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Vannin Capital is backing two new class actions commenced in the Federal Court of Australia against Apple and Google. The claims, filed by Phi Finney McDonald on behalf of the lead applicants, allege that the tech giants engaged in anti-competitive conduct in relation to the operation of their app stores. By routinely charging a 30% commission to app developers and limiting their ability to distribute apps outside of the app stores, it is alleged that Apple and Google limited competition in the market which resulted in higher prices for consumers.
Mark Wells has joined Omni Bridgeway in London as Global Head of Portfolio Management. Before joining Omni Bridgeway, he co-founded litigation funder Calunius Capital in 2006 where he was Managing Partner. Previously, Mark spent nearly two decades in derivatives trading and structuring at major banking institutions including JPMorgan/Chase and Toronto Dominion. Mark will be responsible for further developing Omni Bridgeway’s global fund and capital management strategy and head the global pricing and financial structuring team.
UK-based insolvency litigation funder Manolete Partners has reported that revenue and pre-tax profit in its most recent fiscal year have dropped £7.3m and £2.5m respectively from prior year. Government restrictions on the insolvency industry and widespread government support led to significantly fewer insolvencies in the market and therefore fewer cases for Manolete to sign. CEO Steven Cooklin remains optimistic though, noting that new case enquiries have been rising at an increasingly faster pace in recent months. Cumulatively, the company has reported a 132% average IRR and a 2.5x average money multiple on all the cases it has invested in since 2010.
Shakespeare Martineau had launched 'InSolvLit', a new litigation funding solution for clients in the firm's insolvency practice. The firm will review claims without charge and, where claims have merit, legal fees will be recovered only if the claims are successful and when sufficient funds have been realised. Similar to its 'FeeManage' service, Shakespeare Martineau will offer a range of litigation funding options, including no-win no-fee arrangements, and will work with a variety of leading insolvency litigation funders.
Eric Buresh of Erise IP argues that there is far more investment in this current wave of non-practicing entity (NPE) litigation than in previous waves, partially attributable to litigation funders who are stepping in and are prepared to pursue cases toward higher value resolutions or judgments.

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