The free guide to costs, funding and the Jackson reforms
Third party
Class actions “set to grow”, says senior commercial litigator
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.
Burford’s share price soars to new record after latest strong results
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 secures £150m of capital as litigation funding market hots up
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.
Commercial firm looking to cut out brokers names three to litigation funding panel
A commercial firm in Hertfordshire has appointed three litigation funders to a pioneering panel aimed at cutting out brokers’ fees and making smaller cases viable for backing. The panel covers claims up to £5m in value but its aim is to unlock many claims worth £1m or less by making them suitable for funding.
Specialist insolvency litigation funder set to list amid growing demand for capital
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.
Leigh Day set to launch lecturer strike claim next week as it eyes Windrush group action
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’.
High Court: security for costs application cannot be used to avoid enforcement of arbitration award
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.
Listed funder targets shutdown by end of 2018
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.
Edmonds speaks of “relief” at securing third-party funding for £60m Lloyds Bank claim
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.
Burford founders each pocket £60m in first share sale
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.
Blog
QOCS and multiple defendants – why both sides need to be wary
The recent case of Cartwright v Venduct Engineering Limited [2018] EWCA Civ 1654 represents a very interesting development in the interpretation of rule 44.14. The question before the Court of Appeal was this: where, in a matter to which QOCS applies, a claimant has brought an action against multiple defendants, is a successful defendant entitled to enforce a costs award in its favour against damages recovered by the claimant from an unsuccessful defendant?
August 16th, 2018
Associate News
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