Security for costs is still a contentious issue in the Litigation Finance community. An English Court of Appeal ruling was clear in its message that third-party litigation funders should be ready to provide evidence of their ability to cover an adverse costs order.
A report released by Burford Capital this week reveals that the funder has had its best year ever for recoveries. At the same time, profits shrank from the previous year. Burford suggests that the pandemic didn’t have the detrimental impact on business that was originally suspected.
Compared to the rest of the continent, South African laws regarding third party litigation funding are advanced. Compared to the rest of the developed world, however, the country is lagging behind. Legislation is minimal, and court decisions are decided on the basis of precedent rather than law. Could that be changing?
In this episode, Elena Rey of Brown Rudnick discusses her effort to introduce model documentation to the litigation funding industry. Elena explains the motivations behind model documentation, what the specific benefits are, how it will impact the industry going forward, and she elaborates on Brown Rudnick’s formation of the Litigation Funding Working Group, which brings together litigation funders, insurers, legal experts and others to help formulate model documentation for use in the UK, EU and elsewhere.
Claims of direct losses and loss of opportunity are some of the accusations being levied regarding the collapse of the Woodford Equity Income Fund. The claim, led by RGL Management group, is against Link Fund Solutions as well as Hargreaves Lansdown Asset Management.
At last, at least 15,000 seaweed farmers in Indonesia will be compensated by the oil company responsible for one of Australia’s largest oil spills. West Timor farmers were devastated by the spill, which covered more than 240 kilometers of seaweed crops nearly 12 years ago. Harbour provided third-party funding for the action.
A CrowdJustice appeal has been launched to cover legal fees, as homeowner John Gaskell seeks justice for a home beset by problems. While Gaskill points to issues involving heating and insulation, plumbing, and disability access compliance, the developer describes these issues as ‘cosmetic.’
