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 financing institutional investors’ claims against Daimler for alleged breaches of the German Securities Trading Act in failing to observe the statutory ad hoc disclosure obligations in connection with the installation of an illegal modifying device in diesel engines, causing loss to investors.
The case is an example of litigation finance being used by well-resourced financial institutions in order to recover investor losses arising from failures of corporate governance.
The group funded by Therium makes use of the Capital Markets Model Act as a means for collective redress in German securities litigation, with the Model Plaintiff a member of the group.
Securities Claim / Shareholder Dispute / Collective Redress
Automotive
Africa, Europe, Germany
+49 (0)211 2600 6550
christoph.kuzaj@therium.com
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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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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.
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 funding is being utilised by financial institutions who choose to use external finance to pursue their claims in preference to using their own resources.
Class Actions / Shareholder Disputes / Collective Redress
Construction
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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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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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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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