Category Archives: Case Developments
What Sberbank’s Liquidation Means for Litigation Finance
Litigation Finance Journal has been covering the Sberbank CZ liquidation. New details are emerging regarding the liquidator’s intent to recover creditor losses. Sberbank CZ’s liquidator is trying to deliver on a single sale of the bank’s assets to one buyer, rather than dicing the assets up into numerous packages. In other words, the liquidator is…
£6M in Back Dues Paid to UK Litigation Funder
Novitas Loans made a 2021 announcement to freeze new loans servicing customer engagement of legal products and services. The franchise pivoted to new business with a focus on growing its long-term customer base. This, as July 2021 balance sheet line items signaled significant losses over the period. …
Law Society of Scotland on Post Office Scandal Litigation
The Law Society of Scotland shares a new debrief of the Post Office scandal. The story goes: When the Horizon computer system found over 736 sub-postmasters were allegedly grifting from the United Kingdom’s postal budgets, they were summarily punished. However, Horizon’s back office capabilities were later found to contain bugs and other system defects that…
Global Electricity Cartel Faces Class Action
Burford Capital is funding litigation exploration of a potential claim that alleges that some of the world’s largest electricity cable makers conspired to inflate cable prices in a fraud paid for by millions of consumers in the United Kingdom. The higher costs of the alleged cable fraud have been passed onto consumers since April, 2001. …
Sberbank CZ Litigation, Insolvency and Liquidation
The Central Bank of Russia founded Sberbank in 1991. Traded on the Moscow Stock Exchange, Sberbank is Russia’s largest universal banking institution with ⅓ of all Russian assets flowing through it. Given Russia’s war in Ukraine, the Czech National Bank revoked Sberbank CZ’s license at the beginning of May. Furthermore, a Czech Municipal Court in…
New York Court of Appeals Rejects Litigation Agreement Discovery
In what might be the first time in the history of New York State published law, a New York Appeals Court has rejected relevance associated with discoverability of litigation funding agreements in Worldview Entertainment Holdings v. Woodrow. The five justice panel refused the necessity of probing the plaintiffs financial background on grounds that the assessment…
Sears Holdings Seeks $35M Litigation Investment Approval
The iconic Sears department store (which filed Chapter 11 bankruptcy protection in 2018), now known as Sears Holding Corporation, filed a motion to authorize a $35M litigation funding agreement in United States Bankruptcy Court of the Southern District of New York. Bench Walk Advisors LLC was selected by Sears Holding Corporation to coordinate funding the…
Israeli Pegasus Spyware Case Receives Funding
The United Kingdom’s Global Legal Action Network (GLAN) has teamed up with Bindmans LLP to challenge potential misuse of the Pegasus software platform. Pegasus operates as a spyware surveillance utility that was originally developed in Israel. GLAN raised pre-litigation funding from the Digital Freedom Fund. Bindmans is now pursuing additional litigation investment for GLAN’s claim…
Delaware’s Chief Judge Issues Third-Party Funding Standing Order
A standing order has been issued by Delaware’s Chief Judge, the Honorable Colm F. Connolly, calling for all cases under his supervision that engage third party investment to submit specific agreement details to his bench within the next 45 days. Judge Connolly defines third party funding as any agreement that has been organized on a…
Delaware’s Supreme Court Shifts Fees to Losers
The state of Delaware is home to some of the world’s largest corporate entities. New designs to litigation funding agreements are beginning to include provisions for the losing parties’ financial responsibility in covering some (if not all) of the case costs). Delaware’s Supreme Court has stopped short of billing losing parties for state costs associated…
