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
You may unsubscribe at any time. View our privacy policy
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
You may unsubscribe at any time. View our privacy policy
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.
The claim is the highest value anti-trust class action in Canada.
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.
Consumer Class Action / Anti-trust / Competition / Collective Redress
Technology / Retail
Africa, Middle East, Canada, Caribbean, Latin America
+44 (0) 203 327 3464
neil.purslow@therium.com
You may unsubscribe at any time. View our privacy policy
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
You may unsubscribe at any time. View our privacy policy
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
You may unsubscribe at any time. View our privacy policy
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.
The Dominos Pizza lawsuit is one of the largest class actions brought to date on behalf of an employee group in Australia and has gained significant media attention.
Without Therium funding the Dominos class action, Dominos employees numbering in the thousands, would be unlikely to have been able to seek compensation for their alleged underpayment.
Class Action / Employment / Collective Redress / Labour
Food & Beverage / Retail
You may unsubscribe at any time. View our privacy policy
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.
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.
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.
Class Actions / Financial Services / Funds Management / Collective Redress
Financial Services
You may unsubscribe at any time. View our privacy policy
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
You may unsubscribe at any time. View our privacy policy
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
You may unsubscribe at any time. View our privacy policy
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
You may unsubscribe at any time. View our privacy policy
