Litigation funders come together to launch campaign to save class actions in Australia

Omni Bridgeway, Litigation Lending, ICP, CASL, Balance Legal Capital and Vannin Capital are all funders who have come together to launch Save Class Actions, a new campaign in Australia working against government intervention into people’s right to fund a class action. New laws proposed by the Morrison Government would have people’s legal funding in a class action capped at 30% of their final compensation.

The laws, which have yet to be passed by Parliament, are designed to give courts more power to oversee the distribution of class action proceeds between the litigation funder and plaintiffs, the government said in a statement.

“The proposed changes threaten the future viability of class actions in Australia…[and] will severely reduce the number of class actions, meaning people without the means to hold these groups to account will be silenced,” it states on their website.

 

 

Keep Reading

Funder News

CAC Specialty strengthens Contingent Risk Solutions Team with Megan Easley joining as Vice President

CAC Specialty is excited to welcome Megan Easley to its Contingent Risk Solutions Team as a Vice President. Megan joins CAC Specialty from Omni Bridgeway, one of the largest litigation funding groups in the world. CAC Specialty is a leading broker for litigation risk insurance policies in the United States, with $2 billion in insurance limits placed last year. Megan earned her Bachelor of Arts Degree in English from Georgetown University and her J.D. from Cornell Law School and clerked on the U.S. Court of Appeals for the Second Circuit.

Funder News

Northleaf leads A$250 million senior secured credit facility for Omni Bridgeway

Northleaf Capital Partners (Northleaf) has announced that it acted as the lead arranger of a A$250 million senior secured credit facility for Omni Bridgeway (ASX: OBL), a global leader in financing and managing legal risks. “We are delighted to partner with Omni Bridgeway, leveraging our specialty finance expertise to support the firm’s continued global growth,” said CJ Wei, Vice President at Northleaf. Northleaf’s private credit program seeks to provide investors with diversified exposure to private credit investments globally, with a focus on floating rate loans to middle market companies and specialty finance platforms in North America, Europe and Australia.

Funder News

ILFA Names New Chairman, Board of Directors, and Executive Committee

The International Legal Finance Association (ILFA) has announced its new board of directors, its chairman, and the executive committee. Gary Barnett, Executive Director of ILFA, welcomed Neil Purslow, who co-founded Therium, as the new Chairman. The Executive Committee Officers include: Christopher DeLise of Delta Capital, Susan Dunn of Harbour Litigation Funding, Jack Neumark of Fortress Investment Group LLC, Andrew Saker of Omni Bridgeway and Marcel Wegmüller of Nivalion.

Before You Go

Never miss a thing in the litigation finance market.