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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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.
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.
The case is an example of Therium’s innovative approach to securing collective redress on behalf of groups of victims affected by wrongdoing.
Securities Claim/ Shareholder Dispute / Group Litigation / Collective Redress / Investor Loss / Consumer Class Action
Technology / Data
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 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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In November 2020, the Norwegian Competition Authority imposed a fine of 766 million NOK on Verisure and 467 million NOK on Sector Alarm for collusion in the market for alarm services to residential customers. The Authority concluded that Verisure and Sector Alarm, by far the two largest players in the Norwegian market, had engaged in illegal market sharing practices from 2011 until 2017. An association for affected home alarm customers has been established and their opt-out class action claim has been funded by Therium.
The case is the first opt-out class action in the Nordics funded by a professional third party funder.
Without Therium’s funding the claimants would have not been able to pursue this claim.
Consumer Class Action / Group Litigation / Collective Redress / Anti-Trust / Competition
Consumer Services
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At the end of 2017, one of the biggest accounting scandals came to light within Steinhoff group, a global retailer with headquarters in South Africa and the Netherlands and a listing on the German Frankfurt Stock Exchange. In the wake of the scandal, the company had to engage in a large-scale restructuring exercise.
The claim involved litigation in three different jurisdictions, including, as part of such multi-jurisdictional approach, one of the biggest class actions in South Africa. Investors’ claims were ultimately settled in 2021 as part of the restructuring.
Therium had provided litigation funding on a global basis with its partner firm DRRT, enabling coordinated actions in South Africa, the Netherlands and Germany, with the view to effectively securing redress for investor losses.
Securities Claim/ Shareholder Dispute / Group Litigation / Collective Redress / Investor Loss
Retail
Africa, Europe, Germany
+49 (0)211 2600 6550
christoph.kuzaj@therium.com
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In 2018, Bayer took over Monsanto for a purchase price of $66 billion. Monsanto sold a genetically modified herbicide product, Roundup, which utilized glyphosate, a highly toxic chemical suspected of causing cancer and harming human health. Various verdicts in the United States have classified glyphosate as a known carcinogen resulting in substantial damages being payable by Monsanto.
The case is brought on behalf of investors in Bayer who allege that Bayer did not disclose the legal and commercial risks associated with the use of glyphosate and the corresponding risks to Monsanto and therefore to Bayer and its shareholders post-acquisition.
The case is an example of utilisation of German capital markets disclosure rules as a means of securing redress for investors’ losses.
Therium is co-funding the claims with law firm DRRT on behalf of the institutional investors.
Securities Claim / Shareholder Dispute / Group Litigation / Collective Redress / Investor Loss
Pharmaceutical
Africa, Europe, Germany
+49 (0)211 2600 6550
christoph.kuzaj@therium.com
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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 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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