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. Read more.

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Insights

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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