London judges reverse course to reopen $7 bln Brazil dam lawsuit against BHP

London’s Court of Appeal made a U-turn last week by agreeing to reopen a $7 billion lawsuit against Anglo-Australian mining giant BHP, reviving a case over a dam rupture behind Brazil’s worst environmental disaster. PGMBM, who is bringing the claim with the backing of third party funding on behalf of 200,000 claimants, revived the case in April by applying for an oral Court of Appeal hearing – reserved only for exceptional cases – and arguing that the appeal judge had not properly grappled with arguments about why the case should proceed. More from Reuters.

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Facebook loses bid for litigation funder info in trade secrets lawsuit

A US Magistrate Judge has denied Facebook Inc’s request for litigation funding information in a trade secrets lawsuit being pursued by Neural Magic Inc, an artificial intelligence startup. According to the startup’s filing, Facebook and a former employee sought information on the litigation funder’s identity and the nature of the funding agreement. The judge found the requested information irrelevant or “not proportional to the needs of the case.”

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Ch. 7 debtor can’t block novel litigation funding deal, says appeals court

A U.S. appeals court last week shut down a Chapter 7 debtor’s challenge to a litigation funding agreement between his trustee and a creditor, finding that the agreement had no financial impact on William Berry Dean III, the debtor. The dispute stems from Dean’s 2019 Chapter 7 bankruptcy in Texas, where the trustee assigned to Dean’s estate struck a deal with one of Dean’s creditors, Reticulum Management LLC, to fund litigation aimed at collecting money that could be used to pay off Dean’s debts. Reticulum agreed to put forward $200,000 in exchange for 30% of any litigation proceeds the trustee managed to collect.

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Match Group to pay Tinder founders $441 mln to settle lawsuit

Match Group has announced that it will pay Tinder’s co-founders and original team $441 million to settle a years-long lawsuit over allegations that Match Group purposely undervalued the startup in an effort to avoid paying out billions of dollars in equity. Bench Walk Advisors backed the plaintiffs in the claim.

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