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Litigation funder Therium also tapped up elite law firms for four new investment managers as it prepares to raise its largest-ever fund, the firm’s chief investment officer told Financial News.

The fund added associates Chris Wilkins from Slaughter and May and Charlie Temperley from Michelmores to its London office. It also hired Corey Banks from Wachtell, Lipton, Rosen & Katz and Joshua Card from Sidley Austin in New York.

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Therium Founder and CIO, Neil Purslow has been quoted by the International Financial Law Review (IFLR) in an article on how the expected rise in ESG litigation will provide an extra enforcement tool to increase accountability for environmental crimes.

IFLR highlights increased regulatory scrutiny and an expected increase in biodiversity legislation and. Whilst litigation being brought enforcement action against corporates and governments whose actions have resulted in a biodiversity loss has historically been low across Europe, a rise in class actions is expected.

In the article, Neil Purslow explains the importance of litigation and litigation funding as “the pointy end of the enforcement spear.” For example, Therium funds securities fraud litigation based on legislation that aims to protect investors against firms that engage in poor corporate governance resulting in a stock drop.

With regulatory scrutiny surrounding greenwashing on the rise, Neil explains that specific environmental litigation is likely to mirror other forms of securities litigation. In this case, environmental crimes as opposed to financial crimes become the focus of a compliance breach that has caused investors to suffer losses.

Read the full article from Litigation Finance Insider

Therium Capital Management has added four investment managers to its transatlantic investment team, Chris Wilkins and Charlie Temperley in London and Corey Banks and Joshua Card in New York.

Neil Purslow, Founder and Chief Investment Officer at Therium said: “We are delighted to welcome these four investment managers to our transatlantic investment team. Their strong legal know-how and experience of high-value litigation and arbitration across jurisdictions will add to our high-calibre investment team, as we continue to invest in a broad range of cases across the legal sector.

Alongside our investment team, they will work on cases right through from origination to completion. This unique approach allows our investment managers to build strong and enduring relationships with clients, get under the skin of the complex matters, be incredibly responsive and deliver top quality execution.

Therium has now added five investment managers to date this year, including Fred Bowman who joined in January. The new investment managers will provide legal finance to meritorious cases, law firms and corporates through a range of innovative financing structures. Corey Banks who will be based in New York has over five years’ experience as a commercial disputes associate at prominent New York law firm Wachtell, Lipton, Rosen & Katz, where he worked on a broad range of funded commercial disputes, including corporate and financial matters, breach of contract, antitrust/ competition and bankruptcy litigation. Previous roles include clerking at a US District Court and the Second Circuit US Court of Appeals. Corey also worked as an Associate at Clearly Gottlieb Steen & Hamilton. He graduated magna cum laude from Harvard Law School and holds a BA in International Relations and Japanese from Tufts University, Massachusetts.

Joshua Card, also based in New York joins from Sidley Austin’s where he was a senior managing associate in the Commercial Litigation and Disputes and Securities and Shareholder Litigation practices. Prior to this, Josh worked at Wachtell, Lipton, Rosen & Katz. He has experience of M&A cases, corporate governance litigation, white collar criminal matters and other corporate and securities matters, including commercial arbitration. Josh has also been a law clerk at a US District Court and the Second Circuit US Court of Appeals. He holds a BA in Political Science from Amherst College and obtained a Juris Doctor, magna cum laude from Brooklyn Law School.

Charlie Temperley, based in London, previously worked at Michelmores and Womble Bond Dickinson, where his practice encompassed a broad range of commercial litigation including high value, multi-jurisdictional disputes and enforcement actions. He has experience working on commercial contract claims, group actions, civil fraud and asset tracing, trusts and probate disputes, shareholder disputes, professional negligence, property litigation and joint venture breakdowns. Charlie holds a First-Class Joint Honours degree in Mathematics and Philosophy from the University of Nottingham and an MPhil in Philosophy from the University of Cambridge. He completed a Graduate Diploma in Law and Legal Practice Course at the University of Law, Guildford.

