Provenio appoints director

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As capital floods into litigation funding, the sector has entered a new phase. Rather than sitting back and waiting for cases, funders often now play an integral role in the instigation of litigation – particularly collective actions. A push towards freely available, standardised documents will help hedge funds and other players enter the field, while a secondary market for funding investments is finding its feet.

Funder News

John Smith joins Provenio Litigation LLP

John Smith has joined Provenio Litigation LLP as Head of Finance and Administration as the UK firm continues its rapid expansion. Last year, Provenio launched a £50 million fund in partnership with Therium to finance high-value claims. Recent senior level appointments include former Exchange Chambers CEO Tom Handley as a Director of the business and former DLA Piper head of litigation and regulatory, David Gray as a consultant.

New Fundings

Banks face £1bn class action over forex rigging

Therium is backing a potential £1 billion class action in the UK against major banks that were fined for rigging the foreign exchange market. Barclays, Citigroup, JP Morgan and RBS were fined more than €1 billion by the EU’s competition watchdog in 2019 after a five-year investigation revealed market rigging between 2007 and 2013. The banks now face a group claim brought by pension funds, asset managers, hedge funds and corporates from around the world who were affected by the forex cartels. The Competition Appeal Tribunal is deciding whether to issue a collective proceedings order, allowing the action to proceed to the next stage of litigation.

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