A district judge failed to consider the risks that a claimant solicitor should have taken into account when entering into a CFA and so was wrong to award a 65% success fee, the High Court has ruled.
Australian third-party funder Litigation Capital Management Limited – which has taken over London funder Chancery Capital – made its bow on AIM yesterday.
Leading third-party funder Burford Capital has announced nearly $1bn (£790m) in new funding, which it will support with $633m of its own capital, to facilitate its investments for up to four years.
Solicitors will in future have to provide a bill or breakdown of costs when seeking payment of success fees and ATE premiums out of the damages of children or protected parties.
Litigation funder Vannin Capital has failed to obtain summary judgment of its £14m claim against RBS shareholders it backed who then successfully sued the bank.
Boxing promoter Frank Warren has been refused permission to appeal a costs judge’s ruling that the assignment of two CFAs – under which he owed his solicitors nearly £1m – was valid.
Insolvency litigation funder Manolete is to raise £16.3m when it is admitted to AIM next week, it has announced. The selling shareholders will realise a further £13.1m.
The government is to abolish the recoverability of success fees in defamation cases – but retain it for after-the-event insurance premiums, it announced yesterday.