The skyline of Melbourne, where the new company Ninety Mile Capital will operate from. Source: Ricardo Gonclaves

The focus of the new company is going to be on Australian class action cases. But the pair also want to set their foot into the arbitration market in Singapore to fund Asian opportunities. Simon Dluzniak worked at IMF Bentham and Kent Street Consulting before founding Therium's operations in Australia in 2019. Louise Hird worked with the Australian Competition and Consumer Commission (ACCC) before she joined Therium when it launched its office in Melbourne in 2019. The new company, Ninety Mile Capital, was registered in January 2025 in Australia, before the staff was let go at Therium in April 2025. The pair began raising funds for their operations in early September, saying "When established, it will operate from an office in Melbourne, with support staff." They also stated in an Email to CRD the plan to "“Ninety Mile Capital will be mainly focusing on Australian cases, particularly class actions. We will however also look to fund Asian opportunities, mainly in Singapore (albeit to date we haven’t identified many good opportunities there)", although according to the new founders the arbitration market in Singapore is "well established."

"Ninety Mile Capital will be mainly focusing on Australian cases,particularly class actions. We will however also look to fund Asian opportunities, mainly in Singapore(albeit to date we haven’t identified many good opportunities there)."

These plans sound very similar to Therium's plans when they announced the opening of their office in Australia back in 2018. Neil Purslow, Therium co-founder and chief investment officer stated back then that they "know the Australian litigation funding market well as we have been active in the country for several years. We are seeing a healthy demand for our services across a range of litigation areas and industries in Australia, so it is the natural moment for us to open an office in the country." Therium back then also planned on funding arbitration claims in Hong Kong and Singapore.

Therium Re-shuffling and Fortress Investment Group Transferal

Dluzniak and Herd were let go from Therium in April as part of a wave of layoffs. The company stated these were nit due to financial distress, but part of a larger restructuring of the company. These changes were done quietly, with the team profiles taken from their website and corporate content. These changes left clients who depended on Therium's funding for ongoing cases unsure about what was going to happen. In an industry that is built on trust and transparency, the absence of formal communication across the firm's website and social media heightened speculation that the silence as potential, maybe to avoid scrutiny or to mask internal instability. Speculations about why the restructuring has been taken place surround the UK Supreme Court decision PACCAR v. Road Haulage Association, it reclassified many litigation funding agreements as damages-based agreements (BDAs). This ruling meant that existing litigation funding agreements could be invalid and need to be restructured. This could involve significant legal and financial risks, creating uncertainty for the industry. Investors potentially could become more cautious and retreat from possible risky portfolios. Shortly before the layoffs, Therium Capital Advisors LLP was incorporated as a new business, bringing up the questions whether this move came to obscure accountability and not as reform operations. In June the day-to-day oversight of the existing portfolio was transferred to Fortress Investment Group. All these changes come in a time where Therium attracted criticism for troubled investment, like the Sulu heirs' arbitration against Malaysia, where the final ruling is expected in December 2025.

Third Party Litigation Funding and Arbitration in Australia and Singapore

A 2020 report from a committee of the Australian government on litigation funding and the regulation of the class action industry already criticized how Australia had become a "hot spot for international investors, including many based in tax havens and with dubious corporate histories," arguing that "participants in class actions are the biggest loser" as "bigger and bigger cuts are awarded to generously paid lawyers and funders." The motives behind Dluzniak and Herd's new company still remain doubtful. Especially with Dluzniak stating in a 2015 interview how "The other side will say we are just in it for the money, but we support the arguments for mass redress mechanisms." But this argumentation becomes questionable, when the company he worked for back then, stated they would only fund cases with claims for £30m, “but north of £50m is where we start to get comfortable,” and that they normally take one third of a claimant's final award. A lot of the amendments that have been made since 2020 in Australia in regards to litigation and class action cases have since been reversed, but the question stated by the government committee of whether litigation funding really is about justice or actually about making money remains.

"Bigger and bigger cuts are awarded to generously paid lawyers and funders."

Additionally, the pairs plan to also opt for arbitration cases in Singapore and the Asian market brings up questions. Part of the applicable rules for arbitration cases in Singapore are that "Parties agree to arbitration through a contractual clause or a separate agreement" and "The claimant submits a notice of arbitration." Both of these aspects are where Therium went wrong during its Sulu heir arbitration case. Therium sold the claim of the Sulu heirs to Fortress, now this newly set up company is eyeing the Asian market again.

REFERENCES

Australian Business Register. (2025). ABN 73 683 583 048. Australian Government. https://abr.business.gov.au/

Bloomberg Law. (2025, April 22). Litigation funder Therium conducts layoffs amid upcoming shift. https://news.bloomberglaw.com/

Chambers (2024, March 24). Chambers Global Practice Guide – Litigation Funding 2024 Australia. https://lcmfinance.com/

Commonwealth of Australia (2020). Parliamentary Joint Committee on Corporations and Financial Services. Litigation funding and the regulation of the class action industry. https://www.aph.gov.au/

Dolor, S. The Lawyer. (2018 Octoberr 15). Therium to set up full-service shop down under amid ‘very buoyant’ market. The Lawyer. https://www.thelawyermag.com/

Hyde, J. (2025, April 23). Jobs lost as high-profile lit funder restructures. The Law Gazette. https://www.lawgazette.co.uk/

Legal Funding Journal. (2025, June 11). Therium taps Fortress to manage caseload amid restructuring. https://legalfundingjournal.com/

funder-therium-conducts-layoffs-amid-upcoming-shift

Mizner, A. (2025, September 8). Ex-Therium duo set up Aussie funder. CDR. https://www.cdr-news.com/

The Lawyer. (2025, June 10). Therium ropes in US investment giant to manage caseload. https://www.thelawyer.com/

rbn Chambers (2025, March 30). Arbitration: A Comprehensive Guide to Alternative Dispute Resolution in Singapore. https://www.rbn-chambers.com.sg/

Siegel, E. (2025, April 22). Litigation funder Therium conducts layoffs amid upcoming shift. Bloomberg Law. https://news.bloomberglaw.com/

Therium. (2019). Louise Hird joins Therium Capital Management Australia from the Australian Competition and Consumer Commission. Therium. https://www.therium.com/