The free guide to costs, funding and the Jackson reforms
Funding
Augusta secures £150m of capital as litigation funding market hots up
Augusta has become the latest third-party funder to raise new capital, securing an extra £150m as it claims to have funded more cases in the UK than any other. In all, it has so far committed £98m to funding 162 cases. Last year, it also opened an office in Australia.
Senior Costs Judge flags concern over PI solicitors’ standard 100% success fee
The Senior Costs Judge has called on the Law Society to remind personal injury solicitors of their obligation to undertake individual risk assessments in low-value cases and not just apply a blanket 100% success fee. He also called for a broad extension of qualified one-way costs shifting.
Jackson urges Ministry of Justice to abandon DBA caution
Sir Rupert Jackson last week told justice minister Lucy Frazer that the government was wrong to tread with caution over reforming the regime for damages-based agreements (DBAs). He said there was “no possible reason” why hybrid DBAs were not allowed when hybrid conditional fee agreements were.
“Poorly drafted” CFA that named wrong defendant still valid, Court of Appeal rules
A conditional fee agreement that named the wrong defendant was still valid when read in the wider context of the claim, the Court of Appeal has ruled. It found this was actually supported by the slopping drafting of the agreement.
Commercial firm looking to cut out brokers names three to litigation funding panel
A commercial firm in Hertfordshire has appointed three litigation funders to a pioneering panel aimed at cutting out brokers’ fees and making smaller cases viable for backing. The panel covers claims up to £5m in value but its aim is to unlock many claims worth £1m or less by making them suitable for funding.
Specialist insolvency litigation funder set to list amid growing demand for capital
Specialist third-party funder Manolete Partners is planning to float on the London Stock Exchange so as to satisfy increasing demand for third-party funding from insolvency practitioners here and abroad, its chief executive said today. But it may also move into other areas of litigation in time, he indicated.
Leigh Day set to launch lecturer strike claim next week as it eyes Windrush group action
Group litigation specialist Leigh Day expects to send the first letter of a claim from a student to a university over the lecturer strike next week. Meanwhile, it confirmed yesterday that it is preparing a potential group action against the government on behalf of those who fall under the definition of the ‘Windrush generation’.
Irwin Mitchell highlights value of CFAs after Supreme Court win
Irwin Mitchell has lauded the value of conditional fee agreements after winning in the Supreme Court last week for an NHS worker whose bosses attempted to make her redundant whilst she was on holiday. The landmark ruling could trigger changes to all employment contracts in the UK.
High Court: security for costs application cannot be used to avoid enforcement of arbitration award
A security of costs application relating to a court challenge to an arbitration award cannot be used as a way of avoiding enforcement of the award, the High Court has ruled. Mr Justice Picken said the position was no different because a litigation funder was involved.
Listed funder targets shutdown by end of 2018
Litigation funder Juridica is on course to wind up at the end of this year, with just seven investments still live, although it has had to write off a $2m stake in a patent business. The AIM-listed company, which is chaired by Lord Brennan QC, began winding down in November 2015 citing a lack of scale.
Blog
A golden opportunity for the ATE market to innovate
With the key judgement in the BNM v MGN case not expected until the end of the year, and decisions in the fixed recoverable costs arena not due until 2019, the after-the-event (ATE) insurance sector – already burdened by ever-changing regulation – is playing something of a waiting game. But this could be a golden opportunity for the ATE sector – the chance to take advantage of what might otherwise be a relative lull in activity period to set in motion a time of self-analysis and transformation, to develop plans for what the future of ATE insurance will look like.
July 16th, 2018
Associate News
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