This case involved a dispute over the earn-out provisions in a corporate transaction between a founder and a large private equity firm.
The claimant had assets but lacked sufficient liquidity to fund the claim to a conclusion. With the benefit of litigation finance, the claimant was able successfully to secure a settlement.
Therium’s funding levelled the playing field against a well-resourced defendant who would otherwise have been in a position to exhaust the claimant’s resources.
Breach of Contract
Retail
Africa, Middle East, Canada, Caribbean, Latin America
+44 (0) 203 327 3464
neil.purslow@therium.com
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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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Therium funded a minority shareholder in a closely-held real estate business in a dispute with the majority shareholders.
The litigation enabled the claimant to settle the dispute and receive a substantial financial recovery.
Therium helped the minority shareholder identify appropriate counsel and file suit for dissolution of the various entities. Therium provided a specifically tailored economic package for the claimant.
Shareholder Dispute / Breach of Contract / Breach of Duty
Real Estate
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Therium provided a multi-million-dollar portfolio facility secured by an accomplished litigation firm’s extensive roster of employee misclassification cases. The targets of the suits were massively successful household names at the forefront of the “gig economy,” whose outsized revenues created a significant power imbalance against individual workers seeking to enforce basic employment rights. The law firm utilized Therium’s funding both to retain new clients and to fund litigation against the offending employers. This investment highlights how Therium’s capital can be strategically deployed to facilitate redress for many thousands of wronged individuals and to balance the scales when going up against litigation adversaries with immense financial resources.
This case is significant because Therium provided seed capital to a new law firm that utilized a novel legal approach to generate significant recoveries for those who suffered serious economic harm.
Therium’s solution was to work with the lawyers, marketing team, and other stakeholders to ensure the successful execution of a legal approach which (although substantively sound) had not yet been tested in the courts.
Portfolio Facility / Breach of Contract / Employment Labour / Law Firm Funding
Legal
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Morbi interdum mollis sapien. Sed ac risus. Phasellus lacinia, magna a ullamcorper laoreet, lectus arcu pulvinar risus, vitae facilisis libero dolor a purus. Sed vel lacus.
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Therium helped assemble and then funded the legal team that enabled a European machinery distributor’s overwhelming victory against a US manufacturer in an international arbitration concerning a breach of the parties’ distribution agreement. The manufacturer’s egregious misconduct had destroyed the distributor’s business and rendered it penniless, such that Therium’s funding was the only way the distributor could pursue its rightful remedy. This investment exemplifies how Therium’s capital can level the playing field and provide access to justice.
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Working with the claimants (before a demand was filed) to identify an appropriate legal team which the claimants then selected to prosecute their claim to a successful conclusion.
International Arbitration / Commercial Arbitration / Breach of Contract
Manufacturing
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Morbi interdum mollis sapien. Sed ac risus. Phasellus lacinia, magna a ullamcorper laoreet, lectus arcu pulvinar risus, vitae facilisis libero dolor a purus. Sed vel lacus.
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Claim for breach of contract relating to a construction project in downtown Oslo between the claimant and the Municipality of Oslo. After an 8 week trial, including testimony from Henrik Jensen of Therium on how litigation funding works, the verdict from the City Court of Oslo was delivered in favour of the claimant with a net award of approx 40 million NOK. The City of Oslo did not appeal.
This was the first case in the courts in Norway funded by a professional third party funder.
Without Therium’s funding the claimant, a privately owned SME, would have not been able to pursue the claim.
Breach of Contract
Construction
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Contractual dispute on behalf of an insolvent contractor over final settlement of Engineering, Procurement, Construction and Installation work offshore.
With funding, the insolvency practitioner was able to engage an experienced litigator and re-start the claim which had been stayed due to the bankruptcy. Court mediation was initiated and the claim was settled successfully.
Therium’s funding of the bankruptcy estate gave the insolvency practitioner certainty that a full litigation process through all court instances was financially feasible, facilitating early settlement.
Breach of Contract / Insolvency
Energy
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Therium is financing equal pay claims for supermarket workers for breach of ‘equality’ term implied into employment contracts via the Equality Act 2010. The claimants who are mostly female, are claiming for pay equal with their male counterparts.
The claim against this supermarket is one of a handful of claims against UK supermarkets for unfair treatment of female employees, having received lower pay despite their work being of equal value to that of male colleagues. The claim against Asda, the most advanced of the claims against UK supermarkets, won a Supreme Court ruling in Q1 2021 determining that lower-paid shop staff (who are mostly women) can compare themselves with higher paid warehouse workers (who are mostly men). The claim seeks to compensate over 10,000 employees that have been underpaid but also helps disincentivise UK employers from breaching the Equality Act 2010.
Therium is providing finance via a law firm funding arrangement.
Employment / Equal Pay / Breach of Contract / Class Action / Group Litigation / Law Firm Funding / Collective Redress
Food & Beverage / Retail
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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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Therium funded a breach of contract and wrongful dismissal claim brought by the former President and CEO of the claimant business against his former employer, a food supply company based in Canada.
The claimant found himself in a contest against his deep-pocketed employer without the financial means to pursue his claims. Litigation finance allowed him to pursue the claim, facilitating access to justice.
Litigation finance from Therium allowed the claimant to pursue the claim, facilitating access to justice.
Employment / Breach of Contract
Food & Beverage
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