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Governance Financial Services Class Action Collective Redress Group Litigation Investor Loss Securities Claim Shareholder Dispute

Danske Bank A/S

The Case

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.

Why It’s Significant

The claim is notable for the fact that it is being run in the Courts in Copenhagen.

Therium’s Solution

Therium is working alongside its partner firm DRRT in order to bring the claim on behalf of institutional investors.

Specialism

Securities Litigation / Class Action / Group Litigation / Investor Loss / Collective Redress

Sector

Financial Services

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Case Studies

Governance Social Data Technology Class Action Collective Redress Consumer Class Action Group Litigation Investor Loss Securities Claim Shareholder Dispute

Lloyd vs. Google

The Case

The claim related to the Safari Workaround by which Google circumvented the default iPhone security settings in order to harvest browser generated information of users.

Why It’s Significant

As the expected class of users affected exceeded 4 million, the case was brought as a representative action under Rule 19.6 of the Civil Procedure Rules. After decisions going both ways at first instance and on appeal, the Supreme Court ruled that the case could not proceed as a representative action. The decision however is important both on the scope to seek redress for breaches of data protection legislation in England and Wales and also on the potential to bring representative actions within that jurisdiction.

Therium’s Solution

The case is an example of Therium’s innovative approach to securing collective redress on behalf of groups of victims affected by wrongdoing.

Specialism

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

Sector

Technology / Data

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Case Studies

Governance Retail Technology Anti-trust / Competition Class Action Collective Redress Consumer Class Action

Amazon Anti-trust Class Action

The Case

Therium is funding a class action brought before the Federal Court of Canada for damages arising from Amazon’s anti-competitive agreements with third-party sellers on the Amazon platform, which restricted those sellers from selling products on other e-commerce sites for prices lower than the prices charged on Amazon. This is alleged to have had the effect of raising prices on other e-commerce platforms and maintaining artificially high prices on the Amazon platform.

Though this claim is being brought on a standalone basis in Canada, it takes place in the context of ongoing investigations by the European Commission and other regulators into Amazon’s conduct more generally and Amazon’s practices having already been found to be anti-competitive by the German Federal Cartel Office. The funding arrangements have been approved by the Canadian Federal Court.

Why It’s Significant

The claim is the highest value anti-trust class action in Canada.

Therium’s Solution

The case is an example of heavy competition litigation to which Therium is able to commit significant resources, making the case one of the largest funded claims in Canadian legal history.

Specialism

Consumer Class Action / Anti-trust / Competition / Collective Redress

Sector

Technology / Retail

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Case Studies

Governance Financial Services Bondholder dispute Class Action Collective Redress Group Litigation Investor Loss Regulatory

Axsesstoday Ltd

The Case

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.

Why It’s Significant

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.

Therium’s Solution

Without Therium’s funding, it is unlikely that the bondholders of AXL would have the opportunity to seek compensation from AXL and PwC.

Specialism

Class Actions / Bondholder Dispute / Regulatory / Group Litigation / Investor Loss / Collective Redress

Sector

Financial Services

Case Studies

Governance Banking Financial Services Class Action Collective Redress Commercial Litigation Funding Group Litigation Investor Loss Securities Claim Shareholder Dispute

Commonwealth Bank of Australia

The Case

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.

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

Case Studies

Governance Service Provider Class Action Collective Redress Investor Loss Regulatory Securities Claim Shareholder Dispute

Spotless Group

The Case

Therium funded a class action on behalf of institutional and retail investors of Spotless Group Holdings Limited.

The claim filed against Spotless related to alleged breaches by the Company of it’s continuous disclosure obligations under Australian securities legislation, specifically delays in correcting forward-looking earnings statements. Once these were known to be inaccurate, the Company’s share price fell significantly.

Why It’s Significant

The case, which settled in May 2020 for AUS$95 million inclusive of costs, was one of Australia’s largest class action settlements in that year.

Therium’s Solution

Therium’s funding benefited both retail shareholders, who would have been unable to pursue their own claims without funding, and institutional shareholders who preferred to use litigation finance to fund the claim in place of their own resources.

Specialism

Class Action / Shareholders Dispute / Regulatory / Securities / Investor Loss / Collective Redress

Sector

Service Providers

Case Studies

Social Food & Beverage Retail Class Action Collective Redress Employment / Labour

Dominos Pizza Employee Class Action

The Case

Therium is funding a class action on behalf of a large group of employees and former employees against Dominos Pizza Enterprises Limited (Dominos). The case alleges that Dominos, as the head franchisor, made alleged systemic false or misleading representations to its franchisee network in relation to wage rates and conditions applicable to employees of the franchisees from in or around 2010, which resulted in widespread underpayment of franchisee staff, predominantly pizza delivery drivers, from that time until 2018.

Why It’s Significant

The case is one of the largest class actions brought to date on behalf of an employee group in Australia and has gained significant media attention.

Therium’s Solution

Without funding, Dominos employees, numbering in the thousands, would be unlikely to have been able to seek compensation for their alleged underpayment.

Specialism

Class Action / Employment / Collective Redress / Labour

Sector

Food & Beverage / Retail

Case Studies

Governance Construction Class Action Collective Redress Shareholder Dispute

LendLease Corporation Ltd

The Case

Therium is funding a class action on behalf of institutional shareholders of LendLease Corporation Ltd (Lendlease).

The case alleges breaches by Lendlease of its continuous disclosure obligations (and a potential further claim for misleading/deceptive conduct) under Australian securities legislation, relating principally to delays and cost overruns on a number of public infrastructure constructions projects throughout Australia which LendLease was managing.

Silhouette of worker. Construction Building casting concrete work on scaffolding.

Why It’s Significant

This class action is a consolidation of of two separate class actions brought against LendLease in the Supreme Court of New South Wales and is one of the few co-funded claims that have been pursued in that Court.

Therium’s Solution

Therium’s funding is being utilised by financial institutions who choose to use external finance to pursue their claims in preference to using their own resources.

Specialism

Class Actions / Shareholder Disputes / Collective Redress

Sector

Construction

Case Studies

Governance Financial Services Class Action Collective Redress Financial Services Funds Management

AMP Superannuation Funds

The Case

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.

Why It’s Significant

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.

Therium’s Solution

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.

Specialism

Class Actions / Financial Services / Funds Management / Collective Redress

Sector

Financial Services

Case Studies

Governance Financial Services fund Management Class Action Collective Redress Group Litigation

BT Superannuation Funds

The Case

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.

Why It’s Significant

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.

Therium’s Solution

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.

Specialism

Consumer Class Action / Group Litigation / Collective Redress

Sector

Financial Services / Fund Management

Case Studies