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‘Deal or No Deal’ star Noel Edmonds secures litigation funding for Lloyds Bank claim

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Following his withdrawal from mediation talks to settle his claim against Lloyds Banking Group, TV star and entrepreneur Noel Edmonds has secured litigation funding in his pursuit of up to £60m compensation from the banking giant.

Litigation funding is becoming increasingly commonplace as a way for claimants to bring claims and court actions against well-funded and legally literate defendants – particularly corporations and wealthy individuals. If a litigation funder feels that a claimant’s case has good prospects of success, they will agree to fund all or part of the legal fees, and often the associated After The Event (ATE) legal expenses insurance, in return for a fixed fee of percentage of the compensation once the case eventually settles.

It is thought that Edmonds, 69, has secured up to £1.5 in litigation funding through specialist funder Therium. Therium are also providing funding for a class-action lawsuit following the recent worldwide emissions scandal against car maker VW. The TV presenter’s claim can be traced back to the fraud scandal at the banking group’s HBOS Reading branch, which it is alleged was a major cause ten years ago of the failure of Edmonds’ entertainment business Unique Group. As well as the financial impact, it is understood that the claim also encompasses compensation for distress and humiliation.

Lloyds had originally denied any liability until two of its previous employees were convicted of fraud in February 2017. In total, six financiers involved – the so called ‘Britain’s Wolves of Wall Street’ – have been jailed for 47 years (combined) for their part in the loans scam, which severly impacted on up to 60 businesses.

If you are thinking about taking legal action against another individual or company but are worried about the costs involved, Advantage Litigation Services have the skills and expertise to help you find a way of funding commercial litigation without risking your personal finances or those of your business. Click here to contact us today or call 0800 160 1298 to see how we can help.

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