Joshua Card, Investment Manager at Therium, has been recognized in the 2024 Lexology Client Choice Awards, announced on November 29, 2023. This year’s winners were chosen from a pool of more than 2,000 individual client assessments where Josh was named alongside 11 winners in the third-party funding category across 10 jurisdictions worldwide. Josh was the only winner recognized in the US in the third-party funding category.

The Client Choice Awards recognize law firms and partners around the world that stand apart for the excellent client care and quality of their service that they provide. The focus is on those who add real value to clients’ business above and beyond the other players in the market. The winners can be viewed here.

Josh joined Therium in 2022 and helps lead its business in the United States. He is an experienced litigator with nearly a decade of experience counseling clients in pre-litigation disputes and risk assessment and litigating cases and arbitration matters regarding corporate governance issues, mergers and acquisitions, founder disputes, LLC and partnership matters, and other complex commercial and securities litigation matters.

It is the first group interchange claim to have settled in the UK.

LONDON, 20 December 2023: Over 700 businesses funded by Therium will receive compensation from Mastercard and Visa following the negotiation of a settlement in relation to interchange litigation.

The claimants were seeking damages for losses alleged to have been caused by infringements of domestic and European competition law in relation to the setting and implementation of multilateral interchange fees (MIFs) and a declaration as to the unenforceability of the MIFs.

The majority of the claimants are UK retailers, with some local authorities and universities in addition.

These claims have been fully funded by Therium since the claim was launched in May 2017, allowing companies to join the claim without needing to incur ongoing costs of the litigation. The group of claimants was represented by law firm Humphries Kerstetter.

Fred Bowman, Senior Investment Manager at Therium Capital Management said: “Therium is proud to have provided the funding that enabled the claimants to take legal action against such well-resourced defendants. This result demonstrates the important role of litigation finance and we are very happy to have supported the claimants in this long-running litigation.”

These claims form part of a broader group of interchange-related claims, which are currently being managed together in the Competition Appeal Tribunal in the UK in the Merchant Interchange Umbrella Proceedings. The first in a series of trials is set to commence in February 2024.

About Therium Capital Management

Therium is one of the world’s largest and most established global litigation finance and arbitration finance firms, having raised over $1 bn since 2009. With investment teams in the UK, USA, Australia and Germany. Therium has funded litigation and arbitration claims exceeding $40 billion including many of the largest and most high profile funded cases in the UK and internationally, including arbitrations under rules of the LCIA, ICC, UNCITRAL, LMAA, AAA, CIETAC, ICSID, Stockholm Chamber of Commerce and the Energy Charter Treaty. Therium has been Top Ranked by Chambers and Partners and Leaders League with investment officers across the UK, Europe, USA and Asia Pac recognised as leading individuals in litigation finance.

In 2019 to mark the firm’s tenth anniversary, Therium Access was launched as a not-for-profit venture to fund a wide range of access to justice projects and cases – supporting the most vulnerable in our society and helping to bridge the widening justice gap. With its own board composed of eminent figures from the legal community and a dedicated grants officer, Therium Access has made over £1.3 m in financial commitments over the last 18 months to over 26 different organisations. As the first initiative of its kind, Therium has been shortlisted for several awards for launching this ground-breaking initiative, including the FT Innovative Lawyer Awards 2019, The Lawyer Awards 2021 and the Lexis Nexis Awards 2020 and 2022.

As a founding member of the ALF, ILFA and the Litigation Funding Working Group, Therium is committed to shaping the future of legal finance and setting high standards for the industry.


Media Contacts

Desiree Maghoo, Questor Consulting

+44 (0)77722 55740

Sophie Mills, Questor Consulting

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What are the Legal 500 rankings?

The Legal 500 assesses the strengths of law firms in over 150 jurisdictions.

Therium has once again, received top rankings from The Legal 500. We have maintained a Tier 1 UK ranking and Tier 2 ranking in the litigation funding guide for 2024.

