Funder-backed collective claim launched in Italy

Bench Walk Advisors 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.

The bookbuilding and damage assessments for the case are being delivered by Libra.

The legal and litigation services are being delivered by Delex.

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New Fundings

Deminor backs new Italian group action

Deminor is backing a new group action claim in Italy filed against the “Corrugated Cardboard Cartel.” The civil action follows the Italian Competition Authority’s decision – also confirmed by the Lazio Regional Administrative Court – which ascertained the existence of two collusive agreements between the main operators in the sector aimed at inflating sales prices for corrugated cardboard sheets and packaging for a period of more than 10 years. Italian law firm BonelliErede will be leading the multidisciplinary legal team, which will include professionals from the firm’s Competition Litigation Task Force with extensive experience in antitrust damages actions. This is the second Italian collective claim launched against the Corrugated Cardboard Cartel — Bench Walk Advisors is also backing a claim initiated in late 2021, with bookbuilding and damage assessments for that case being delivered by Libra and legal and litigation services being delivered by Delex.

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.

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