The Arkin cap should not be applied automatically in all cases involving commercial litigation funders, the High Court has ruled in deciding that a funder should be fully liable for a successful party’s costs.
Burford Capital has raised nearly $300m (£230m) for a new fund aimed solely at post-settlement matters. The funding will be put to “monetising a claimant’s settlement and other associated legal receivables”.
Solicitors handling low-value PI claims since LASPO should have undertaken risk assessments before setting success fees – rather than just applying 100% across the board – the Court of Appeal has ruled.
A litigation funder launched this week is to use artificial intelligence to carry out a risk analysis of the small to medium-sized claims it intends to back.
Solicitors who terminated their retainer “peremptorily” without investigating the circumstances of evidence that might have thrown the case into doubt have lost their claim to £8,000 in fees.
Litigation funder Therium has raised record new backing of £325m as demand for finance continues to grow. We also round up other industry news, including funders opening offices in Israel and Canada.
Insolvency litigation funder Manolete Partners plc has seen its share price more than double in just three months of being a public company, as interest in its offering has “gone bananas”.
Third-party funder Burford Capital described itself today as “the legal profession’s investment bank” as it recorded a 24% increase in net profit after tax to $328m. It has also re-entered the ATE market.
Third-party funder Therium has launched a ground-breaking £1m fund to provide not-for-profit litigation funding in order to facilitate access to justice, supported by former Lord Chancellor Lord Falconer.
A law firm which stopped acting for a client after she refused to heed its advice to accept an offer to settle her case is entitled to recover the £240,000 in costs due from her under a CFA, the High Court has ruled.