Portfolio Case Holdings
£348M
LBS funding target £87M (25%)
Avg target yield
14.5%
+10pp vs BoE rate
AiGLe avg grade
A+
Weighted portfolio
Capital protection
ATE
+ CPI insurance
Portfolio case holdingsLive
Motor finance commission
£80M23%
Energy broker mis-selling
£200M57%
Irresponsible lending
£20M6%
PPI / Plevin
£48M14%
A
All LBS graded by AiGLe using Rivermead quantum · ECD barrister opinions · Court precedentsOpen LBS instruments4 open
LBS-MF-001
Motor Finance · Series A
14.5%
A–71% subscribed · £350K remainingDec 2027
LBS-EN-002
Energy Broker · Series A
13.8%
A62% subscribed · £380K remainingMar 2028
Structure & protection
✓ ATE insurance — adverse costs protected
✓ CPI insurance — capital protected
✓ AiGLe graded — minimum B grade for listing
✓ SRA regulated — PML conducts litigation
✓ Uncorrelated — no equity/credit exposure
✓ 18–36 month — defined term instruments
Privacy Policy
Last updated: March 2026 · ICO Registration: C1894395
1. Data Controller
LITDAQ is a trading name of Trance Limited, incorporated in the Turks and Caicos Islands (Company No. E.24549). For UK GDPR purposes, Trance Limited is the data controller. UK correspondence: Enterprise Centre, 291-305 Lytham Road, Blackpool, FY4 1EW. Email: ir@litdaq.com. ICO Registration: C1894395.
LITDAQ is a trading name of Trance Limited, incorporated in the Turks and Caicos Islands (Company No. E.24549). For UK GDPR purposes, Trance Limited is the data controller. UK correspondence: Enterprise Centre, 291-305 Lytham Road, Blackpool, FY4 1EW. Email: ir@litdaq.com. ICO Registration: C1894395.
2. Data We Collect
We collect your name, email address, telephone number and organisation name when you submit an Expression of Interest, download our brochure, or contact us. We do not collect sensitive personal data.
We collect your name, email address, telephone number and organisation name when you submit an Expression of Interest, download our brochure, or contact us. We do not collect sensitive personal data.
3. How We Use Your Data
To respond to enquiries and EOI submissions; to send information about LITDAQ LBS instruments; to comply with FPO 2005 regulatory obligations; to maintain eligibility records. We do not use your data for automated decision-making or profiling.
To respond to enquiries and EOI submissions; to send information about LITDAQ LBS instruments; to comply with FPO 2005 regulatory obligations; to maintain eligibility records. We do not use your data for automated decision-making or profiling.
4. Legal Basis
Legitimate interests (B2B investor communications); legal obligation (FPO 2005 record-keeping); consent where specifically given.
Legitimate interests (B2B investor communications); legal obligation (FPO 2005 record-keeping); consent where specifically given.
5. Data Sharing
We share data with SRA Regulated Solicitors Firms, E Chambers Direct, The Rivermead Partnership, and Brevo SAS (email delivery). We do not sell personal data.
We share data with SRA Regulated Solicitors Firms, E Chambers Direct, The Rivermead Partnership, and Brevo SAS (email delivery). We do not sell personal data.
6. Retention
Investor enquiry data is retained for 7 years. Unsubscribe requests are actioned within 5 working days.
Investor enquiry data is retained for 7 years. Unsubscribe requests are actioned within 5 working days.
7. Your Rights
Under UK GDPR you have the right to access, rectify, erase, restrict, port, and object to processing of your data. Contact ir@litdaq.com or lodge a complaint with the ICO at ico.org.uk.
Under UK GDPR you have the right to access, rectify, erase, restrict, port, and object to processing of your data. Contact ir@litdaq.com or lodge a complaint with the ICO at ico.org.uk.
8. International Transfers
Data is processed in the UK and EU. Where transferred outside the UK, appropriate safeguards apply under UK GDPR Article 46.
