July 4, 2022

Bob Koneck of Woodsford argues that instead of just being ESG targets, companies can reap both financial benefit and potentially improve the state of the world in a meaningful way by becoming plaintiffs against ESG offenders, giving examples such as opt-out antitrust litigation, abbreviated new drug application litigation and breach of contract claims related to labour laws.
A New York state court has disbarred the founder of litigation finance firm Cash4Cases, who will be sentenced next month in federal court for his role in a multimillion-dollar securities fraud scheme. Manhattan prosecutors said last year that Jaeson Birnbaum "conned investors through a series of lies about Cash4Cases." The government alleged he used the company to take cash for himself, despite telling investors he was using funds to back litigants.
A host of European associations have issued a joint statement calling for the EU to develop appropriate rules on third party litigation funding. They argue that, with no obligation to see cases through to the end and no responsibility for adverse costs, funders can pursue opportunistic claims for a high reward with low risk.
Litigation funder Therium should be jointly and severally liable for indemnity costs after a specialist currency debt management firm unsuccessfully sued HSBC, the UK High Court has ruled. The funder agreed to back the claim by ECU Group against a number of HSBC entities over allegations that traders used knowledge of ECU’s foreign exchange orders to make a profit between 2004 and 2006, in a practice known as ‘front running’. However, ECU’s claim was ruled to be time barred by Mrs Justice Moulder, who held that the company had ‘sufficient knowledge’ to plead its case in 2006.

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