Funding


High Court slashes success fee citing proportion of fees at risk

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.

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Australian funder hits town as Manolete unveils strong results

Australian third-party funder Litigation Capital Management Limited – which has taken over London funder Chancery Capital – made its bow on AIM yesterday.

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Burford unveils $1bn investment from sovereign wealth fund

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.

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Injured child

New safeguard for costs payments from protected party’s damages

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.

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High Court rejects funder’s bid for “mini-trial” of £14m claim

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.

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Boxing promoter Warren loses assignment challenge to CFAs

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.

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Litigation funder to list next week with £76m market cap

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.

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Recovery of success fees in defamation cases to end

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.

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