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October 21, 2016

Litigation Funder Commits 1.7M to Class Action – Stands to Make Over $10.2M

Forbes/LegalNewsline reports that Therium Litigation Funding IC, a UK funding firm that launched in the U.S. only six months ago, has been identified as the third-party funder in a proposed class action against Chevron Corp. over a gas explosion off the coast of Nigeria.

According to the agreement Therium has committed $1.7 million in funds. “That amount means if the case results in settlement or judgment, Therium will get back its investment, plus six times its investment, $10.2 million, plus an additional 2 percent of the lawsuit proceeds.”

The article highlights several “interesting features” in Therium’s funding agreement, including fee-splitting, Therium’s potential “control” over the litigation, and the lawyers commitment to use “reasonable endeavors” to recover the “maximum possible contingency fee.”

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