Funder News

Financial results, capital raises, new hires and other news from funders.

Liti Capital, the Switzerland-based litigation funder that raised capital by issuing investors blockchain-based tokens, has announced that it is launching ScamBusters, a new tool that allows its investors to vote for which crypto-focused cases the company should pursue next. The company is committing between 5% and 10% of its yearly investment budget for this initiative. The first twelve cases up for voting include a fake automated trading scam in which over 5,000 victims lost over $10 million and a bitcoin sports betting scam in which victims invested in a BTC sports trading company that combined crypto currency with sports betting, which turned out to be a Ponzi scheme promising between a 15% to 20% return per month.
Chicago-based Longford Capital Management has raised $682 million for its third investment fund and has already committed $270 million to new investments in the fund. Fund III is the third private investment fund Longford has closed since the firm began operating in 2013, and its assets under management now exceed $1.2 billion. Fund III includes repeat investors from Funds I and II, as well as many new investors, attracting capital from state and municipal pension funds, university endowments, foundations, single and multi-family offices, and high-net-worth individuals.
Pretium, a New York-based specialized investment management firm with more than $26 billion in assets, has established a legal opportunities investment team. The strategy will be led by Matthew Cantor, a Senior Managing Director who joined Pretium in May 2020 and has more than two decades of experience of creating value for investors in complex legal situations. This experience includes his tenure leading the highly successful resolution of the Lehman Brothers estate and time spent as both an investor and as a practicing attorney at leading global law firms. Also joining Pretium as a Senior Managing Director is Charles (Chad) Schmerler, who will serve as the head of Litigation Finance. Prior to joining Pretium, he was the CEO of Yorkside Capital, a litigation finance firm he founded following his tenure as a litigation partner at Norton Rose Fulbright. 
RBG Holdings plc (AIM: RBGP), the UK-based professional services group, has released its unaudited results for the six months ended 30 June 2021. It reports that its litigation finance subsidiary LionFish has received 393 enquiries since launch with 10 cases approved, 54 under consideration and 329 rejected. The 10 approved cases will bring a funding commitment of £8.0 million over the next three years, of which £3.2 million has already been drawn down.
Maya Steinitz has been named to an endowed position at the University of Iowa College of Law. Maya's research focuses on a wide range of topics including the intersection of civil litigation and corporate law, public and business international law, transnational dispute resolution, and the global legal profession. She is one of the US's leading experts on litigation finance.
LegalPay, India's first third-party litigation finance company, has announced that it has successfully closed its first arbitration-focused investment vehicle, which will be focused on putting capital into a basket of 8-12 legal cases. It is also now raising funds for a second investment vehicle that will invest in commercial disputes.
Harbour Litigation Funding has launched a new £150 million funding venture with Mishcon de Reya called MDR Solutions I. It will be used to fund litigation and arbitration cases for Mishcon de Reya’s clients. Operationally separate to the law firm, the new venture will be responsible for assessing and investing in prospective cases originated by Mishcon de Reya. MDR Solutions I will benefit from sophisticated data science capability and expertise which has been built by Mishcon de Reya over a number of years. Harbour will be co-investing alongside the firm. Speaking on behalf of Harbour, CIO Ellora MacPherson stated that “this is fantastic news and the next step in the development of our relationship. We have nine active cases which Mishcon de Reya are advising on and close relationships between the teams at every level of the organisation. We look forward to working even closer together.”
The International Legal Finance Association (ILFA) has appointed Gary Barnett as Executive Director and General Counsel. Launched 12 months ago, ILFA is the first-ever global association devoted to the growing commercial legal finance industry. Previously at the U.S. Department of Justice (DOJ), Barnett served in various roles since 2017, most recently as Senior Counselor to the Attorney General in the Office of the Attorney General. Barnett also served as the DOJ’s Acting Director in the Office of Victims of Crime and Acting Chief of Staff to the Attorney General. Prior to joining the DOJ, he was the Staff Director and Chief Counsel to the U.S. Senate Judiciary Committee’s Subcommittee on Privacy, Technology and the Law. Barnett received his J.D. from Georgetown University Law Center and his B.A. in History and Economics from Boston University.
James Gowen-Smith has joined Miller as the firm's new Head of After The Event insurance. James’ hiring forms part of Miller’s Professional Risks team’s wider strategy to grow the range of expertise and products it can offer to clients. James joins Miller from CKRe Limited, where he was Director of Professions. Before that, he spent time with Willis Towers Watson in their Financial and Executive Risk team, before which he was working in the legal sector with firms Simmons & Simmons and Allen & Overy.
Guido Demarco has joined Stonward as a director and Head of Legal Assets, based in Argentina. Before joining Stonward, Guido worked for the European Bank for Reconstruction and Development as a legal advisor, where he had the opportunity to work closely with different governments and high-level stakeholders.Previously, he was an associate at Baker McKenzie in the firm's Buenos Aires office, where he worked on major cross-border financing and projects.

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