Therium

All articles about Therium.

The share price of litigation claims processor Anexo may not reflect its full value, as investors appear not to have fully factored in Volkswagen’s £193mn out-of-court settlement for the Therium class action brought against the German carmaker by 91,000 emission scandal claimants. Indeed, an out-of-court settlement looks a racing certainty for Anexo’s own action against VW (on behalf of 13,000 claimants) well before January’s court date.
A £2bn claim against some of the world’s biggest truck manufacturers over their involvement in a price-fixing cartel has been given the green light by the Competition Appeal Tribunal, which has granted the first-ever opt-in collective proceedings order in the UK. Claimant Road Haulage Association will have to pay litigation funder Therium 6% if the total damages awarded, if any, are over £2bn and 8% if they are over £3bn – and as much as 30% if damages are no more than £150m – but the CAT noted that ‘collective proceedings would be impossible without third-party funding’.
A £193M settlement has been reached between Volkswagen and around 91,000 claimants in a U.K. group action over the carmaker’s emissions scandal. The claim, which should now result in each car owner receiving around £2,100, was backed by litigation funders Therium and North Wall Capital. Therium, the largest backers, funded claimants represented by Slater & Gordon, whilst North Wall financed PGMBM claimants. Leigh Day did not have any litigation funding, instead working on a conditional fee agreement.
The International Legal Finance Association (ILFA) has announced its new board of directors, its chairman, and the executive committee. Gary Barnett, Executive Director of ILFA, welcomed Neil Purslow, who co-founded Therium, as the new Chairman. The Executive Committee Officers include: Christopher DeLise of Delta Capital, Susan Dunn of Harbour Litigation Funding, Jack Neumark of Fortress Investment Group LLC, Andrew Saker of Omni Bridgeway and Marcel Wegmüller of Nivalion.
Brown Rudnick has released the agenda for its first annual European Litigation Funding Conference taking place on 17 May 2022 in London. The one-day conference has drawn big names from the international litigation funding market who will discuss topics such as opportunities and innovation in deal structuring, the rise of class actions and opportunities in Europe.
Subpostmasters who helped uncover the Post Office IT scandal but missed out on full compensation are to get payouts under a new government scheme. The 555 workers won a landmark civil case against the Post Office in 2019, but saw most of their settlements swallowed up by legal fees. They will now get the same level of compensation as other subpostmasters who were wrongly convicted. Therium, the funder that backed the initial litigation, has agreed to waive its rights to any claim on the new pot of compensation.
Patrick Dempsey has joined Burford Capital as a Director, where he will focus on originating new business with US law firms and companies. Prior to joining Burford, Mr. Dempsey was the US Chief Investment Officer and a Board Member at Therium Capital Management. He also worked as a litigator at Hogan Lovells and Proskauer.  
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.
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.
Therium is reported to be backing a consumer association in a Norwegian class action lawsuit against two home alarm companies, according to a local newspaper. In November, the companies were fined by the Norwegian Competition Authority for illegal cooperation in the sale of home alarms.

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