Therium launches in U.S. to meet increasing industry demand for litigation funding
Eric Blinderman to Lead Operations as CEO, Patrick Dempsey Named CIO.
NEW YORK/LONDON, April 19, 2016 – Therium Group Holdings Limited, a leading provider of litigation financing with over $300 million in committed capital, announced today that it is launching operations in the United States with the creation of Therium Inc., a U.S. subsidiary headquartered in New York City.
Founded in London and Jersey in 2009, Therium is one of the largest and most established litigation financing firms in the world. Therium is expanding its services in North America with a dedicated business in response to the increased demand for litigation financing by law firms and businesses. It is the first European firm to establish such an operation in the U.S. and aims to be a go-to litigation financier for corporations and law firms in the region within the next three to five years.
Therium Inc. will be headed by Eric Blinderman, who leaves his post as International Litigation Counsel at Proskauer Rose LLP to become Chief Executive Officer. Mr. Blinderman brings substantial expertise in litigation financing, having represented Therium for many years while at Proskauer. In addition, Mr. Blinderman is a seasoned international and commercial litigator and arbitrator who has represented a multitude of international governments and private entities.
“We are delighted to appoint Eric Blinderman CEO of Therium’s U.S. operations to build on our existing success and to extend Therium’s offering to corporations, institutions and law firms who require innovative structures to finance litigation,” said John Byrne, Co-founder and CEO of Therium Group Holdings. “I believe the opportunity is substantial. Therium is extremely well positioned to transform the litigation financing landscape in the U.S., the world’s largest litigation market.”
Mr. Blinderman added, “I am particularly attracted to Therium’s portfolio financing model because it enables law firms to take on significantly more viable cases at little or no cost to the claimant and it allows corporations to utilize funding to prosecute unrealized claims while generating cash flow for the firm and/or company.”
In addition, Blinderman’s former Proskauer colleague, Patrick Dempsey, has been appointed as Chief Investment Officer of Therium Inc. Mr. Dempsey, an experienced litigator and trial lawyer, joins Therium from Hogan Lovells US LLP.
“With the U.S. litigation finance market still relatively young, Therium’s funding model and expertise make it ideally situated to capitalize on the untapped potential here in the U.S. I’m also very much looking forward to being reunited with my former colleague and friend, Eric Blinderman, to grow Therium’s footprint in the U.S.,” said Mr. Dempsey.
Neil Purslow, Co-Founder of Therium Group Holdings, said, “We are thrilled that Eric and Patrick have joined Therium at this time to lead the expansion of our business in the U.S. Eric is a world-class attorney with an impressive track record of advising on highly complex litigations and international commercial arbitrations. Patrick’s litigation expertise and judgment across a wide range of industries will be invaluable as Therium grows.”
In addition to the hiring of Blinderman and Dempsey, Robert Dwyer has agreed to join Therium Inc. as chairman of the investment committee and Non-Executive Chairman of the Board of Directors of Therium Inc. Mr. Dwyer, retired from the practice of law, is the former head of Dorsey & Whitney’s New York Office and a past member of Dorsey’s Management and Policy Committees. He brings decades of finance, structuring and corporate experience to Therium as he spent his entire career advising clients on mergers and acquisitions, venture capital financing, tax planning and compliance, and has represented dozens of start-up and development-stage companies. He has a degree in Business Administration, summa cum laude, from the University of St. Thomas, a law degree, cum laude, from the University of Minnesota, and is a certified public accountant on inactive status.
Founded in London in 2009, Therium is one of the most established litigation financing firms, with a market-leading track record of generating superior returns for its investors. In April 2015, Therium secured $300 million to invest in commercial litigation financing, the largest ever single investment in the litigation funding sector, globally.
Therium has consistently been at the forefront of innovation in litigation finance, pioneering the combined use of insurance tools alongside funding vehicles, and introducing portfolio funding products into the UK. The firm’s ability to develop innovative funding arrangements complements its rigorous approach to and experience of funding a wide range of commercial disputes in varying jurisdictions.
As part of Therium’s expansion into the U.S., the Company will export its portfolio model, which was developed to provide non-recourse financing to law firms and corporations in return for a share of the proceeds from successful cases. The portfolio model not only enables meritorious litigations to progress that might otherwise not be financed, but also allows law firms to operate within their existing billing structures while permitting them and their clients to share in the proceeds generated by successful claims. Further, Therium’s portfolio funding model allows corporations to obtain off-balance sheet financing to monetize litigations that would otherwise not progress because of financial or other capital constraints.
