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Subscribe to this list via RSS Blog posts tagged in no win no fee litigation funding

In a further sign of the burgeoning litigation and dispute resolution market in the UK, a London based litigation funding provider is making available funding in excess £585m to tackle high-value civil litigation claims in the UK courts.

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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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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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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In news that has pleased the stock market in London, litigation funding providers Burford Capital have recently announced that the class action claim made by its investors has been abandoned. The class action claim had originally been made via by New York based investor claims specialists Rosen Law, with the legal action alleging that Burford, one of the world’s largest litigation funders, had made false and/or misleading statements on its financial returns.

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Pink Floyd legend and multi-instrumentalist David Gilmour has become embroiled in a contract dispute with the composer of a well-known and popular jingle that can be heard at train stations throughout France.

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A recent costs hearing at the High Court in London has revealed the extent of the legal costs already accumulated in the high-profile Bates v Post Office litigation action. The class action claim, backed by litigation funders Therium Capital, involves over 500 former subpostmasters and mistresses who are claiming that the Post Office, following the implementation of a new IT system called ‘Horizon’, incorrectly blamed them for apparent shortfalls in branch accounts.

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Three senior managers from Tokyo Electric Power Company (TEPCO), the operators of the Fukushima power plant involved in 2011’s nuclear disaster, have been acquitted of professional negligence charges following a high-profile trial in Japan.

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In a decision that could prove to be the final nail in the coffin for much criticised Transport Secretary Chris Grayling, the UK Government must pay £33m to Eurotunnel following the botched award of ferry contracts should there be a ‘no-deal’ Brexit.

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Having de-listed from the Australian Stock Exchange and joined AIM last month, Australian litigation funder Litigation Capital Management Limited (LCM) is a new name in the UK’s burgeoning third party litigation funding market.

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