Third party

Specialist insolvency litigation funder set to list amid growing demand for capital

Steven Cooklin

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.

May 14th, 2018

Leigh Day set to launch lecturer strike claim next week as it eyes Windrush group action

Bozena Michalowska-Howells

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’.

May 3rd, 2018

High Court: security for costs application cannot be used to avoid enforcement of arbitration award

rcj 3

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.

April 12th, 2018

Listed funder targets shutdown by end of 2018

Lord Brennan QC

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.

April 9th, 2018

Edmonds speaks of “relief” at securing third-party funding for £60m Lloyds Bank claim

Noel Edmonds

TV presenter Noel Edmonds has spoken of his relief at receiving the backing of a third-party litigation funder in his long-running dispute with Lloyds Banking Group – while also being clear that he is not on a crusade and is prepared to settle.

April 6th, 2018

Burford founders each pocket £60m in first share sale

Chris Bogart colour

The founders of the world’s largest litigation funder, Buford Capital, each became nearly £60m richer this week after selling some of their shares for the first time since launching the company in 2009. Chief executive Christopher Bogart and chief investment officer Jonathan Molot sold a third of their holdings.

March 22nd, 2018

International firm first off blocks to build student group action over university strike

Shimon Goldwater

A law firm is attempting to build a group action to win compensation for students who miss out on teaching time due to the ongoing university lecturers’ strike. The firm anticipates that others will attempt to build similar actions, but with the large number of students potentially affected, “there’s enough cake for everybody to have a slice”.

March 20th, 2018

Burford on march but warns that “preoccuption” with adverse costs makes London less attractive

City of London insignia

The world’s biggest litigation funder, AIM-listed Burford Capital, yesterday unveiled spectacular results for 2017, with net profit after tax up 130% to £190m and new investments totalling nearly £1bn. It predicted that Brexit would be positive for the company, and also warned that the “English preoccupation” with adverse costs was making this jurisdiction less appealing anyway.

March 15th, 2018

Burford sells £9m investment for £77m as it grows secondary litigation funding market

Chris Bogart colour

Leading litigation funder Burford Capital has sold a £9.3m investment in a successful arbitration for £77m while a bid to annul the award is ongoing. It said the sale would lock in its gain on the investment and accelerate cash recovery to enable reinvestment of the capital.

March 13th, 2018

Burford launches insurance company to cover costs in high-value claims

Chris Bogart colour

Burford Capital has announced that it is to launch its own insurance company to provide adverse costs cover in high-value commercial litigation and arbitration claims where it is also providing third-party funding. It is designed to meet a need for “significant levels of adverse costs cover for major cases in costs-shifting jurisdictions around the world”.

March 8th, 2018

Blog

Three’s a crowd – who pays?

Matthew Pascall 2

In September 2014 a UKIP MEP, Jane Collins, gave a speech at UKIP’s annual conference slandering three Labour MPs. The following month, a letter of claim on their behalf was sent to Ms Collins. It contained an offer of settlement under which Ms Collins would pay each £10,000 in damages, which they would then pay to charity. UKIP’s National Executive Committee discussed the letter of claim that month and referred Ms Collins to solicitors, RMPI, with whom UKIP had close ties. No settlement having been agreed, in November 2014 the three MPs issued claims against Ms Collins. Temple Legal Protection insured the MPs’ claims.

May 16th, 2018

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