Litigation Funder Fights Petronas Suit After $15 Billion Sulu Win Unravels
Source: bloomberg.com
- A litigation funder is battling Petronas in court after a $15 billion Sulu claim victory collapsed.
- The funder, Therium, funded the sultans' suit and now fights to recover its investment from the unraveling win.
- Petronas countersued, claiming the funder knew the claimants weren't legitimate sultans.
Litigation funder Therium Capital Management is locked in a legal fight with Petronas after a massive $15 billion award to Sulu sultans' heirs fell apart. The sultans claimed rights to Sabah territory held by Petronas, but courts later ruled the claimants weren't the real heirs. This dispute highlights risks in high-stakes litigation funding, where backers like Therium bet big on uncertain wins and now scramble to salvage returns.