Chris Wilkins, also based in London, joins after nine years as a solicitor at Slaughter and May. In the Disputes and Investigations Group, his practice focused on resolving large-scale, complex and often multi-jurisdictional disputes for large corporates, including FTSE 100 companies, across a wide range of industry sectors. He has advised on cases in the High Court and Competition Appeal Tribunal, as well as international arbitrations. Chris holds a First Class Honours degree in History from King’s College London and a Master’s degree with Distinction in International Relations from the London School of Economics. Chris completed a Graduate LLB at the University of London and a Legal Practice Course at BPP Law School.

LONDON, JERSEY AND NEW YORK – 27 July 2022: Therium Capital Management, the world’s leading global provider of legal finance, today announced that it has added four investment managers to its transatlantic investment team, Chris Wilkins and Charlie Temperley in London and Corey Banks and Joshua Card in New York.

Neil Purslow, Founder and Chief Investment Officer at Therium said: “We are delighted to welcome these four investment managers to our transatlantic investment team. Their strong legal know-how and experience of high-value litigation and arbitration across jurisdictions will add to our high-calibre investment team, as we continue to invest in a broad range of cases across the legal sector.

Alongside our investment team, they will work on cases right through from origination to completion. This unique approach allows our investment managers to build strong and enduring relationships with clients,get under the skin of the complex matters, be incredibly responsive and deliver top quality execution.”

Therium has now added five investment managers to date this year, including Fred Bowman who joined in January. The new investment managers will provide legal finance to meritorious cases, law firms and corporates through a range of innovative financing structures.

Corey Banks who will be based in New York has over five years’ experience as a commercial disputes associate at prominent New York law firm Wachtell, Lipton, Rosen & Katz, where he worked on a broad range of funded commercial disputes, including corporate and financial matters, breach of contract, antitrust/ competition and bankruptcy litigation. Previous roles include clerking at a US District Court and the Second Circuit US Court of Appeals. Corey also worked as an Associate at Clearly Gottlieb Steen & Hamilton. He graduated magna cum laude from Harvard Law School and holds a BA in International Relations and Japanese from Tufts University, Massachusetts.

Joshua Card, also based in New York joins from Sidley Austin’s where he was a senior managing associate in the Commercial Litigation and Disputes and Securities and Shareholder Litigation practices. Prior to this, Josh worked at Wachtell, Lipton, Rosen & Katz. He has experience of M&A cases, corporate governance litigation, white collar criminal matters and other corporate and securities matters, including commercial arbitration. Josh has also been a law clerk at a US District Court and the Second Circuit US Court of Appeals. He holds a BA in Political Science from Amherst College and obtained a Juris Doctor, magna cum laude from Brooklyn Law School.

Chris Wilkins, also based in London, joins after nine years as a solicitor at Slaughter and May. In the Disputes and Investigations Group, his practice focused on resolving large-scale, complex and often multi-jurisdictional disputes for large corporates, including FTSE 100 companies, across a wide range of industry sectors. He has advised on cases in the High Court and Competition Appeal Tribunal, as well as international arbitrations. Chris holds a First Class Honours degree in History from King’s College London and a Master’s degree with Distinction in International Relations from the London School of Economics. Chris completed a Graduate LLB at the University of London and a Legal Practice Course at BPP Law School.

Charlie Temperley, based in London, previously worked at Michelmores and Womble Bond Dickinson, where his practice encompassed a broad range of commercial litigation including high value, multi-jurisdictional disputes and enforcement actions. He has experience working on commercial contract claims, group actions, civil fraud and asset tracing, trusts and probate disputes, shareholder disputes, professional negligence, property litigation and joint venture breakdowns. Charlie holds a First-Class Joint Honours degree in Mathematics and Philosophy from the University of Nottingham and an MPhil in Philosophy from the University of Cambridge. He completed a Graduate Diploma in Law and Legal Practice Course at the University of Law, Guildford.

