Vannin Capital shelves IPO as volatile market knocks Aston Martin and Funding Circle listings

Vannin Capital shelves IPO as volatile market knocks Aston Martin and Funding Circle listings

High-profile litigation funder Vannin Capital has shelved its planned initial public offering (IPO) only one month after announcing its intention to float, blaming volatile equity markets.

The move is a blow for the fast-growing litigation funder, which in September hired Allen & Overy veteran David Morley (pictured) as chair to spearhead the October listing, which would have seen £70m of new shares issued and some shares held by existing shareholders sold. Continue reading “Vannin Capital shelves IPO as volatile market knocks Aston Martin and Funding Circle listings”

Rosenblatt battles Brexit uncertainty in post-IPO financials as it launches litigation funder

Rosenblatt battles Brexit uncertainty in post-IPO financials as it launches litigation funder

In its first financial results since the £43m IPO in May, Rosenblatt has recorded a slight uptick in revenue and profit as it simultaneously launched its own litigation funding arm.

For the first eight weeks of its listed life, Rosenblatt generated £3m in revenue, compared to £2.6m for a two month average in the last financial year. EBITDA edged up from £0.9m to £1m on the same metric while profit before tax was also marginally up: from £0.8m to £0.95m. Continue reading “Rosenblatt battles Brexit uncertainty in post-IPO financials as it launches litigation funder”

‘Litigation finance is here to stay’: Former A&O senior partner Morley joins Vannin ahead of IPO

‘Litigation finance is here to stay’: Former A&O senior partner Morley joins Vannin ahead of IPO

Fast-growing litigation funder Vannin Capital has appointed former Allen & Overy senior partner David Morley as chair ahead of a planned IPO on the London Stock Exchange.

The company announced today (10 September) that it planned to issue £70m of new shares and sell part of the shares held by existing shareholders in a float expected to take place in October. Continue reading “‘Litigation finance is here to stay’: Former A&O senior partner Morley joins Vannin ahead of IPO”

Shepherd and Wedderburn secure ‘substantial eight figure’ Burford litigation finance deal

Shepherd and Wedderburn secure ‘substantial eight figure’ Burford litigation finance deal

UK law firm Shepherd and Wedderburn has announced an eight figure sum portfolio-based litigation finance deal with Burford Capital for the first time to fund current and upcoming litigation the firm is handling.

The arrangement is the first to be offered by a top 100 UK firm with a litigation funder. City-headquartered Shepherd and Wedderburn has offices in London, Edinburgh and Glasgow. Continue reading “Shepherd and Wedderburn secure ‘substantial eight figure’ Burford litigation finance deal”

Court rejects landmark application for £14bn class action against MasterCard in Freshfields win

Court rejects landmark application for £14bn class action against MasterCard in Freshfields win

The Competition Appeal Tribunal (CAT) has today (21 July) ruled against certifying one of the first US-style £14bn opt-out consumer damages antitrust class actions, against payment giant MasterCard, in what would have been the UK’s largest claim.

CAT president Mr Justice Roth ruled against allowing the collective proceedings application on grounds that potentially disparate groups of claimants could not form a single class action for the purposes of this claim, regardless of the means of payments used or the retailer from whom the purchase was made. Continue reading “Court rejects landmark application for £14bn class action against MasterCard in Freshfields win”

RHA secures Therium funding for claimants in £3.9bn trucks cartel class action

RHA secures Therium funding for claimants in £3.9bn trucks cartel class action

The Road Haulage Association (RHA) has secured full funding from Therium Capital for its £3.9bn competition damages class action against truck manufacturers fined the highest-ever sum for a price-fixing cartel, as it seeks more UK claimants to join the case.

Continue reading “RHA secures Therium funding for claimants in £3.9bn trucks cartel class action”

‘Our business has evolved’: Burford Capital income rises by 60% as demand for litigation finance grows

‘Our business has evolved’: Burford Capital income rises by 60% as demand for litigation finance grows

Litigation finance outfit Burford Capital has seen its turnover soar 59% to $163.4m in a year which saw the financer aggressively expand with a US merger. Profit after tax was also up 75% to $115m, while the listed company now manages $2.3bn for legal finance. Continue reading “‘Our business has evolved’: Burford Capital income rises by 60% as demand for litigation finance grows”

CC criticised for conflict issues in Excalibur case as COA finds claimants liable for costs

CC criticised for conflict issues in Excalibur case as COA finds claimants liable for costs

The high-profile Excalibur dispute continues to haunt Clifford Chance (CC) as London’s Court of Appeal has handed down a critical ruling, saying the Magic Circle firm had an ‘an acute conflict of interest’ on the case.

Continue reading “CC criticised for conflict issues in Excalibur case as COA finds claimants liable for costs”