Mastercard class action certified

The UK’s Competition Appeal Tribunal last week certified the highly anticipated Merricks v. Mastercard lawsuit, which represents the first time an opt-out class action has been certified since the new regime was introduced in 2015. Innsworth Capital is providing funding of up £45.1 million for the case, which could see Mastercard liable for around £14 billion of damages for infringing EU law by charging ‘interchange’ fees on the use of debit and credit cards between 1992 and 2008. In granting the order, the Tribunal looked closely at the litigation funding agreement and determined that it was suitable, subject to Innsworth providing an undertaking as to liability for costs. Read the order.

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Funder News

Liti Capital launches ScamBusters to tackle crypto fraud

Liti Capital, the Switzerland-based litigation funder that raised capital by issuing investors blockchain-based tokens, has announced that it is launching ScamBusters, a new tool that allows its investors to vote for which crypto-focused cases the company should pursue next. The company is committing between 5% and 10% of its yearly investment budget for this initiative. The first twelve cases up for voting include a fake automated trading scam in which over 5,000 victims lost over $10 million and a bitcoin sports betting scam in which victims invested in a BTC sports trading company that combined crypto currency with sports betting, which turned out to be a Ponzi scheme promising between a 15% to 20% return per month.

New Fundings

Bench Walk provides Gateley with £50 million litigation funding facility

Bench Walk Advisors has been revealed as the firm providing UK legal and professional services group, Gateley with a £50 million funding facility. The agreement will see Gateley become one of only two listed law firms with access to a funding facility. Richard Healey, partner and head of Gateley’s dispute resolution group, noted that Bench Walk was chosen after a careful exercise in which a number of funders were assessed based on set criteria.

Funder News

Longford Capital Raises $682 Million for New Investment Fund

Chicago-based Longford Capital Management has raised $682 million for its third investment fund and has already committed $270 million to new investments in the fund. Fund III is the third private investment fund Longford has closed since the firm began operating in 2013, and its assets under management now exceed $1.2 billion. Fund III includes repeat investors from Funds I and II, as well as many new investors, attracting capital from state and municipal pension funds, university endowments, foundations, single and multi-family offices, and high-net-worth individuals.

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