To me it looks like they're calling what previously was characterized the mid third lateral capsular ligament, which buds off the LCL -but connects to both Gerdy's tubercle and the lateral meniscus via two separate components. I'm not sure if there's any isolated function or if it's just something new and cool they found. Other sources have described both the MCL and LCL having anterior and posterior components caudal to their proximal attachments on the femur.
Seems to be some hubbub about the function, though IMO there shouldn't be. Recent data has shown that O'donahue's unhappy triad involves the MCL, ACL, and lateral meniscus in acute ACL injuries. It's likely that this "new" ligament, which has been previously characterized as "other" things ruptures it's meniscofemoral component during an acute ACL injury. Repair of this 2nd varus stabilizer might be advantageous in sporting populations, perhaps.