Credit Suisse rounds up investors for litigation lender

Here’s a deal we don’t see often: Credit Suisse is drumming up interest in a Sydney-based litigation lender in need of fresh funds.Fingers were pointing to Litigation Lending Services as the fund-raising candidate. Potential investors said it was early days, with no terms yet, but they expected the raising to be worth about $30 million.

Litigation Lending Services has been around for about two decades and has completed more than 150 insolvency claims, commercial disputes, and class actions, according its website. It already has investors in its $50 million Litigation Lending Fund 1. It wasn’t clear if the latest cash call via Credit Suisse was to fund specific legal proceedings, or for the company.

The firm funds legal claims in class actions, commercial and insolvency cases. It pays the costs of prosecution, and in return, takes a cut of a successful claim’s proceeds. It funded Shine Lawyers’s class action against IOOF and against BSA Limited on subcontracting arrangements. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.

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