About Eric Blinderman
Eric Blinderman is an attorney with expertise in international and commercial law specializing in litigation. He has received numerous awards for his achievements domestically and abroad and has served the United States Department of Defense and the United States Department of Justice.
Prior to joining Therium Inc., Mr. Blinderman was International Litigation Counsel at Proskauer Rose LLP based in New York City. His clients included governmental and private entities in the U.S., Middle East, China, Europe, and Canada. He handled complex litigations and international commercial arbitrations in various jurisdictions, arguing motions in federal and state courts, managing discovery, conducting trials, and directing multi-party settlement negotiations. He was an integral part of the trial team that represented the lessees of the World Trade Center for losses sustained in the September 11, 2001 terrorist attacks resulting in a recovery of $1.1 billion for his clients. In addition to his active litigation practice, he performed extensive work at Proskauer advising Therium Group Holdings Limited in its underwritings of potential investments in high-value global litigations.
From March 2004 until December 2006, Mr. Blinderman served in Iraq—first, as an Associate General Counsel of the Coalition Provisional Authority and later, as Chief Legal Counsel and Associate Deputy to the Regime Crimes Liaison’s Office. There, he advised senior members of the U.S., Coalition, and Iraqi governments on matters of public international law, commercial law reform, international criminal law, and constitutional matters. Further, he served as the principal U.S. attorney responsible for advising on all matters of law and procedure in the trial of Saddam Hussein and seven other co-defendants for crimes against humanity against the citizens of Ad-Dujail.
Mr. Blinderman holds a Masters of Legal Studies with distinction from the University of Oxford, a Juris Doctor cum laude from Cornell Law School, and a Bachelor of Science in communications with a concentration in government from Cornell University. He has earned several awards including New York State Bar Association 2011 President’s Pro Bono Service Award for a project assisting refugees from Iraq, selection by Crain’s New York Business in 2009 as one of 40 Under 40 rising stars of the profession awarded for combined achievements in business and law, a 2009 National Law Journal Pro-Bono Award for his Iraq refugee work, and an Attorney General Special Commendation Award for his service in Iraq on behalf of the U.S. government. Mr. Blinderman is also the founder and owner of the critically acclaimed restaurant in New York City called Mas (farmhouse) (Top 50 Restaurants in New York City, Zagat 2016) and he is an Adjunct Professor of Law at Vanderbilt Law School where he teaches International Commercial Arbitration.
About Patrick Dempsey
Patrick J. Dempsey is an accomplished litigator and trial lawyer with experience across a broad range of diverse businesses. He has extensive experience in contract disputes, business torts, trademark and patent disputes, trade secret theft, and regulatory investigations across multiple industries including Financial Services, Hedge Funds and Private Equity, Consumer Packaged Goods, Sports and Entertainment, Real Estate, Biotech, Health Care, Insurance, Telecommunications, and Technology.
Before joining Therium, Mr. Dempsey was a litigator in the New York office of Hogan Lovells US LLP, where his practice focused largely on consumer finance, lender liability, and other complex financial services litigation in state and federal trial and appellate courts. Mr. Dempsey also has extensive experience in trademark/false advertising matters, international arbitration, sports litigation, and complex commercial disputes, which he concentrated on while at Proskauer Rose LLP.
For the last two years, Thomson Reuters’ Super Lawyers has named Mr. Dempsey to the New York Metro Rising Stars list (2014, 2015) in the area of Business Litigation. Mr. Dempsey is also a member of the Trademarks and Unfair Competition Committee of the New York City Bar Association.
Mr. Dempsey received his Juris Doctor from Tulane University Law School, magna cum laude, where he was Managing Editor of the Tulane Law Review and a member of the Order of the Coif. While in law school, Mr. Dempsey externed for the Honorable Sarah S. Vance of the United States District Court for the Eastern District of Louisiana.
About Robert Dwyer
Until retiring from the practice of law at the end of 2013, Robert Dwyer spent his entire career at the international law firm Dorsey & Whitney LLP. Bob has significant experience in mergers and acquisitions, venture capital financing, tax planning and compliance, and representation of start-up and development-stage companies. Mr. Dwyer was formerly Partner–in-Charge of Dorsey’s New York office, and a member of Dorsey’s Management Committee and Policy Committee. He has a degree in Business Administration from the University of St. Thomas, summa cum laude, and a law degree from the University of Minnesota, cum laude. Mr. Dwyer is a certified public accountant in the State of Minnesota on inactive status.
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