The claim is for investor losses relating to Danske Bank A/S, resulting from the bank’s involvement and subsequent cover up of a money-laundering operation through its Estonian branch.
The claim is notable for the fact that it is being run in the Courts in Copenhagen.
Therium is working alongside its partner firm DRRT in order to bring the claim on behalf of institutional investors.
Securities Litigation / Class Action / Group Litigation / Investor Loss / Collective Redress
Financial Services
Africa, Middle East, Canada, Caribbean, Latin America
+44 (0) 203 327 3464
neil.purslow@therium.com
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Therium is funding a class action on behalf of the bondholders of Axsesstoday Ltd (AXL) against both AXL and PWC Securities, its former auditors.
The case, which has been filed in the Federal Court, relates to AXL’s alleged failure to explain or highlight the impact a new accounting standard would have on the Company’s financial performance in a Prospectus for corporate bonds issued in 2018. Shortly after the bonds were issued, the Company was placed into external administration.
The class action is a rare example of one pursued on behalf of bondholders. It focuses on interesting issues relating to the introduction of new accounting standards – and disclosure by listed entities of their financial impact.
Without Therium’s funding, it is unlikely that the bondholders of AXL would have the opportunity to seek compensation from AXL and PwC.
Class Actions / Bondholder Dispute / Regulatory / Group Litigation / Investor Loss / Collective Redress
Financial Services
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Therium is funding a class action on behalf of shareholders of the Commonwealth Bank of Australia Ltd. The shareholders’ case alleges breaches by the Bank between 2014 and 2017 of its continuous disclosure obligations, primarily relating to alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. In a case brought against the Bank by an Australian regulator, the Bank admitted to these breaches and agreed to pay a AUS $700m penalty.
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.
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.
Class Action / Group Litigation / Regulatory / Securities Litigation / Investor Loss / Shareholder Dispute / Collective Redress
Financial Services / Banking
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Therium is funding a class action on behalf of members of various superannuation funds managed by one of Australia largest fund managers, AMP Ltd (AMP).
The case alleges that the Trustees of a significant number of AMP superannuation funds have breached their statutory and equitable duties to act in the best interests of their members and not to prefer the interests of their related parties (being other companies within the AMP Group) over the interests of their members. It is alleged that the class members have suffered damage by (a) being charged excessively high administration and investment fees by AMP and (b) receiving lower returns on their investments due to those investments being made into other AMP products. The class also alleges that various AMP Group companies, being related entities of the Trustees, were knowingly involved in the breaches by the Trustees.
The number of potential class members in this case (which may number in the millions), plus the expected value of their combined claims, makes this potentially one of the largest class actions brought against an Australian financial services company by its customers. The case is a consolidation of two separate class actions.
Without funding, this class action against AMP Trustees would be unlikely to have proceeded. The class action provides AMP superannuation fund members with a route to redress for the Trustees’ alleged failure to comply with duties owed to the members.
Class Actions / Financial Services / Funds Management / Collective Redress
Financial Services
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Therium is funding a class action on behalf of members of various superannuation funds of which BT Funds Management Limited (BT), a subsidiary of Westpac Banking Corporation Ltd, is the Trustee. This case relates to members who chose to invest their superannuation funds in certain cash products offered by BT to its superannuation fund members.
The case alleges that BT has breached its statutory and equitable duties to act in the best interests of their members, and not to prefer the interests of their related parties over the interests of their members, by allowing a related party (Westpac Life) to charge uncommercial fees to its members relating to their investment in BT cash products.
The case has received significant media attention, given BT is a subsidiary of one of Australia’s largest banks. It is one of a number of class actions brought in the wake of the Royal Commission into Misconduct in the Banking and Financial Services Sectors in 2018-19.
Without Therium’s funding, this class action against BT Trustees would be unlikely to have proceeded. The class action provides BT superannuation fund members with potential redress for the Trustees’ alleged failure to comply with duties they owed to them.
Consumer Class Action / Group Litigation / Collective Redress
Financial Services / Fund Management
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The claim alleges that a global insurance company breached its contract of insurance with its client, an industrial company, by failing to pay out for losses due to Business Interruption.
The Company was placed into liquidation and the Liquidator is now pursuing the claim against the insurer.
The case relates to the topical issue of business interruption insurance, a source of much litigation arising out of the COVID-19 pandemic.
Therium’s funding provides the liquidator with resources to bring the claim.
Breach of Contract / Insurance / Insolvency
Financial Services / Natural Resources / Insurance
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This case is a claim against EY as auditor of Wirecard for allegedly breaching standards of professional conduct causing loss to the company’s shareholders. The claim is brought by various institutional investors who held stock in the company between 2015 and 2020.
The Wirecard scandal is one of the biggest accounting scandals in Germany ever, causing billions of Euros of damages to investors. The claim is an example of proceedings under the German Capital Markets Model Act to seek redress for institutional investors.
Therium is working alongside its partner firm DRRT in order to bring the claim on behalf of instituitional investors.
Professional Negligence / Securities Litigation / Investor Loss / Collective Redress
Financial Services
Africa, Europe, Germany
+49 (0)211 2600 6550
christoph.kuzaj@therium.com
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Therium funded a potential opt-out collective proceeding before the Competition Appeal Tribunal (CAT) brought by economist Michael O’Higgins against five global investment banks, each of which was found by the European Commission to have operated illegal foreign exchange spot trading cartels over a period of five years. The claim seeks damages of more than £1bn resulting from what has been widely described as the “Forex Cartels”
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 is co-funding with another litigation funder and its group is expected to be the largest in the claim.
Anti-Trust / Competition / Class Action / Collective Redress / Investor Loss
Financial Services / Banking
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This case involves a substantial High Court group claim being brought by a group of institutional shareholders against a major LSE-listed Defendant, in which the Claimants are claiming damages for breach of section 90 of the Financial Services and Markets Act (FSMA) as a result of untrue and misleading statements contained within and omissions from the prospectuses published to accompany the Defendant’s IPO and a subsequent merger.
The claim is an example of a large securities action in the UK in which there are multiple groups pursuing claims. The total damages claimed are likely to run into billions of GBP.
The size of the damages amongst the Therium is co-funding with another litigation funder and its group is expected to be the largest in the claim.
Class Action / Securities
Financial Services
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Therium funded the claimant company’s claim against a major bank arising out of the claimant’s purchase of an interest-rate hedging product from the bank.
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.
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.
Breach of Contract
Financial Services / Banking
Africa, Middle East, Canada, Caribbean, Latin America
+44 (0) 203 327 3464
neil.purslow@therium.com
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