International litigation funder Juridica has announced a gross cash profit of $38m (£25m) for 2012 – up almost 200% from the previous year.
The AIM-listed funder boasts a portfolio of anti-trust, patent and commercial claims, and saw its profits grow from $13m in 2011.
Juridica is chaired by Lord Brennan QC of Matrix Chambers and operate in both the US and the UK.
The results for the 2012 calendar year showed the proceeds came from final settlements in two cases, partial settlement in several cases with multiple defendants, and recovery of expenses related to an antitrust case.
It also recorded four successful verdicts, and two judgments that were favourably affirmed on appeals.
These investments took between two-and-a-half years and just over four years to be determined.
Juridica invested $5.6m in four existing cases – two of which signified a substantial percentage increase in potential proceeds; a third which helped a case advance through “additional legal effort”, and a fourth which represents a multi-party pre-litigation settlement opportunity.
Lord Brennan said: “[Juridica] is showing how things should be done in a very competitive and sensitive field. Despite the economic downturn in both the US and the UK, we have proven that staying on course and being resolute is the prudent way forward.”
Richard Fields, chairman and chief executive of Juridica Capital Management Limited, the investment manager of Juridica Investment Ltd (JIL), said: “I am confident in the strength of our existing portfolio of claims and believe that we will see significant activity on these claims during 2013.”
The funder has now generated proceeds of around $87m since its inception five years ago and is predicting further “significant cash returns” for its shareholders in the next 12 months.
Juridica’s portfolio is heavily weighted towards antitrust and competition. It does not back shareholder class actions, personal injury, product liability, or mass tort claims.
Its accounts show that since Juridica was founded, it has put in $24m to eight completed investments, paying back $40m, whereas the $107m it has invested into six partially settled cases has yielded $47m.
Juridica currently has 16 investments representing 21 different cases or legal actions.
It has one investment of $97m into six antitrust cases, eight separate investments in patent cases, totalling $34m, and seven individual investments into commercial cases, amounting to $18m.