Data is processed in the UK and EU. Where transferred outside the UK, appropriate safeguards apply under UK GDPR Article 46.
Terms of Use
Last updated: March 2026
1. Operator
This website is operated by LITDAQ, a trading name of Trance Limited (Company No. E.24549, Turks and Caicos Islands). UK correspondence: Enterprise Centre, 291-305 Lytham Road, Blackpool, FY4 1EW.
This website is operated by LITDAQ, a trading name of Trance Limited (Company No. E.24549, Turks and Caicos Islands). UK correspondence: Enterprise Centre, 291-305 Lytham Road, Blackpool, FY4 1EW.
2. Restricted Access
Access to the LITDAQ investor portal is restricted to persons qualifying as institutional investors, certified high net worth individuals, sophisticated investors, or certified restricted investors under the Financial Promotion Order 2005. By accessing the portal you confirm your eligibility. This confirmation is logged for regulatory compliance.
Access to the LITDAQ investor portal is restricted to persons qualifying as institutional investors, certified high net worth individuals, sophisticated investors, or certified restricted investors under the Financial Promotion Order 2005. By accessing the portal you confirm your eligibility. This confirmation is logged for regulatory compliance.
3. Not Financial Advice
Nothing on this website constitutes financial advice or a recommendation to invest. LITDAQ is not FCA authorised or regulated. LBS instruments are unregulated investments. Capital is at risk. Take independent advice before investing.
Nothing on this website constitutes financial advice or a recommendation to invest. LITDAQ is not FCA authorised or regulated. LBS instruments are unregulated investments. Capital is at risk. Take independent advice before investing.
4. AiGLe Grading
AiGLe grades are for information only and do not constitute a rating, recommendation, or performance guarantee. Grades reflect assessment at time of issue and may change.
AiGLe grades are for information only and do not constitute a rating, recommendation, or performance guarantee. Grades reflect assessment at time of issue and may change.
5. Regulatory Structure
SRA Regulated Solicitors Firms conducts litigation. E Chambers Direct provides counsel opinions. The Rivermead Partnership provides CPR 35 independent expert quantum criteria. LITDAQ/Trance Limited is not a regulated entity.
SRA Regulated Solicitors Firms conducts litigation. E Chambers Direct provides counsel opinions. The Rivermead Partnership provides CPR 35 independent expert quantum criteria. LITDAQ/Trance Limited is not a regulated entity.
6. Intellectual Property
All content including the AiGLe methodology and LITDAQ brand is the property of Trance Limited. No content may be reproduced without written consent.
All content including the AiGLe methodology and LITDAQ brand is the property of Trance Limited. No content may be reproduced without written consent.
7. Governing Law
These terms are governed by the laws of England and Wales. Disputes are subject to the exclusive jurisdiction of the English courts.
These terms are governed by the laws of England and Wales. Disputes are subject to the exclusive jurisdiction of the English courts.
Modern Slavery & Human Trafficking Statement
Financial year ending March 2026 · Published pursuant to the Modern Slavery Act 2015
Our Organisation
LITDAQ is a trading name of Trance Limited (E.24549, Turks and Caicos Islands), operating as a litigation asset exchange. UK operations are conducted through SRA Regulated Solicitors Firms (SRA regulated), E Chambers Direct (BSB registered barristers), and The Rivermead Partnership.
LITDAQ is a trading name of Trance Limited (E.24549, Turks and Caicos Islands), operating as a litigation asset exchange. UK operations are conducted through SRA Regulated Solicitors Firms (SRA regulated), E Chambers Direct (BSB registered barristers), and The Rivermead Partnership.
Our Supply Chain
Our supply chain is professional in nature, comprising legal services, technology providers, and financial service partners. We do not operate in sectors typically associated with high modern slavery risk.
