Third party

Strong support from UK public for consumer class actions, while half back third-party funding

European Commission

There is strong public support for collective consumer actions in the UK, new research has found, although most want it, and any third-party litigation funding that supports a case, to be subject to controls – many of which already exist here.

October 3rd, 2017

Third-party funder backs major potential claim against patent renewal business

Jersey

The London office of an American law firm, together with a Jersey firm, have secured litigation finance to investigate and possibly sue CPA Global over alleged systematic and widespread overcharging of clients for patent renewal services.

October 2nd, 2017

UK well ahead of USA in use of litigation finance, survey finds

Chris Bogart colour

The UK is well ahead of the USA in the litigation finance, a survey of law firms and in-house lawyers has found, with 41% of UK respondents having used, compared to only 32% in the US and 40% in Australia. The company did caution that some of the figures appeared out of kilter with reality, however.

September 14th, 2017

Half of insolvency practitioners say litigation has decreased since LASPO change

Ferguson Financial pix at Flag Fen Business Exchange

Almost half of insolvency practitioners believe that litigation work has declined since removal of the exemption from LASPO in April 2016, a survey has found. The remaining half of the 225 insolvency practitioners who took part in the survey said there had been “no noticeable difference”.

September 5th, 2017

Burford ramps up portfolio finance activity with first UK firm deal

Guy Harvey

Burford Capital has agreed a “multi-million pound” portfolio financing agreement with Shepherd & Wedderburn, which it said is the first of its kind to be offered by a top 100 UK law firm and major funder. The deal provides flexible capital that Shepherd & Wedderburn can use “to expand its ability to offer alternative fee arrangements to clients and grow the firm’s reach in commercial litigation and arbitration”.

August 2nd, 2017

Burford posts “best ever” interim results

Chris Bogart new

Litigation funder Burford Capital has announced its strongest ever results, with profits for the first half of 2017 greater than the whole of 2016, driven by rising client demand. Highlights from the financial results for the year ended 30 June 2017 included an increase in income by 130% to $175.5m (£133.5m), and operating profit up by 151% to $155m.

July 27th, 2017

Tribunal throws out largest-ever class action but gives boost to third-party funding

Walter Merricks

The Competition Appeal Tribunal last week threw out what would have been the largest opt-out collective action since the procedure was introduced – but at the same time gave a boost to third-party funders by dismissing objections to the funding agreement. Under it, Burford Capital was set to receive at least £135m in the event of a successful outcome.

July 24th, 2017

QC proposes ‘no disclosure’ rule for arbitrations

Peter Rees QC

Arbitrations should begin with a default position of no disclosure of documents, a leading QC has argued. Peter Rees QC said for many disputes, each side had “all the documents it needs” and disclosure was a “time-consuming and expensive luxury”.

July 21st, 2017

Hausfeld and Burford join scramble for truck cartel clients

Motorway traffic jam

US class action law firm Hausfeld has struck a deal with top litigation funder Burford Capital to support the claim it is bringing in England against truck manufacturers found guilty of illegal price fixing, the second major announcement of funded litigation over the cartel in a month.

July 11th, 2017

Neuberger indicates support for contingent legal aid fund

Inaugural Harbour Litigation Funding Annual Lecture - 8 May 2013

The president of the Supreme Court has indicated his support for some form of contingent legal aid fund (CLAF), using third-party litigation funders as a model. The idea of the CLAF has been debated for decades and is currently being examined by a working party, set up at the urging of Lord Justice Jackson.

July 5th, 2017

Blog

Hands up who knows what litigation financiers sell?

A#1000

If your answer was ‘money’, you would be correct but sadly out of step with the prevailing thinking. If, however, you asked some other litigation financiers the same question, you would very likely receive answers like ‘project management skills’, or ‘an experienced litigation partner’. Whilst none of these answers are wrong per se, they do rather miss the point of why lawyers and clients engage with funders. Experienced and successful litigators do not want the views of litigation financiers on how to project manage their litigation – they want access to their cash pure and simple.

October 19th, 2017

Featured Associate

Featured Associate

John M Hayes

Visit website