Litigation Finance Insider

Litigation Finance Insider

London finance firm secures £35m HSBC funding package

Listed litigation funder Manolete has secured a £35m finance package from HSBC UK to support its future growth plans. The funding includes a £25m revolving credit facility with a £10m uncommitted accordion that will allow the company to invest in and fund new cases over the coming months and years. Manolete currently owns and manages over 260 insolvency cases.

Court rejects another Canadian litigation funding agreement

The Superior Court of Quebec has released a decision rejecting a litigation funding agreement in the insolvency proceedings of Fortress Global Enterprises (TSX:FGE). The Court refused to approve the litigation funding agreement because it placed limits on Omni Bridgeway's obligation to fund an eventual adverse costs award. Specifically, under the agreement, Omni had no obligation to pay adverse costs awards relating to costs incurred prior to the approval of the agreement or after its termination.

Omni Bridgeway backs new Australian class action

Omni Bridgeway has agreed to fund a class action against Mesoblast Limited (ASX:MSB) on behalf of shareholders for losses arising out of Mesoblast’s alleged breaches of its continuous disclosure obligations and/or by Mesoblast engaging in misleading and deceptive conduct. The class action will be run by law firm Phi Finney McDonald.

NYU’s free litigation finance library

One of the key projects of the New York University School of Law's Center on Civil Justice has been the creation of a Dispute Financing Library, which was officially launched in 2019. The Library is now teeming with documents. For those in the industry, it is well worth checking out. We recently caught up with David Siffert, the Center’s Director of Research and Projects, to tell us a little bit more about this project.

Lawyer fights lender who advanced cash against NFL concussion fees

A lawyer who represented hundreds of players in a $1 billion concussion settlement with the National Football League is fighting an arbitrator’s order to repay some $2.3 million in high-interest loans from a litigation funder. In his filing with U.S. District Judge Gerald McHugh in Philadelphia, lawyer Craig Mitnick accuses Balanced Bridge and its lawyers at Fox Rothschild of taking advantage of him and violating “the cannons (sic) of ethics.”

Navigating the Sea Change in Law Firm Finance and Ownership in the U.S.

Victoria Shannon Sahani of Arizona State University, Sandra Day O'Connor College of Law and Maya Steinitz of the University of Iowa College of Law predict that the trend toward spinning off international arbitration practices in large firms into independent boutiques will likely accelerate as the investment proposition becomes ‘invest in a law firm’ rather than ‘invest in a lawsuit,' and outline the increased conflicts and ethical challenges that will arise and need to be dealt with in the new landscape.

European Class Actions: The Funder’s Dilemma

Jeremy Marshall, Anna-Maria Quinke and Maarten van Luyn of Omni Bridgeway present a concise summary of the group claims landscape across various European jurisdictions and share their prediction that collective actions throughout Europe will increase once the Representative Actions Directive (RAD) kicks in over the next two years.

Woodsford backs collective claim against Govia Thameslink Railway

Woodsford is backing a collective claim against Govia Thameslink Railway that was filed on Wednesday 24th November with London’s specialist competition court, the Competition Appeal Tribunal. The claim is estimated to be worth up to £77 million. The claim was filed by Mr Justin Gutmann, a consumer rail campaigner. He is represented by law firms Hausfeld and Charles Lyndon and barristers from Monckton Chambers.

Funder-backed collective claim launched in Italy

A currently-unnamed funder is backing a new collective claim in Italy that is based on a 2019 Italian Competition Authority (AGCM) decision. On 17 July 2019, the Italian Competition Authority (AGCM – Autorità Garante della Concorrenza e del Mercato) concluded a complex investigation, resulting in the ascertainment of two cartel agreements, set up to distort normal competition in the markets for corrugated cardboard and corrugated cardboard packaging. The cartels involve the most important manufacturers of corrugated cardboard sheets and packaging, as well as the Italian group of corrugated cardboard manufacturers (GIFCO). In consideration of the seriousness and duration of the conduct, the Authority imposed fines of over € 287 million, paving the way for actions claiming compensation for damage suffered by direct and indirect purchasers of the cartelists.

Three legal finance firms merge

LawCash, Momentum Funding, and Ardec Funding, three companies that have pioneered the legal financial services industry for over 20 years, announced their new unified brand, Cartiga. Cartiga's focus is providing three primary legal services: plaintiff funding, attorney working capital, and risk management technology. Its mission is to map the way to a better future with fair and innovative solutions that help law firms and their clients navigate challenges, identify opportunities, and optimize litigation outcomes.

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