Third-party litigation funder Vannin Capital has announced its intention to float on the London Stock Exchange next month. The existing shareholders are to make 25% of its stock available in a bid to raise £70m.
An increasing number of solicitors do not accept a contractual obligation to pay counsel’s unrecovered fees in personal injury and medical negligence cases, the Bar Council has complained. It also said QOCS was leading to more inappropriate claims of fundamental dishonesty.
Data and privacy class action claims are likely to expand in future, with litigation funders attracted by lucrative returns driving the industry, according to a senior City disputes lawyer. There have already been several “very high-profile claims” recently relating to shareholder and competition claims.
The Court of Appeal is to rule on the legality of what has become the industry model for handling low-value personal injury claims, with firms charging clients a 100% success fee as standard. It was confirmed yesterday that the court has given permission for a second appeal in Herbert v HH Law.
The seemingly inexorable growth of Burford Capital continued yesterday after strong half-year results sent its share prices soaring. Meanwhile, fellow third-party funder Vannin Capital has named the deputy senior clerk at Fountain Court chambers as its new managing director.
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.
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.
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.