(Sharecast News) - Dispute financier Litigation Capital Management has entered into a litigation finance agreement for a new representative claim, it announced on Monday.
The AIM-traded firm said the agreement would fund a new representative action in the High Court of England, brought on behalf of up to 1.6 million individuals against Google and DeepMind Technologies for the unlawful use of confidential medical records.
It said the claim was for the misuse of private information, and arose out of an arrangement formed in 2015 between Google and DeepMind, and the Royal Free London NHS Foundation Trust.
The tech companies obtained and used a "substantial number" of confidential and private medical records without the knowledge or consent of patients, LCM said.
It explained that the representative claim being brought by Mishcon de Reya would provide access to justice and a means of compensation which would not have been viable on an individual basis, due to the cost of the litigation process.
The company said it would provide a means of redress to those affected by the misuse of their private and confidential medical records, and would form a "significant claim" for LCM to support and fund.
"LCM has a long and deep experience in funding large scale actions, many of which would not be possible without litigation funding," said chief executive officer Patrick Moloney.
"As pioneers of the industry, we are well-placed to support the claim in this action."
At 1202 BST, shares in Litigation Capital Management were up 0.85% at 103.88p.
Reporting by Josh White at Sharecast.com.
Litigation Cap. (LIT)