The Rise of Worldwide Asset Freezing Injunctions
The notion of worldwide asset freezing is coming into play as a court approves Harbour Underwriting’s cross-undertaking insurance policy, one of only a handful in the history of global litigation. Given the unusual nature of the policy, many legal scholars expect worldwide cross-undertaking insurance policies to grow in demand as the litigation finance industry becomes aware of its utility. Harbour Underwriting depicts the scenario, where shares are held by defendants in the energy sector. The claimant, who is funded by a United Kingdom litigation funder, is seeking a worldwide freezing injunction to recover awarded damages. Harbour Underwriting issued a policy to cover adverse costs that will cover claimant liability for defendant legal fees, should the claimant lose the case. Read more about Harbour’s unusual approach to issuing the insurance policy by clicking here.