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

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In the News

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.”

In the News

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.

New Fundings

Funder-backed collective claim launched in Italy

Bench Walk Advisors is backing a new collective claim in Italy that is based on a 2019 Italian Competition Authority (AGCM) decision. On 17 July 2019, the Italian Competition Authority (AGCM – Autorità Garante della Concorrenza e del Mercato) concluded a complex investigation, resulting in the ascertainment of two cartel agreements, set up to distort normal competition in the markets for corrugated cardboard and corrugated cardboard packaging. The cartels involve the most important manufacturers of corrugated cardboard sheets and packaging, as well as the Italian group of corrugated cardboard manufacturers (GIFCO). In consideration of the seriousness and duration of the conduct, the Authority imposed fines of over € 287 million, paving the way for actions claiming compensation for damage suffered by direct and indirect purchasers of the cartelists.

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