Notice of Termination of Litigation Funding Agreement under clause 15.1.
This notice refers to the Litigation Funding Agreement (“LFA”) between you and JPB Liberty Pty Ltd in relation to the Class Action against Facebook, Google & Twitter’s Crypto Ad Ban ("Crypto Class Action").
Background
In August 2020, proceedings were filed against (then) Facebook and Google by Andrew Hamilton, supported by JPB Liberty. These proceedings are known as Andrew Paul Stuart Hamilton v Meta, Inc. and Google LLC (NSD 899/2020) (“Proceedings”).
On 10 June 2022, Cheeseman J established that a prima facie case and public interest existed in the Proceedings and granted leave to serve the Respondents in the United States.
On 29 September 2023 the Proceedings were permanently stayed by Cheeseman J on the basis of conflicts of interest arising out the litigation funding and related arrangements. On 18 September 2024 leave to appeal this decision was refused by O’Sullivan J.
Conclusion and Decision
In light of the above, it is the considered view of JPB Liberty, Andrew Hamilton and major supporters of the Crypto Class Action that the entire litigation funding arrangement including JPB Liberty Pty Ltd and the SUFB Tokens have become an impediment to the prosecution of the important underlying competition law claim against Meta and Google, rather than the support they were intended to be, and thus these arrangements, including JPB Liberty Pty Ltd itself, should be dissolved.
Notice of Termination
As part of this dissolution, JPB Liberty Pty Ltd hereby gives you 14 days written notice of termination of your LFA, under clause 15.1 of your LFA.
The main impact of this is that you will not be required to pay 30% of any damages received in the Crypto Class Action to JPB Liberty and SUFB Token Holders.
Way Forward
Once the litigation funding arrangements which gave rise to the conflicts of interest which caused the Proceedings to be stayed are fully dissolved, JPB Liberty understands that it is the current intention of the applicant, Andrew Hamilton, to apply to the Court to have the permanent stay lifted and to continue the Proceedings without external litigation funding.
That really sucks (as much as I can understand of the legalese, of course). I'm sorry. It can't be easy moving forward in such adverse circumstances (all the more kudos for it, then). I hope there's a silver lining somewhere soon in the whole story. It's a good cause and you deserve it.
Yeah, the Court simply won't hear my claim with the litigation funding arrangements that were set up to allow the crypto community to fund and support the claim and be rewarded for it.
So the only way forward is to get rid of all those arrangements and pursue the claim without any financial reward for me other than my small personal claim.
My reasons for bringing this case were always more to stop injustice and enforce the law against out of control monopolists than about the financial reward.
The whole thing has been a massive distraction and time waste from the core claims of anti-competitive cartel behaviour.
Hopefully I'll be able to move the case forward once this dissolution process is finished.
It does sound like an effort to distract from the main thing, for sure. Though I imagine it's to be expected with these kinds of people? To drag it out as much as they possibly can in the hopes you'll give up?
I know your motivation was noble :) all the more reason this is injustice.
I hope it starts going your way soon. I really do.
Thanks. Your support means a lot.
:) well, you deserve it.