Why It’s Significant

Therium’s class action is running alongside another class action brought against the Bank, with both law firms acting on a co-operative basis. The combined class actions have been brought on behalf of a large number of domestic and international financial institutions who have suffered significant losses.

Therium’s Solution

The case is a good example of well-resourced financial institutions using litigation finance in preference to their own capital in order to vindicate their legal rights and recover their losses.

Specialism

Class Action / Group Litigation / Regulatory /  Securities  Litigation / Investor Loss / Shareholder Dispute / Collective Redress

Sector

Financial Services / Banking

Why It’s Significant

The matter is significant because of the scale of impact of the FX Cartel. The case is notable as the first claim in the CAT being brought on an opt-out basis for claimants other than consumers and the first where there are two competing opt-out class cases.

Therium’s Solution

Therium is co-funding with another litigation funder and its group is expected to be the largest in the claim.

Specialism

Anti-Trust / Competition / Class Action / Collective Redress / Investor Loss

Sector

Financial Services / Banking

Why It’s Significant

The claimant was treated as a ‘sophisticated borrower’ for the purpose of the relevant banking standards such that the case centred on broader allegations of LIBOR manipulation by the bank and its consequences for the product purchased by the claimant.

Therium’s Solution

Whilst the claimant was sufficiently liquid to have funded the proceedings itself, it chose to utilise litigation funding to lay off the litigation risk.

The case settled on favourable terms to the claimant.

Specialism

Breach of Contract

Sector

Financial Services / Banking

Why It’s Significant

The UK claims involve hundreds of businesses, including leading retail groups, with claims amounting to billions of pounds. The litigation is a notable example of group litigation being run in the Competition Appeal Tribunal where claims are being managed together but without a Collective Proceedings Order.

Therium’s Solution

Therium is backing a wide cross-section of claimants including well-resourced corporate clients who benefit by using litigation finance in place of their own resources in order to pursue the claim.

Specialism

Group Litigation / Class Action / Collective redress / Anti-Trust / Competition

Sector

Financial Services / Retail