A recent lawsuit by patent monetization company Arigna Technology Limited against Longford Capital has unveiled significant terms of the litigation funder’s relationship with high-profile boutique law firm Susman Godfrey. The suit was confidentially submitted to Delaware’s U.S. District Court last week.
Arigna, an affiliate of Dublin-based patent monetization specialist Atlantic IP Services Ltd, has sued Longford Capital for providing an excess of $23 million towards its portfolio of patent suits. The firm has made representational appearances for Arigna in 12 suits since February 2021, against notable companies such as Nissan, Samsung, Honda, Google, and Apple, among others, in the Eastern and Western Districts of Texas.
Exhibits included in the complaint unearthed the specifics of the agreement between Susman Godfrey and Longford where the latter committed $23,595,500 and pledged to pay Susman monthly fees as high as $6,915,000, to pursue district court actions up to a first trial. The arrangement provided funds to enforce patents in the International Trade Commission, U.S. district courts, and in Germany. It also set different monthly caps for non-contingent fees, varying from $1.3 million to $3.6 million.
The sealed complaint was filed by Arigna to “protect commercially sensitive information” shared between Longford and Susman Godfrey. One high-profile patents in their portfolio, allegedly infringed upon by Samsung, Apple, and others describes a semiconductor device used widely in the defendants’ smartphone and computer products.
Comments have not been forthcoming from Longford Capital or lead attorneys representing Arigna at Susman Godfrey. The case number is 23-cv-01441-GBW, dated 12/18/23 at U.S. District Court, District of Delaware.
For more information about the case, you can view the agreement or read the original full article from Bloomberg Law.