Blog Archives
Russian Shipping Company NovoShip Sues Burford Capital for ‘Sex-Tape Swap’
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Date: Aug 24 2019
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The accusations against Burford Capital keep piling up. In the wake of the Muddy Waters claim, Russian shipping firm NovoSip is alleging that a Burford Capital executive swapped sensitive materials for a sex tape of an American billionaire that the company was investigating as part of its legal enforcement and asset tracing business.
Supreme Court ‘Not Alarmed’ by Vannin Capital’s Fees in Queensland Nickel Claim
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Date: Aug 24 2019
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Clive Palmer, founder of the now-defunct Queensland Nickel mining company, has been pushing for The Australian Supreme Court to toss the remaining $100MM in creditor claims against him, saying liquidators are only pursuing more money to pay out exorbitant fees to litigation funder Vannin Capital. But FTI Consulting, the General Purpose Liquidators, has shot back that Vannin’s fees are ordinary, and even the judge overhearing the case has said she is ‘not alarmed’ by Vannin’s fee structure.
IMF Bentham Posts 89% Success Rate
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Date: Aug 24 2019
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Publicly-traded litigation funder IMF Bentham recorded a portfolio value of $9.5B for the fiscal year ending June 30th, 2019. That represents a 68% YoY increase, and comes by way of an 89% success rate for the firm (so much for the notion that litigation funding might prompt frivolous lawsuits).
How GCs Can Benefit from Litigation Finance in the Current Economic Environment
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Date: Aug 24 2019
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Study after study shows that General Counsel are growing more and more interested in the product of litigation finance, yet the adoption rates remain low. There are numerous hurdles, not the least of which is cultural: many GCs simply retract from the idea that their role and responsibility should transform from cost container to revenue producer. That said, given the shifting economic climate, it’s worth taking another look at how litigation funding can benefit GCs and the balance sheets they are entrusted to safeguard.
European Litigation Funder Deminor is Looking for a North American Business Developer
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Date: Aug 24 2019
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Deminor, the European-based recovery and asset manager, is searching for a litigation funding business developer for its North American business.
Berg & Androphy Dispute with Litigation Lending Platform LitCap Moves to Mediation
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Date: Aug 24 2019
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Houston law firm Berg & Androphy’s dispute with litigation lending platform LitCap is headed out of court, after the The 14th Court of Appeals abated the law firm’s appeal for 60 days, pending mediation between the two parties.
Makate Turns Down 47 Million Rand in Litigation-Funded Vodacom Claim
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Date: Aug 24 2019
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Nkosana Makate is suing South African mobile phone company Vodacom for allegedly pilfering the technology behind its popular ‘Please Call Me’ feature. The claim is in the home stretch, and Makate’s lawyers – financed by litigation funder Chris Schoeman – have announced that Makate has turned down a 47 million Rand (roughly $3 million) settlement offer.
There is Now a Litigation Funder Solely Focusing on IRS Whistleblower Claims
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Date: Aug 24 2019
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The average IRS whistleblower claim takes more than eight years to pay out, if they pay out at all. That’s a huge gamble, but one that isn’t stopping one new litigation funder, whose brand new fund is solely devoted to funding IRS whistleblower claims.
Questions Arise Over Burford Executives’ Pay
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Date: Aug 24 2019
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New questions have arisen over payouts to top Burford executives, including CEO Christopher Bogart and co-foudner Jonathan Molot. Despite founding the company, the pair were not actually employees of Burford Capital until 2012. Prior to that, they formed an advisory firm – Burford Group Limited – and charged Burford Capital fees for their advisory work. In the wake of the Muddy Waters allegations, the pair are facing questions about the complex financial structure, as well as their current salaries which remain undisclosed, given the fact that neither is on the company’s board.
Burford Demotes CFO O’Connell to Chief Strategy Officer
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Date: Aug 24 2019
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In a move aimed at appeasing investors, Burford Capital CFO Elizabeth O’Connell is being demoted to Chief Strategy Officer. In the wake of the Muddy Waters allegations and stock price collapse, investors began expressing concern that O’Connell’s relationship to CEO Chris Bogart (the pair are married) creates a conflict and warrants her replacement.
