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 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.
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 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.
Class Action / Shareholders Dispute / Regulatory / Securities / Investor Loss / Collective Redress
Service Providers
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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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The case is a follow-on damages claim in Germany against Daimler as a member of the Truck Cartel, in relation to more than 12,000 trucks. The claims have been brought before the Regional Court of Stuttgart.
This is case is an example in Germany of the widespread litigation flowing from the European Commission’s decision relating to the long-running Truck Cartel.
The Therium-funded group makes use of the assignment model which is widely used in Germany in follow-on damages claims.
Securities Claim / Shareholder Dispute / Collective Redress / Investor Loss
Automotive
Africa, Europe, Germany
+49 (0)211 2600 6550
christoph.kuzaj@therium.com
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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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