Third party

Burford unveils sharp increase in profits but warns over lack of ATE for big cases

Chris Bogart colour

Litigation funder Burford Capital has announced a 75% increase in net profits for 2016, taking the figure to $115m (£95m), while warning the government that the Jackson reforms had made it impossible to provide after-the-event (ATE) insurance for “large and complex” commercial cases.

March 14th, 2017

Essar funder builds on ruling with products to cope with unreasonable arbitral parties

Steven Friel

The third-party funder that was at the centre of the landmark High Court ruling that saw a claimant recover the cost of his funding, has now launched two products to aid parties involved in international arbitration against an opponent who is behaving unreasonably.

February 9th, 2017

Government brushes off peer’s call for statutory regulation of third-party funders

Lord Keen

There is currently no need to introduce statutory regulation of third-party litigation funders, the government said yesterday. Justice spokesman Lord Keen said there was no reason to move away from the voluntary scheme.

January 25th, 2017

All change: significant new appointments at MedCo, CEDR, NHSLA and Vannin Capital

Martin Heskins

A structural change at MedCo kicks off our round-up of a series of significant appointments in the world of litigation. Martin Heskins has been named as MedCo’s executive chair with responsibility for leadership and strategic direction.

January 17th, 2017

London firm secured third-party funding to bring first group action against VW – and on a DBA

Volkswagen logo

London law firm Harcus Sinclair – acting under a damages-based agreement and supported by Slater & Gordon – has secured third-party litigation funding to start the first group litigation arising from the Volkswagen emissions scandal.

January 9th, 2017

Hong Kong and Singapore embrace third-party funding for arbitration in battle with London

Singapore

Both Hong Kong and Singapore have moved to clarify the use of third-party funding in arbitration as the market continues to expand. A bill has been published in Hong Kong to clarify that third-party funding is not prohibited by the common law, while in Singapore arbitrators can now order the disclosure of the funding agreement.

January 9th, 2017

Burford spends $160m to acquire US competitor

Chris Bogart colour

Burford Capital, the world’s largest listed litigation funder, has today moved to consolidate its position by spending $160m (£126m) to buy its main competitor, US-based Gerchen Keller Capital. The deal both strengthens and diversifies Burford, as GKC is also an investment manager.

December 14th, 2016

Follow your leader – funders must pay for indemnity costs, says Court of Appeal

Leslie Perrin

Third-party funders should normally be liable for indemnity costs when they are awarded against funded claimants, the Court of Appeal has ruled in a decision that makes a clear statement placing litigation funding in the mainstream.

November 21st, 2016

Profession-wide working group outlines initial doubts about viability of a CLAF

flying money

The benefits of a contingent legal aid fund (CLAF) are uncertain, the joint professional working party has said, with concerns over the need for “substantial seed funding” among the problems. It has issued a survey to seek lawyers’ views about whether and how it could work.

November 18th, 2016

Calunius closes £100m fund as IMF and Bentham go their separate ways

Investor Claim Partner (ICP)

Third-party litigation funder Calunius Capital has closed its third fund at a total of £100m of capital, meaning it now advises funds exceeding £200m that invest in large-scale commercial litigation and arbitration. Meanwhile, the joint venture that created London-based IMF Bentham Europe has come to an end.

November 10th, 2016

Blog

Proportionality – not just a matter for detailed assessment

Stack of documents and papers

Proportionality is one of the major issues that we find we are dealing with at the end of a matter, particularly in the small-to-medium-value claims. Why was it introduced? It was considered that the then existing system was not working and that a system needed to be put in place which would “promote access to justice at proportionate cost”. In 2009, Court of Appeal judge Sir Anthony May said: “Assessments which have to concentrate retrospectively on what the winning party has spent will always risk producing a disproportionate result.”

March 29th, 2017

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John M Hayes

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