Our supply chain is professional in nature, comprising legal services, technology providers, and financial service partners. We do not operate in sectors typically associated with high modern slavery risk.
Our Policies
We are committed to acting ethically in all business relationships. We will not knowingly engage with any organisation involved in slavery or human trafficking. All workers are paid at least the National Living Wage.
We are committed to acting ethically in all business relationships. We will not knowingly engage with any organisation involved in slavery or human trafficking. All workers are paid at least the National Living Wage.
Due Diligence
We conduct due diligence on key suppliers and partners. Our professional service providers are regulated by the SRA, BSB, and FCA, which impose their own ethical standards. This statement is reviewed annually.
We conduct due diligence on key suppliers and partners. Our professional service providers are regulated by the SRA, BSB, and FCA, which impose their own ethical standards. This statement is reviewed annually.
Reporting Concerns
Concerns may be reported to ir@litdaq.com.
Concerns may be reported to ir@litdaq.com.
This statement is made on behalf of Trance Limited trading as LITDAQ for the financial year ending March 2026 pursuant to section 54 of the Modern Slavery Act 2015.
Simon Dorrell
Director, Trance Limited · March 2026
Simon Dorrell
Director, Trance Limited · March 2026
Cookie Policy
Last updated: March 2026
Cookies we use
LITDAQ uses only one cookie: litdaq_fpo_confirmed — a session cookie recording your FPO 2005 eligibility confirmation. Required for regulatory compliance. Expires when you close your browser.
LITDAQ uses only one cookie: litdaq_fpo_confirmed — a session cookie recording your FPO 2005 eligibility confirmation. Required for regulatory compliance. Expires when you close your browser.
Cookies we do not use
We do not use analytics, advertising, targeting, or social media tracking cookies. No third-party cookies of any kind are set by this website.
We do not use analytics, advertising, targeting, or social media tracking cookies. No third-party cookies of any kind are set by this website.
Your choices
You can control cookies through your browser settings. Disabling the FPO cookie requires you to re-confirm eligibility each visit. For more information visit allaboutcookies.org.
You can control cookies through your browser settings. Disabling the FPO cookie requires you to re-confirm eligibility each visit. For more information visit allaboutcookies.org.
Risk Warnings
Important — please read carefully before investing
CAPITAL AT RISK. LBS instruments are unregulated investments. The value of your investment can go down as well as up. You may get back less than you invest. Past performance is not a reliable indicator of future results.
Litigation Risk
Claims may fail at trial or receive lower settlements than anticipated. AiGLe grading assesses merits and quantum but cannot guarantee outcomes. Court decisions are inherently uncertain.
Claims may fail at trial or receive lower settlements than anticipated. AiGLe grading assesses merits and quantum but cannot guarantee outcomes. Court decisions are inherently uncertain.
Regulatory Risk
Changes in FCA policy, court rules, or legislation may affect claim values. The FCA motor finance redress scheme timetable may change. Regulatory decisions are outside LITDAQ's control.
Changes in FCA policy, court rules, or legislation may affect claim values. The FCA motor finance redress scheme timetable may change. Regulatory decisions are outside LITDAQ's control.
Insurance Risk
ATE and CPI insurance reduces but does not eliminate risk. Insurer insolvency or policy avoidance would affect capital protection.
ATE and CPI insurance reduces but does not eliminate risk. Insurer insolvency or policy avoidance would affect capital protection.
Liquidity Risk
LBS instruments are not listed on a regulated exchange. No secondary market currently exists. Treat as illiquid for the full term. Early redemption is not available as of right.
LBS instruments are not listed on a regulated exchange. No secondary market currently exists. Treat as illiquid for the full term. Early redemption is not available as of right.
Concentration Risk
Portfolios are concentrated in UK consumer finance litigation. Adverse developments affecting motor finance or energy broker claims would affect multiple instruments.
Portfolios are concentrated in UK consumer finance litigation. Adverse developments affecting motor finance or energy broker claims would affect multiple instruments.
