The government yesterday pressed ahead with plans to allow consumers and businesses to bring opt-out collective actions for breaches of competition law – but indicated that they are not yet a done deal.
The Legal Services Board has decided against introducing guidance on how regulators should mitigate the risk of damages-based agreements being mis-sold after the regulators said they will tackle it through their regulatory frameworks.
The £2m limit above which commercial cases are not subject to automatic costs management is being reviewed, the judge in charge of Jackson implementation has revealed, while also hinting that pre-issue costs may come within costs management in future.
The government is already planning changes to the rules governing damages-based agreements (DBAs), it has emerged. The news comes as a leading litigation funder argues that concerns over whether the existing rules permit hybrid DBAs are misplaced.
Solicitors need to be careful to ward against professional negligence claims for mis-selling damages-based agreements (DBAs) or under-settling cases run under them, a QC has warned. Solicitors need to ensure that a full explanation of the reasons for the funding is given.
Damages-based agreements (DBAs) will change the face of commercial litigation and generate new funding problems for law firms, it was predicted today as the Jackson era properly began.
City law firm Lewis Silkin yesterday signalled its intention to work under damages-based agreements after unveiling a partnership with leading broker TheJudge so that clients using them are supported by third-party funding and after-the-event insurance.
The new regulations governing conditional fee agreements cleared their final hurdle yesterday after the government defeated a last-ditch Labour challenge to them. Meanwhile, amendments to the amended Civil Procedure Rules were published today.