05:26:40 EDT Sat 18 May 2024
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Meta CDR (CAD Hedged)
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Market Cap C$ 167,040,000
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Globe says little newspaper in fight with Meta, Google

2024-03-20 07:40 ET - In the News

Also In the News (C-GOOG) Alphabet Inc CDRs (CAD Hedged)

The Globe and Mail reports in its Wednesday, March 20, edition that Omni Bridgeway finances commercial litigation in exchange for a percentage of the payout. The Globe's Robyn Doolittle writes that in recent decades, a series of court decisions has opened the door to third-party litigation financing. Omni Bridgeway's Paul Rand says, "In a fight of David against Goliath, we make sure David has what he needs." An intriguing event is happening in the federal court this week, where an $8-billion class-action lawsuit has been filed by the publisher of a small-town newspaper in Alberta against Alphabet's Google and Meta. The claimant's expenses are being partly paid for by Omni Bridgeway. The plaintiff alleges that there was a complicated conspiracy between the two tech giants to manipulate on-line advertising. The statement of claim has not been proved in court yet. The plaintiff's lawyer, David Sterns of Sotos Class Actions, says, "We'd be blowing in the wind without deep-funded partners like this willing to put up capital for experts." In the arrangement, Sotos is acting on a contingency basis, while Omni Bridgeway is paying for the disbursement costs. Sotos and Omni Bridgeway only make money if they win.

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