Counterparty Risk
Returns depend on the continued operation of SRA Regulated Solicitors Firms. Insolvency or regulatory intervention affecting PML would materially affect instrument performance.
Returns depend on the continued operation of SRA Regulated Solicitors Firms. Insolvency or regulatory intervention affecting PML would materially affect instrument performance.
Not FCA Regulated
LITDAQ and Trance Limited are not FCA authorised. LBS instruments are not covered by the FSCS. You will not have access to the Financial Ombudsman Service in respect of LITDAQ instruments.
LITDAQ and Trance Limited are not FCA authorised. LBS instruments are not covered by the FSCS. You will not have access to the Financial Ombudsman Service in respect of LITDAQ instruments.
Independent Advice
Take independent financial and legal advice before investing. This website does not constitute financial advice.
Take independent financial and legal advice before investing. This website does not constitute financial advice.
What is a Litigation-Backed Security?
A Litigation-Backed Security (LBS) is a debt instrument backed by a portfolio of consumer finance claims. Investors provide capital which funds the conduct of litigation. Returns are generated when claims settle or succeed at trial, entirely independent of equity markets, credit spreads, or interest rate movements.
Each LBS has a defined term of 18-36 months, a fixed target yield of 12-16%, and capital protection via ATE and CPI insurance. Returns are determined by court decisions and regulatory redress schemes, not macroeconomic conditions.
Each LBS has a defined term of 18-36 months, a fixed target yield of 12-16%, and capital protection via ATE and CPI insurance. Returns are determined by court decisions and regulatory redress schemes, not macroeconomic conditions.
Claim types
Motor Finance Commission
Undisclosed commissions paid by lenders to motor dealers. Following Hopcraft v Close Brothers [2025] UKSC 33 the Supreme Court confirmed lender liability. FCA redress scheme operational H2 2026.
Undisclosed commissions paid by lenders to motor dealers. Following Hopcraft v Close Brothers [2025] UKSC 33 the Supreme Court confirmed lender liability. FCA redress scheme operational H2 2026.
Energy Broker Commission
Undisclosed commissions paid by energy suppliers to commercial brokers. Confirmed in Expert Tooling v Engie [2025] UKSC consent order. Ofgem interim findings published.
Undisclosed commissions paid by energy suppliers to commercial brokers. Confirmed in Expert Tooling v Engie [2025] UKSC consent order. Ofgem interim findings published.
Irresponsible Lending
Claims against lenders who advanced credit without adequate affordability assessment under FCA CONC rules and CCA 1974 unfair relationship provisions.
Claims against lenders who advanced credit without adequate affordability assessment under FCA CONC rules and CCA 1974 unfair relationship provisions.
PPI / Plevin
Payment Protection Insurance mis-selling and undisclosed commission claims under the Supreme Court ruling in Plevin v Paragon Personal Finance [2014] UKSC 61. Where the undisclosed commission exceeded 50% of the premium, a presumption of unfair relationship arises under CCA 1974 s.140A. Significant portfolios remain unresolved following the FCA deadline.
Payment Protection Insurance mis-selling and undisclosed commission claims under the Supreme Court ruling in Plevin v Paragon Personal Finance [2014] UKSC 61. Where the undisclosed commission exceeded 50% of the premium, a presumption of unfair relationship arises under CCA 1974 s.140A. Significant portfolios remain unresolved following the FCA deadline.
