LCM backs Carillion claim

Litigation Capital Management (“LCM”) is backing Carilllion in a claim against its former auditors. Carillion was the largest corporate collapse in the building and construction industry in UK history. Now, certain Carillion entities which are in liquidation, are bringing a claim against KPMG for the conduct of its audits of the Group’s financial statements. The losses which form the subject matter of the claim are expected to exceed £250 million. Read more.

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Funder News

LCM provides market update

Litigation Capital Management has provided a market update for the year ended 30 June 2021. Among other things, it reports that it received 572 applications for funding during the year of which 3% were converted into active investments, with an increase in high profile quality investments requiring increased resource allocation. Its total portfolio capital commitment is $181 million.

New Fundings

LCM backs shareholder class action in Australia

Litigation Capital Management is backing a prospective shareholder class action in Australia against Blue Sky Alternative Investments (“BLA”), a former ASX darling that faced difficulties after short-seller Glaucus reported on a number of practices that Glaucus argued inflated the value of BLA’s reported fee-earning assets under management. The company subsequently reduced its assets under management and saw its share price drop from around $12.50 to 18.5c before entering external administration, taking hundreds of millions in shareholder’s funds with it. The class action will be run by Piper Alderman.

New Fundings

LCM backs collective action against Govia Thameslink Railway

Litigation Capital Management is backing a collective action launched in the UK’s Competition Appeal Tribunal against Govia Thameslink Railway (“GTR”) and its parent companies. The claim alleges that GTR abused its dominant position in the market for rail services on the London-Brighton mainline, in breach of the Competition Act 1998. The claim is being brought by law firm Maitland Walker LLP. Charles Hollander QC of Brick Court Chambers and David Went of Exchange Chambers have been engaged by Maitland Walker LLP to act as barristers for the claim. Exton Advisors advised the proposed class representatives.

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