Barry Diller denies his company cheated Tinder founders out of $2 billion

Billionaire Barry Diller took the stand last week to defend his media empire from a lawsuit claiming that it cheated the founders of Tinder out of $2 billion. His attorneys have used millions of dollars in litigation funding payments to key witnesses to cast doubt on former CEO Sean Rad’s case. Rad’s camp has argued that the payments are irrelevant to the suit, and the judge presiding over the trial found that the payments were not illegal, saying that it ”approaches the line between legitimate litigation funding and illegitimate payment of witnesses, [but] it does not cross it.” Bench Walk Advisors is the funder backing Rad in the Tinder case. More from NY Post.

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New Fundings

Bench Walk to back Sears insolvency litigation

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.

In the News

Agenda for European Litigation Funding Conference announced

Brown Rudnick has released the agenda for its first annual European Litigation Funding Conference taking place on 17 May 2022 in London. The one-day conference has drawn big names from the international litigation funding market who will discuss topics such as opportunities and innovation in deal structuring, the rise of class actions and opportunities in Europe.

In the News

FX rigging claimants win bitter-sweet certification ruling

The UK’s Competition Appeal Tribunal (CAT) ruled last week that the collective action, FX Claim UK, brought by Phillip Evans, can be certified. However, it said this should be done on an opt-in basis only, rather than the opt-out basis on which the action had been filed – a ruling which Evans and his legal advisers Hausfeld intend to appeal. The claim is on behalf of investors damaged by the unlawful rigging of foreign exchange markets between 2007 and 2013. Bench Walk Advisors is backing the claim. 

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