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Case Developments Commercial

Legal Finance SE Announces Plans to Fund Hundreds of Lawsuits Against Illegal Online Casinos

By Harry Moran |

The Frankfurt-based litigation financier Legal Finance SE, a subsidiary of listed company Nakiki SE (ISIN DE000WNDL300), is taking massive action against online casinos: According to current German legislation, most online…

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Case Developments Commercial

Johnson & Johnson Settlement Puts Litigation Funders in the Spotlight

By Harry Moran |

The business of mass tort funding continues to be grow in the world of litigation finance, with the potential for large settlements being secured if the claims can attract a sufficiently high volume of claimants.

An opinion piece by Sujeet Indap in the Financial Times looks at the recent announcement of a settlement in the Johnson & Johnson talcum powder mass tort case, and the ways in which it has put the contentious role of litigation funders in the spotlight once more. Indap highlights that J&J used its press release announcing the settlement to take aim at “the unregulated and surreptitious financing of product litigation”, which it argued had created financial incentives for these large-scale mass tort cases.

Furthermore, Indap notes that J&J has since informed the federal court that it would be seeking details around the funders’ of the talc litigation, and would be serving Fortress Investment Group with a subpoena. J&J have argued that the involvement of litigation funders like Fortress have made the bargaining and settlement process more difficult, claiming that the priorities of the plaintiffs’ lawyers have been complicated by the need to ensure sufficient financial returns on the funders’ investments.

Speaking with Indap for the article, Samir Parikh, law professor at Wake Forest University, suggested that the most important factor in the success or failure of mass torts is the ability of lawyers and other third-parties to find and register huge numbers of claimants for these cases. Parikh argues that, rather than being focused on the merits of the claims being brought, “the name of the game is really marketing, or ‘building inventory’.”

Announcements Case Developments Commercial

Altroconsumo Secures Impressive 50 million Euro Settlement for 60,000 Participants to Dieselgate Class Action in Italy

By Harry Moran |

Altroconsumo and VW Group have reached a ground-breaking agreement, providing over 50 million euro relief to over 60,000 Italian consumers affected by the emissions fraud scandal. Celebrating this major win for Italian consumers, Euroconsumers calls on Volkswagen to now also compensate Dieselgate victims in the other Euroconsumers countries. 

The settlement reached by Altroconsumo, arising from a Euroconsumers coordinated class action which commenced in 2015 ensures that Volkswagen will allocate over 50 million euros in compensation. Eligible participants stand to receive payments of up to 1100 euros per individual owner.

This brings an end to an eight year long legal battle that Altroconsumo together with Euroconsumers has been fiercefully fighting for Italian consumers and marks a significant milestone in seeking justice for those impacted by the ‘Dieselgate’ scandal.

“We extend our massive congratulations to Altroconsumo for reaching this major settlement in favor of the Italian Dieselgate victims. Finally, they will receive the justice and compensation they deserve. This milestone underscores the importance of upholding consumer rights and the accountability of big market players when these rights are ignored, something Euroconsumers and all its national organisations will continue to do together with even more intensity under the new Representative Actions Directive” – Marco Scialdone, Head Litigation and Academic Outreach Euroconsumers

Together with Altroconsumo in Italy, Euroconsumers also initiated Dieselgate class actions against the Volkswagen-group in Belgium, Spain and Portugal. While the circumstances are shared, the outcomes have been far from consistent.

“Euroconsumers was the first European consumer cluster to launch collective actions against Volkswagen to secure redress and compensation for all affected by the emissions scandal in its member countries. After 8 years of relentless pursuit, we urge the VW group to finally come through for all of them and give all of them the compensation they rightfully deserve. All Dieselgate victims are equal and should be treated with equal respect.” – Els Bruggeman, Head Policy and Enforcement Euroconsumers

Consumer protection is nothing without enforcement and so Euroconsumers and its organisations will continue to lead important class actions which benefit consumers all across the single market. 

Read the full Altroconsumo press release here.

About Euroconsumers 

Gathering five national consumer organisations and giving voice to a total of more than 1,5 million people in Italy, Belgium, Spain, Portugal and Brazil, Euroconsumers is the world’s leading consumer cluster in innovative information, personalised services and the defence of consumer rights. Our European member organisations are part of the umbrella network of BEUC, the European Consumer Organisation. Together we advocate for EU policies that benefit consumers in their daily lives.

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Case Developments Commercial

CAT Approves £25 Million Settlement in Boundary Fares Class Action

By Harry Moran |

As LFJ reported last month, the parties in the Stagecoach South Western Trains class action had reached a settlement agreement, with SSWT agreeing to pay up to £25 million to eligible class members who were overcharged on their rail fares by the train operator.

An article in City A.M. provides an update on the case, as the Competition Appeal Tribunal (CAT) has approved the proposed settlement. Now that it has been approved by the tribunal, class members will be able to register and submit a claim for payment in order to receive compensation from the settlement. The claim period will last for six months, from 10 July 2024 to 10 January 2025.

Within four months of the claim period ending, the class representative will then provide SSWT with the total amount to be claimed, up to the total of £25 million agreed in the settlement. SSWT will then have a period of 21 days following receipt of this information to pay the class representative the ‘notified damages sum’.

The class action was filed by Charles Lyndon, with Woodsford Group providing the funding for the litigation. 

Steven Friel, Woodsford’s CEO said: “This settlement approval confirms Woodsford as the most active and the most successful litigation funder in the CAT collective proceedings regime. Our actions have resulted in the first two, and as yet only, court-approved settlements in the regime.”The full collective settlement approval order from the CAT can be read here.