The value of the pipeline of court cases and cash held by the top UK litigation funders has increased to a record of £2bn, City law firm RPC has reported.
Leading litigation finance broker TheJudge has been bought by insurance company Thomas Miller and launched a new funding business with access to more than $1bn in capital.
An experienced solicitor who failed to disclose two counsel’s opinions on a case to an after-the-event insurer, one of them assessing chances of success at less than 50%, has been fined £8,000.
A man who was jointly liable for costs that were covered by his co-claimant’s after-the-event (ATE) insurance has been ordered to reimburse half of the payment to the insurer.
The joint administrators of former legal expenses insurer Elite Insurance – which worked with over 200 law firms – have disclaimed all but two of its active after-the-event insurance policies.
The High Court has upheld a decision that a solicitor was not entitled to recover costs of £12,600 he said were owing after he terminated a conditional fee agreement.
City firm Rosenblatt is ramping up its use of contingent funding agreements, while its litigation finance arm has now invested in nine cases, the listed business’s half-year results have shown.
A defendant’s potential exposure to paying the premium for after-the-event insurance necessary to meet its demand for security for costs was “not relevant” to the question of security.