Therium is in the process of downsizing its operations and staff in the wake of a series of legal defeats in the Sulu arbitration case and financial losses across multiple cases. Image Source: Unsplash

The high-profile departure, which took place earlier this summer, comes amid a period of significant upheaval at Therium, following its involvement in the controversial Sulu arbitration and high-profile disputes such as the Post Office Horizon scandal and the PACCAR litigation funding case.

During Banks’s tenure at Therium, which began in 2022, the firm was also active in funding a variety of U.S. securities, arbitration, and class action cases. The company’s approach to litigation funding has drawn criticism for the degree of influence funders may hold over litigation strategy, particularly in light of ongoing regulatory attention from the U.S. Securities and Exchange Commission.

Therium’s approach has drawn criticism, particularly in light of ongoing regulatory attention from the U.S. Securities and Exchange Commission.

While the precise reasons behind Banks’s departure from Therium have not been publicly disclosed, it comes in the wake of significant restructuring and layoffs with indications the company is financially overextended.

The litigation funder’s investment in the Sulu arbitration case is estimated at approximately US $20 million—a high-cost dispute now facing a widely anticipated final defeat following a hearing in Paris on July 7th. In the Post Office Horizon case, Therium’s total fees amounted to less than £24 million; however, by the end of the case, the funder is understood to have recovered only what it had invested, effectively breaking even.

Therium is understood to have recovered only what it had invested in the Postmaster’s case, effectively breaking even.

Consequently, Therium appears to be in a state of serious retrenchment, having handed over control of its existing cases and liabilities to Fortress Investment Group. Sources have also reported the litigation funder will not be raising additional capital, signaling a commitment to wind down operations by running through its current portfolio without pursuing new litigation funding opportunities at this time.

Banks’s legal background includes experience at prominent U.S. law firms Wachtell, Lipton, Rosen & Katz and Cleary Gottlieb Steen & Hamilton. His new role at Dye & Durham positions him at the forefront of a company also undergoing significant transformation.

In fact, Dye & Durham has only recently resolved a tense power struggle with former CEO Matthew Proud and is considering strategic alternatives, including a possible sale, recapitalization, or asset divestitures.

Banks’s appointment marks a shift into corporate legal leadership as Dye & Durham continues to navigate its own strategic review. His high profile departure from Therium highlights the litigation funder’s uncertain and limited future.

REFERENCES

Therium Capital Management. (2022, July 27). Therium adds four investment managers to its transatlantic investment team in London and New York. Therium Capital Management. https://www.therium.com/

Herbst-Bayliss, S., & Lamba, K. (2025, June 2). Dye & Durham shakes up C-suite with new picks, ignores former CEO's demands. Reuters. https://www.reuters.com/

Ramonas, A. (2022, August 15). Hedge fund lawsuit financing poised for SEC enforcement scrutiny. Bloomberg Law. https://news.bloomberglaw.com/

Dye & Durham Limited. (2025, July 30). Dye & Durham announces further enhancements to executive leadership team to drive operational improvements and optimize core products. Cantech Letter. https://www.cantechletter.com/