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ONCE a major player in litigation funding, Therium Capital Management has quietly handed over day-to-day control of its global caseload to Fortress Investment Group, finalizing the transfer on June 11, 2025.
The move follows Therium's internal layoffs and the registration of a new affiliate, signaling strategic retreat.
STRATEGIC PLANS Fortress plans to complete a full portfolio review by July. Until then, legal teams are expected to update budgets and damages models to remain in play. PHOTO FROM PR STATION
Fortress now oversees dozens of cases — including the $14.92 billion Sulu claim against Malaysia — applying strict capital controls, performance-based funding, and tight oversight protocols.
Law firms must now submit granular budgets and weekly financial reports, and meet predefined risk-return benchmarks to maintain funding.
Cases that fall short could face renegotiated terms, early settlements, or outright defunding.
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"This isn't about legal merit; it's about investor alignment," said one insider. "If a case doesn't fit Fortress' model, it gets dropped."
The shift also reflects growing regulatory pressure following the UK Supreme Court's Paccar ruling, which reshaped funder obligations and enforceability.
Claimants, particularly in complex or politically sensitive matters, may now encounter delays or reduced leverage due to funding realignment.
While Therium remains on paper as party to existing agreements, real control has moved to Fortress.
Investors, meanwhile, must brace for valuation swings. Litigation-finance assets are illiquid, and midstream oversight changes can destabilize pricing and projections.
Learn more at https://knowsulu.ph/the-untold-sulu-story/inside-the-fortress-capital-control-and-the-quiet-collapse-of-therium
