The Superior Court of Quebec has released a decision rejecting a litigation funding agreement in the insolvency proceedings of Fortress Global Enterprises (TSX:FGE). The Court refused to approve the litigation funding agreement because it placed limits on Omni Bridgeway’s obligation to fund an eventual adverse costs award. Specifically, under the agreement, Omni had no obligation to pay adverse costs awards relating to costs incurred prior to the approval of the agreement or after its termination.
Omni Bridgeway has agreed to fund a class action against Mesoblast Limited (ASX:MSB) on behalf of shareholders for losses arising out of Mesoblast’s alleged breaches of its continuous disclosure obligations and/or by Mesoblast engaging in misleading and deceptive conduct. The class action will be run by law firm Phi Finney McDonald.
Jeremy Marshall, Anna-Maria Quinke and Maarten van Luyn of Omni Bridgeway present a concise summary of the group claims landscape across various European jurisdictions and share their prediction that collective actions throughout Europe will increase once the Representative Actions Directive (RAD) kicks in over the next two years.