Chinese banks escape $150 mln sanctions at 2nd Circ. in Nike counterfeiting case

Six Chinese banks weren’t liable for a potential $150 million in sanctions for failing to freeze the assets of hundreds of Nike counterfeiters, the 2nd U.S. Circuit Court of Appeals ruled last week. Next Investments LLC, a Houston-based unit of litigation finance firm Tenor Capital Management LP, bought the rights to the $1.8 billion default award from Nike but failed to seek enforcement of the freeze against the banks for nearly six years before asking the court to hold them in contempt, U.S. Circuit Judge Michael Park wrote for a unanimous three-judge panel. More from Reuters.

Keep Reading

In the News

Republican state AGs sound alarm over foreign litigation funding

In a letter addressed to US Attorney General Merrick Garland, a group of 14 Republican state attorneys general warned of what they called potential economic and national security threats posed by investments in US lawsuits by “foreign adversaries”, and asked the US Department of Justice to describe what the federal government has done to address concerns related to third-party litigation funding.

Before You Go

Never miss a thing in the litigation finance market.