LCM backs claim in liquidation proceedings of the Comet Group

Litigation Capital Management is backing a claim in the liquidation proceedings of the Comet Group. At the time of its insolvency, Comet was the UK’s second largest electrical retailer with 239 stores and 6,900 employees. Liquidators from FRP Advisory are bringing a claim against Darty, a multinational electrical retailer based in France, alleging that it received a £83 million preferential payment prior to Comet entering into administration. Read more.

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Australian funding arrangements no longer considered managed investment schemes

The Full Court of Australia has ruled that litigation funding arrangements should not be considered managed investment schemes. In a judgment dated 16 June 2022, the Full Court of Australia  has sided with LCM in its appeal of the decision of the primary judge in Stanwell Corporation Limited v LCM Funding Pty Ltd. As a result, litigation funding arrangements in Australia will no longer be considered managed investment schemes, and litigation funders will be relieved from the burden of a “legislative and regulatory regime characterised by uncertainty, inconvenience and the potential for mischief by class action respondents.”

New Fundings

LCM backs class action against Google and DeepMind Technologies

LCM is backing a new representative action in the UK being brought by Mishcon de Reya on behalf of up to 1.6 million individuals against Google and DeepMind Technologies for the unlawful use of patients’ confidential medical records. The claim arises out of an arrangement formed in 2015 between Google and DeepMind and the Royal Free London NHS Foundation Trust. The tech companies obtained and used a substantial number of confidential and private medical records without patients’ knowledge or consent.

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