AiGLe grading
Every LBS is graded by AiGLe before listing using three independent inputs:
1. Court precedents - PML litigation precedent database updated with every new judgment
2. Barrister opinions - E Chambers Direct counsel assessment of merits and quantum
3. Quantum criteria - The Rivermead Partnership expert witness methodology
A+/A
Strong merits
A-/B+
Good merits
B
Min. listing
How it works
1
Portfolio assembly - PML assembles consumer finance claims, assessed for merits and quantum
2
AiGLe grading - portfolio graded using precedents, barrister opinions and quantum criteria
3
Insurance - ATE and CPI insurance obtained protecting costs and investor capital
4
LITDAQ listing - LBS listed and offered to eligible investors via EOI
5
Resolution - claims settle or succeed. Capital and target yield returned on maturity
All LBS instruments4 open
LBS / TypeYieldGradeRaisedTargetMaturity
LBS-MF-001
Motor Finance · Series A · ATE+CPI insured
14.5%
A–
Pending
£20.0M
Dec 2027
LBS-EN-002
Energy Broker · Series A · ATE+CPI insured
13.8%
A
Pending
£50.0M
Mar 2028
LBS-RC-001
Irresponsible Lending · Series A · ATE+CPI insured
15.0%
A+
Pending
£5.0M
2027
LBS-MF-002
Motor Finance · Series B · Pipeline Q4 2026
TBC
PIPELINE
—
£20.0M
2028
LBS-PPI-001
PPI / Plevin · Series A · ATE+CPI insured
14.5%
A+
Pending
£12.0M
2028
All LBS AiGLe graded · ATE/CPI insured · PML (SRA) · Rivermead expert criteria
UK economic indicatorsLoading…
BoE base rate · Bank of England
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CPI inflation · ONS
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SONIA overnight · BoE
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GBP / USD
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BoE base rate — recent decisions
Why LBS in this environment
Rate environment
With BoE at 4.5% and gilts at 4.68%, LBS target yields of 14%+ represent a 9–10pp spread — compelling risk-adjusted return.
With BoE at 4.5% and gilts at 4.68%, LBS target yields of 14%+ represent a 9–10pp spread — compelling risk-adjusted return.
Zero correlation
Litigation outcomes are entirely uncorrelated to equity markets, credit spreads, or interest rate movements. True diversification.
Litigation outcomes are entirely uncorrelated to equity markets, credit spreads, or interest rate movements. True diversification.
Regulatory tailwind
FCA motor finance redress scheme, Hopcraft Supreme Court ruling, and Ofgem broker findings create a strong pipeline of high-quality claims.
FCA motor finance redress scheme, Hopcraft Supreme Court ruling, and Ofgem broker findings create a strong pipeline of high-quality claims.
Market intelligence
AiGLe filtered
Expression of interest
Full name
Organisation
Email
Phone
LBS of interest
Indicative amount
Message (optional)
Non-binding. A LITDAQ team member will respond within 2 business days with term sheets and AiGLe grade reports.
✓
Expression of interest received
We will contact you within 2 business days with full documentation including term sheets, AiGLe grade reports, and insurance certificates.
What you receive
→ LBS Term sheet — full instrument terms
→ AiGLe grade report — full score breakdown
→ ATE/CPI certificate — insurance confirmation
→ Portfolio data — anonymised claim data
→ Legal opinion — ECD barrister opinion
→ Quantum report — Rivermead methodology
Contact
ir@litdaq.com
Enterprise Centre
291–305 Lytham Road
Blackpool, FY4 1EW
SRA Regulated Solicitors Firms
The Rivermead Partnership · Expert witness
E Chambers Direct · BSB regulated
291–305 Lytham Road
Blackpool, FY4 1EW
SRA Regulated Solicitors Firms
The Rivermead Partnership · Expert witness
E Chambers Direct · BSB regulated
Get in touch
Name
Email
Message
LITDAQ
ir@litdaq.com
Enterprise Centre, 291–305 Lytham Road
Blackpool, FY4 1EW, England
Legal: SRA Regulated Solicitors Firms
Expert criteria: The Rivermead Partnership
Counsel: E Chambers Direct
Enterprise Centre, 291–305 Lytham Road
Blackpool, FY4 1EW, England
Legal: SRA Regulated Solicitors Firms
Expert criteria: The Rivermead Partnership
Counsel: E Chambers Direct