Funding

Strong support from UK public for consumer class actions, while half back third-party funding

European Commission

There is strong public support for collective consumer actions in the UK, new research has found, although most want it, and any third-party litigation funding that supports a case, to be subject to controls – many of which already exist here.

October 3rd, 2017

Third-party funder backs major potential claim against patent renewal business

Jersey

The London office of an American law firm, together with a Jersey firm, have secured litigation finance to investigate and possibly sue CPA Global over alleged systematic and widespread overcharging of clients for patent renewal services.

October 2nd, 2017

UK well ahead of USA in use of litigation finance, survey finds

Chris Bogart colour

The UK is well ahead of the USA in the litigation finance, a survey of law firms and in-house lawyers has found, with 41% of UK respondents having used, compared to only 32% in the US and 40% in Australia. The company did caution that some of the figures appeared out of kilter with reality, however.

September 14th, 2017

Half of insolvency practitioners say litigation has decreased since LASPO change

Ferguson Financial pix at Flag Fen Business Exchange

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”.

September 5th, 2017

Elite confident of solvent run-off after surprise decision to stop writing new business

Jason Smart 118

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.

August 29th, 2017

Master rejects defendant’s attacks on £10,000 ATE premium for £200,000 med neg case

stethoscope on keyboard - medical report

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.

August 24th, 2017

Appeal judges reject law firm’s claim for fees under insolvency CFA

rcj 3

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.

August 8th, 2017

Court of Appeal: claimants cannot “blow hot and cold” with QOCS

RCJ portrait

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.

August 3rd, 2017

Burford ramps up portfolio finance activity with first UK firm deal

Guy Harvey

Burford Capital has agreed a “multi-million pound” portfolio financing agreement with Shepherd & Wedderburn, which it said is the first of its kind to be offered by a top 100 UK law firm and major funder. The deal provides flexible capital that Shepherd & Wedderburn can use “to expand its ability to offer alternative fee arrangements to clients and grow the firm’s reach in commercial litigation and arbitration”.

August 2nd, 2017

Burford posts “best ever” interim results

Chris Bogart new

Litigation funder Burford Capital has announced its strongest ever results, with profits for the first half of 2017 greater than the whole of 2016, driven by rising client demand. Highlights from the financial results for the year ended 30 June 2017 included an increase in income by 130% to $175.5m (£133.5m), and operating profit up by 151% to $155m.

July 27th, 2017

Blog

Hands up who knows what litigation financiers sell?

A#1000

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

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John M Hayes

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