There is strong growth in the consideration and use of litigation finance in the UK, new research has found, with 63% of respondents saying their organisation’s use of it has increased in the last two years.
Top third-party funder Burford Capital has earmarked $50m (£38m) to finance cases led by women lawyers as part of a groundbreaking initiative designed to help close the gender gap in law by providing an “economic incentive for change”.
Lawyers and litigation funders would “by a considerable margin” be the main beneficiaries of any award in a representative action against Google over misuse of private data, the High Court has ruled in blocking the case going forward.
Burford Capital, the world’s largest litigation funder, has raised a further £193m ($250m) in less than 24 hours after an oversubscribed placing. The new shares were placed at 1850p, reflecting the extraordinary growth in the AIM-listed company’s share price.
A solicitor who sought to keep a longstanding client happy at the expense of another, when one provided the other with a loan to pursue High Court litigation, has been struck off. His actions were “a classic example of a solicitor departing from the complete integrity, probity and trustworthiness expected”.
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.
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 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.