law360 with experts insights on trends in the legal industry to guide future coverage. Andy was formerly a partner at an AmLaw 100 firm, and he is co-founder and managing director of Statera, the leading litigation funder for mid-sized commercial financing needs.
AMTrust has launched a new After the Event (ATE) insurance product for lower value commercial and civil legal claims. The new product was created in response to a perception of ATE insurance being available only for high value disputes. The new policy is available for civil and commercial disputes, and it offers fixed limit indemnity options up to £300,000. There is no requirement for a law firm or barrister to be acting on a Conditional Fee Agreement. The premium is based on two stages and is contingent upon the success of the claim.
Validity Finance has expanded to Washington, DC, adding international disputes lawyer Nicole Silver as an investment manager. Nicole was previously a shareholder with Greenberg Traurig, representing governments and corporate clients in international arbitration proceedings, as well as in complex civil litigation, white-collar defense and internal investigations. Validity has also added renowned DC litigator and law firm leader Bert Rein as a senior advisor. One of the country’s top antitrust and commercial litigators, Mr. Rein is a founding partner of national law firm Wiley Rein and an expert on international law. In his new advisory role, he will assist Validity in furthering connections with major law firms and potential clients.

Before You Go

Never miss a thing in the litigation finance market.