Therium was praised for being “extremely responsive and creative in finding solutions” and that “their professionals are deeply knowledgeable and easy to work with”. UK Chief Investment Officer, Neil Purslow, was named as one of eight industry leaders and credited for being “very bright, experienced, and highly commercial”.

The Legal 500 also noted UK investment managers Ben Smyth, Fred Bowman, Chris Wilkins and John Byrne.

US investment managers Joshua Card and Corey Banks were quoted by The Legal 500 in their write up, highlighting secondary investment opportunities that demonstrate the maturity of legal finance as an asset class.

Read The Legal 500 rankings 2024 for Litigation Funding here.

Who’s Who Legal (WWL) Thought Leaders: Third-Party Funding consolidates the knowledge, expertise, and wisdom of leading global third-party funders into a comprehensive research report. Based on extensive votes and nominations during our research process, the market has recognised that the professionals featured stand out as unparalleled experts in their respective fields.

WWL has recognised five investment managers across Therium’s global offices as internationally-renowned ‘Thought Leaders’ in the third-party litigation funding industry.

Therium CIO Neil Purslow, was amongst those recognised in this latest round of litigation awards, alongside figures from our teams in England, Germany and Australia.

This year’s full list can be found here.

Therium retains top rankings in Chambers and Partners litigation funding guide 2023

Therium has once again been top ranked by Chambers and Partners in its 2023 litigation funding guide, including in the UK, US, Europe, Canada, Australia and international arbitration rankings.

In addition, a number of Therium’s investment managers have been recognised, including Neil Purslow and Simon Dluzniak.

See our full profile here.

Therium Access, Therium’s not for profit arm, has been shortlisted at The Lawyer Awards 2023 in the Pro Bono Initiative of the Year category.

The Lawyer Awards celebrate the very best in the legal industry over the past year. In particular, the pro bono category recognises innovative thinking and measurable outcomes that generate significant change.

Therium Access has a meaningful and impactful grant programme that provides not-for-profit funding for organisations and cases that seek to improve access to justice. The claimants cannot afford to bring their cases on their own and do not qualify for other sources of funding such as Legal Aid, so without Therium Access, these important cases would not be brought.

Therium Chief Investment Officer Neil Purslow sat down with The Lawyer to discuss how funders are broadening their offering away from single case funding towards new areas of law firm financing.

Neil explains that funders’ interest in the legal sector is rising as a result of the emergence of new financing models that offer greater flexibility over pricing and structures for law firms to obtain litigation loans.

As law firms become less conservative and an increasing number of senior partners are breaking out of big law firms to set up on their own, the demand for law firm funding continues to grow.

Read the full article here.

Seven of Therium’s investment managers globally have been included in the 2023 Lawdragon Global 100 Leaders in Litigation Finance, including Fred Bowman, John Byrne, Simon Dluzniak, Louise Hird, Christoph Kuzaj, Neil Purslow and Ben Smyth.

The guide features litigation finance trailblazers as well as the booming talent that is driving the industry forward.

To read the full article, click here:

Therium has been ranked as a leading litigation funder for litigation and arbitration in the US, the UK and Europe.  

In addition, Therium Co-Founder and Chief Investment Officer Neil Purslow has been named as a leading individual in the US and the UK for both litigation and arbitration funding. Christoph Kuzaj and Henrik Jensen have been named as leading individuals for litigation funding in Europe, and in Spain, Fred Bowman and John Byrne are included in the list of Best Litigation Funders.

Therium has also a highly recommended litigation funder in Leaders League’s South American guide. Click here to read more.

In an interview with City AM, Therium CIO Neil Purslow talks about what is driving investment interest in legal finance in this economic climate. He explained that investors continue to see litigation funding as an asset class that delivers returns that are not linked to the wider economy.

Neil outlined a number of opportunities that could arise as a result of the economic downturn, including a rise in commercial litigation finance and increased interest from corporate clients as they seek to reduce their legal spending by turning to litigation funders. The piece also highlights how ESG-related litigation will further bolster the industry. “A lot of the cases litigation funders are backing touch on an ESG theme,” Neil said. “ESG is everywhere.”

Read the full article from City AM.