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Subscribe to this list via RSS Blog posts tagged in Commercial litigation insurance

An annual report from litigation funders Burford Capital are further evidence of the burgeoning civil litigation sector in the UK.
In a recent business update for 2020, Burford, who offer claims funding to lawyers and clients engaged in litigation and arbitration, asset recovery and other legal finance and advisory activities, has reported record results, described as ‘the best year in its history for portfolio performance’. The listed funder, with main office locations in London, New York and Chicago, reported that its portfolio of ongoing matters is at its largest volume ever, with ‘record levels of realized gain and more cash from successes than ever before’.

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A group of private investors have recently commenced legal action against the failed Woodford Equity Income Fund (WEIF), seeking to recover losses sustained following the fund’s collapse in 2019.

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Whilst Covid-19 may have forced many parts of society to slow down and re-think our approach to all aspects of our lives, recent comments by a number of High Court judges would seem to indicate that this is certainly not happening in civil and commercial litigation. The 3 judges have expressed their disquiet over the ever increasing pervasiveness of hostile and antagonistic approaches to litigation where every point, good or bad, is taken.

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Whilst Covid-19 may have forced many parts of society to slow down and re-think our approach to all aspects of our lives, recent comments by a number of High Court judges would seem to indicate that this is certainly not happening in civil and commercial litigation. The 3 judges have expressed their disquiet over the ever increasing pervasiveness of hostile and antagonistic approaches to litigation where every point, good or bad, is taken.

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New research by GLG that was commissioned by litigation funding specialists Burford Capital shines light onto the increasingly common use of third party litigation funding to resolve business disputes of all types.
GLG approached a cross section of private law firms, in-house legal departments and other related professionals in the USA, UK and Australia, the territories in which use of litigation funding is most prevalent. The law firms surveyed had between 10 and 500 lawyers, whilst the in-house legal professionals were at firms with annual revenues ranging from £80m to over £4bn. Overall, use of litigation funding by private law firms has increased from 37% to 89%, with funding use by in-house teams also doubling over 3 years to 76%.

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Comments made by a High Court judge recently have highlighted some of the complexities involved when using litigation funding to back large commercial claims. The comments, by Mr Justice Nugee, were made during the latest stage of the Ingenious Litigation, in which a large number of investors are attempting to recover losses incurred following investments in so called ‘film-schemes’ – schemes that were initially promoted and sold as a highly tax-efficient form of investment, but more recently have been deemed as inappropriate by HMRC. The investor claims have been made against a number of Ingenious entities and against financial advisors who originally recommended the schemes, with litigation funding being provided to support the claim by Therium.

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Latest News

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