About Therium Capital Management:

Therium is a leading provider of investment capital to the legal industry and one of the largest, having raised over $1bn since 2009. With investment teams in the UK, USA, Australia, Germany and Norway, Therium has funded litigation and arbitration claims exceeding $40 billion, including many of the largest and most high profile funded cases in the UK and internationally and arbitrations under rules of the LCIA, ICC, UNCITRAL, LMAA, AAA, CIETAC, ICSID, Stockholm Chamber of Commerce and the Energy Charter Treaty. Therium has been Top Ranked by Chambers and Partners and Leaders League with investment officers across the UK, Europe, USA and Asia Pacific recognised as leading individuals in litigation finance.

To mark the firm’s tenth anniversary, Therium Access was launched in 2019 as a not-for-profit venture to fund a wide range of access to justice projects and cases – supporting the most vulnerable in our society and helping to bridge the widening justice gap. With its own board composed of eminent figures from the legal community and a dedicated grants officer, Therium Access has made over £1.3 m in financial commitments over the last 18 months to over 26 different organisations. As the first initiative of its kind, Therium has been shortlisted for several awards for launching this ground-breaking initiative, including the FT Innovative Lawyer Awards 2019, The Lawyer Awards 2021 and the Lexis Nexis Awards 2020 and 2022.

Therium also invests in AI and software projects to accelerate the advancement of the industry. As a founding member of ALF, ILFA and the Litigation Funding Working Group, Therium is also committed to shaping the future of legal finance and setting high standards for the industry.

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James Booth of Financial News

Wednesday July 27, 2022 10:26 am

Litigation funder Therium has tapped up elite law firms for four new investment managers as it prepares to raise its largest-ever fund, the firm’s chief investment officer said.

The fund has added associates Chris Wilkins from Slaughter and May and Charlie Temperley from Michelmores to its London office, and Corey Banks from Wachtell, Lipton, Rosen & Katz and Joshua Card from Sidley Austin in New York.

The hires come as Therium looks towards a fundraising that chief investment officer Neil Purslow anticipates will be larger than its £325m raise in November 2019.

“This is all about preparing ourselves for going out to market for fundraising,” Purslow told Financial News of the fund’s recent hires.

Litigation funders provide money to parties fighting legal cases in exchange for a slice of any damages they receive. They typically raise their money from institutional investors such as hedge funds and sovereign wealth funds.

Therium scored a success in 2019 by backing a successful group claim against the Post Office on behalf of sub-postmasters wrongly accused of fraud following a computer system error.

The funder also benefited this year from Volkswagen’s settlement of “Dieselgate” claims in the UK. The car maker payed out £193m to a group of more than 91,000 drivers.

Therium is currently backing a claim from the heirs of the Sultanate of Sulu against Malaysia in a $15bn legal battle over compensation they say they are owed for their ancestors’ former land in the oil-rich state of Sabah.

Therium’s planned fundraising comes as the litigation finance industry faces the challenge of the end of the cheap money and low interest rate era it enjoyed during years of explosive growth following the global financial crisis.

UK litigation funders had assets of £2.2bn last year, growing more than tenfold in a decade from 2011, when they had £198m in assets, according to research from law firm RPC.

Purslow said that litigation funds could still be attractive for investors looking for returns, despite rising interest rates.

“Equity markets haven’t performed very well and bond markets haven’t worked well for people, and we are seeing a higher inflation environment coming through, so I think non-correlated assets probably look quite attractive at this point,” he said.

However, Purslow said the cost of litigation finance could rise in a market where there was less money around.

“I suspect pricing in funding will go up because of the lack of liquidity in the space,” he said.

Therium was founded in 2009. It has raised more than $1.1.bn in total funds and backed claims valued at $100bn, according to its website.

To contact the author of this story with feedback or news, email James Booth

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Therium Co-founder, Neil Purslow, has been quoted in the Law Gazette speaking about the increase in competition class actions.

Read the full article here

Therium has contributed to ILFA’s comments and individually responded to UNCITRAL’s Working Group III on Investor-State Dispute (ISDS) Reform. These comments highlight the important role third-party funding plays in providing access to justice, upholding the rule of law and ensuring viable Investor-State arbitrations are heard.  

Read the ILFA response here

The Financial Times has written another article on the Therium-funded case brought against the Post Office.

Read the full article here.