Litigation Capital to fund competition action against Amazon

20th Oct 2022 17:53

(Sharecast News) - Dispute financier Litigation Capital Management has entered into a new litigation finance agreement with Julie Hunter, a consumer rights advocate and proposed class representative, in an application to commence a collective action soon to be launched in the Competition Appeal Tribunal against Amazon.

The AIM-traded firm said the agreement would fund a claim alleging Amazon and other entities in the Amazon Group engaged in anticompetitive conduct and abused its dominant position in the market for the provision of online marketplace services in the UK, in breach of section 18 of the Competition Act 1998 and Article 102 of the Treaty on the Functioning of the European Union.

It said it remained focussed on "sustainable long-term growth" through strategic relationships, and the development of a high-quality portfolio of investments.

"We are pleased to enter into this new litigation finance agreement, which represents another important step as we grow our position as a leader in disputes funding in the UK market," said chief executive officer Patrick Moloney.

"In line with the increasing recognition of opportunities presented by litigation funding to consumers and the communities in which we operate, we are seeing an increasing number of competition-based claims in the UK."

At 1508 BST, shares in Litigation Capital Management were up 2.47% at 74.8p.

Reporting by Josh White at Sharecast.com.