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ATE/CFA
Half of insolvency practitioners say litigation has decreased since LASPO change
Almost half of insolvency practitioners believe that litigation work has declined since removal of the exemption from LASPO in April 2016, a survey has found. The remaining half of the 225 insolvency practitioners who took part in the survey said there had been “no noticeable difference”.
Elite confident of solvent run-off after surprise decision to stop writing new business
Leading legal expenses insurance operator Elite Insurance Company is expecting a solvent run-off in the wake of its surprise announcement last month to cease writing new business, it has told its Gibraltar regulator. It holds surplus capital over its minimum capital requirement of £22.2m.
Master rejects defendant’s attacks on £10,000 ATE premium for £200,000 med neg case
A costs judge has rejected attacks by the defendant on a £10,000 after-the-event insurance premium obtained by a claimant in a medical negligence case which eventually settled for £200,000. The ATE insurance was block-rated under an agreement between Irwin Mitchell and Allianz.
Appeal judges reject law firm’s claim for fees under insolvency CFA
The Court of Appeal has rejected a law firm’s claim to its legal fees in a battle with a liquidator over an conditional fee agreement. Lord Justice Hamblen said there was a “shared common understanding” that its fees would be paid from recoveries and the liquidator would not be personally liable for any shortfall.
Court of Appeal: claimants cannot “blow hot and cold” with QOCS
Claimants cannot “blow hot and cold” with Qualified One-Way Costs Shifting by terminating one conditional fee agreement and signing a new one just to get the benefit of costs protection, the Court of Appeal has ruled.
Court of Appeal rejects bid to invalidate CFAs signed at “chaotic” meeting of class action members
The Court of Appeal has dismissed a technical challenge to conditional fee agreements (CFAs) signed by members of a class action during a meeting organised for that purpose. It was one of the steady trickle of cases challenging CFAs under the Cancellation of Contracts Made in a Consumer’s Home or Place of Work etc. Regulations 2008.
Court of Appeal begins hearing CFA assignment case
The profession should soon have an answer to the question of when a conditional fee agreement can be assigned from one law firm to another as the Court of Appeal is hearing a test case today. It was one of a series of lower-court ruling last year to address the issue and between them cause confusion in the profession.
Senior Costs Judge sets aside “unfair and unreasonable” CFA
The Senior Costs Judge has ruled a law firm’s conditional fee agreement (CFA) unfair because it failed to ensure that its client – whose English was poor – fully understood what he was signing. Setting aside the agreement, Master Gordon-Saker said the CFA was also unreasonable because of the high hourly rates it sought.
Third-party funder and “biggest ever ATE policy” backs £4bn truck collective action
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”.
Funding update: third-party backing for credit card claims, DBA insurance launch and more
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.
Blog
Hands up who knows what litigation financiers sell?
If your answer was ‘money’, you would be correct but sadly out of step with the prevailing thinking. If, however, you asked some other litigation financiers the same question, you would very likely receive answers like ‘project management skills’, or ‘an experienced litigation partner’. Whilst none of these answers are wrong per se, they do rather miss the point of why lawyers and clients engage with funders. Experienced and successful litigators do not want the views of litigation financiers on how to project manage their litigation – they want access to their cash pure and simple.
October 19th, 2017
Associate News
FCA regulation for litigation funders – it should be the law
ATE insurance in action – successful £5m professional negligence judgment for ‘Giambrone’ claimants
ATE Market Instability
Phoenix Legal benefits from smoother case progression with Eclipse Compact, the legal software solution for small law firms
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