Third party

Burford ramps up portfolio finance activity with first UK firm deal

Guy Harvey

Burford Capital has agreed a “multi-million pound” portfolio financing agreement with Shepherd & Wedderburn, which it said is the first of its kind to be offered by a top 100 UK law firm and major funder. The deal provides flexible capital that Shepherd & Wedderburn can use “to expand its ability to offer alternative fee arrangements to clients and grow the firm’s reach in commercial litigation and arbitration”.

August 2nd, 2017

Burford posts “best ever” interim results

Chris Bogart new

Litigation funder Burford Capital has announced its strongest ever results, with profits for the first half of 2017 greater than the whole of 2016, driven by rising client demand. Highlights from the financial results for the year ended 30 June 2017 included an increase in income by 130% to $175.5m (£133.5m), and operating profit up by 151% to $155m.

July 27th, 2017

Tribunal throws out largest-ever class action but gives boost to third-party funding

Walter Merricks

The Competition Appeal Tribunal last week threw out what would have been the largest opt-out collective action since the procedure was introduced – but at the same time gave a boost to third-party funders by dismissing objections to the funding agreement. Under it, Burford Capital was set to receive at least £135m in the event of a successful outcome.

July 24th, 2017

QC proposes ‘no disclosure’ rule for arbitrations

Peter Rees QC

Arbitrations should begin with a default position of no disclosure of documents, a leading QC has argued. Peter Rees QC said for many disputes, each side had “all the documents it needs” and disclosure was a “time-consuming and expensive luxury”.

July 21st, 2017

Hausfeld and Burford join scramble for truck cartel clients

Motorway traffic jam

US class action law firm Hausfeld has struck a deal with top litigation funder Burford Capital to support the claim it is bringing in England against truck manufacturers found guilty of illegal price fixing, the second major announcement of funded litigation over the cartel in a month.

July 11th, 2017

Neuberger indicates support for contingent legal aid fund

Inaugural Harbour Litigation Funding Annual Lecture - 8 May 2013

The president of the Supreme Court has indicated his support for some form of contingent legal aid fund (CLAF), using third-party litigation funders as a model. The idea of the CLAF has been debated for decades and is currently being examined by a working party, set up at the urging of Lord Justice Jackson.

July 5th, 2017

Third-party funder and “biggest ever ATE policy” backs £4bn truck collective action

Motorway traffic jam

Third-party litigation funder Therium Capital Management is backing a £4bn opt-in collection action being brought by the Road Haulage Association against truck manufacturers found guilty of illegal price fixing. It has also secured “the largest tranche of after-the-event insurance that’s ever been underwritten”.

June 16th, 2017

Burford pockets £52m as it lays off more risk of major investment

Tim Dutton QC

Top third-party funder Burford Capital has continued to lay off the risk of a massive investment, with its latest deal meaning that it has now sold off 25% of its entitlement to the proceeds of the case. Meanwhile, the AIM-listed company has named Tim Dutton QC as head of its UK investment committee.

June 13th, 2017

Former justice minister calls for regulation of third-party funding

Lord Faulks

Third-party litigation funding is “in danger of undermining the integrity of our much-admired legal system” and it is time for statutory regulation, the former justice minister Lord Faulks QC has claimed. The state of the market means there are “real risks of abuse and disproportionally large sums are flowing into the coffers of litigation funders”, he said.

June 8th, 2017

Funding update: third-party backing for credit card claims, DBA insurance launch and more

Mark Humphries

City law firm Humphries Kerstetter has secured third-party funding to launch of a new wave of claims against MasterCard and Visa on behalf of a host of companies. The move follows the firm’s recent negotiation of a series of settlements with the card schemes on behalf of Tesco and WH Smith.

June 1st, 2017

Blog

Third-party funders – access to justice warriors?

Christopher Deadman 2

Comments on UNISON’s landmark victory against the government in respect of employment tribunal fees got me thinking about the whole ‘access to justice’ argument and the role that third-party funders play. I have sat in lots of meetings over the years where funders, some even with a straight face, claim that access to justice is a cornerstone of their business. That is a statement of almost North Korean bogusness. Funders who trot out the access to justice argument are guilty of conflating the by-product of their business with the

August 17th, 2017

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