India is currently one of the world’s top five economies. That’s good news. But like most top economies, Covid is causing disruption and discord. The pandemic may also lead to a flurry of new litigation as it has in much of the developed world. Will India be joining the likes of Germany, Australia, UK, Singapore, and others in their acceptance of litigation funding?
A recent announcement from Anderson Mori & Tomotsune indicates the formation of a “foreign law joint enterprise.” In essence, the firm is taking on partners who are registered lawyers from the US, UK, and Mainland China. All are fluent in Japanese.
Massive new oversight is needed to reign in the litigation funding industry—that’s the conclusion according to a report from the parliamentary joint committee on corporations and financial services. An array of recommendations has been suggested, though it did not include Frydenburg’s most severe requirements.
A recent panel, the Global Legal Groups Class Action Symposium, looked at US and EU collective litigation, examining trends. Of particular interest are new global class action laws and how inter-jurisdictional issues will be handled in the future.
Nick Rowles-Davies doesn’t mind being called an “ambulance chaser.” Maybe that’s because after chasing down an ambulance, his Sydney-based Litigation Finance firm, LCM, helps the injured parties seek justice. That’s the nature of litigation funding, and it’s working for a lot of people.
An impressive $57 million settlement was distributed among members of the Williamtown Contamination Class Action earlier this week. This comes as part of a settlement from February of last year, in a case involving PFAS contamination of homes, farms, and other businesses.
Recently, two portfolio managers at Burford Capital shared their thoughts on 2020’s 4th quarter, the continued impact of COVID, collections, and challenges in cash management. Nicholas Cooper and Patrick Wackerly explain year-end financing and more.
There’s an economic crisis afoot, which means managing costs and workflow is more vital than ever. Instead of telling in-house legal teams to ‘do more with less’, savvy businesses are investing in their legal departments. This allows them to better manage workflow, reduce spending, and optimize the company’s bottom line.
Week two of the IP Dealmaker’s Forum included a variety of panels and events revolving around three main points of discussion. These included diligence, licensing, and venue. The forum also expounded on the importance of litigation funding in an array of IP matters.
This past Monday, Cayman Islands Parliament passed the Private Funding of Legal Services Bill 2020. The bill provides a legal framework for conditional legal fees akin to what happens in the United Kingdom, as well as US-style contingency fees and litigation funding.
An ILO (Initial Litigation Offering) was recently launched on the Avalanche blockchain. This is, in essence, a token that provides investors with a percentage of payouts from various funded lawsuits. The December 14th announcement detailed the perks of litigation funding as an investment.
The husband of reality TV star Erika Jayne is being held in civil contempt along with his law firm. A federal judge in a Chicago court made the decision after Thomas Girardi and the Girardi Keese law firm failed to identify the whereabouts of more than $2 million in payments for survivors and family of the Lion Air Flight 610 plane crash.
Policyholders with Southern Response got a rare bit of good news as their class action against the insurer was launched. New Zealand’s top litigation funder, LPF, will provide financial support for the action. Those homeowners who were insured by Southern Response and made a claim after their home was damaged in the earthquake are eligible for inclusion—if their settlement was lower than it should have been.
Litigation Finance received a holiday gift in the form of a new UK Supreme Court decision allowing a GBP 14 billion case to proceed against credit giant Mastercard. The claim, which could involve over 46 million claimants, alleges that the credit card group charged excessively high fees and overcharged customers regularly.
Indiana Resources, an ASX-listed gold mining company in Australia, is proceeding with its case against the Government of Tanzania. The case involves the alleged illegal expropriation of a nickel mining project. The action is led by two incorporated UK companies: Ntaka Nickel Holdings, and Nachingwea UK.
The Third Annual Ethics Summit from Frankfurt Kurnit was held last month. The litigation funding panel covered a host of ethical and legal points of interest. These include coverage of the back-and-forth between the industry and the NYC Bar Association, and the ever-evolving rules of professional ethics.
The first day of the Global Class Actions Symposium brought with it new considerations for claims filed in the US and EU. In the United States, champerty is still an issue, as nearly half of all states do not allow the practice of Litigation Finance. Some have even said that regulatory trends are moving in two directions at once—with some seeking to restrict or heavily regulate the use of litigation funding, and others laying the groundwork for its mainstream acceptance.
Eni, the Italian energy company, was recently given court approval to subpoena companies accused of taking part in the Nigeria OPL 245 scandal. This is expected to include asset recovery companies as well as litigation funders. Previously, Eni suggested that the government had taken action under pressure from third parties who are hoping to profit illegally.
Scottsdale, Arizona’s leading litigation finance and consulting firm has established a scholarship in support of gifted students. The scholarship will go to exceptional students attending Sandra Day O’Connor College of Law at Arizona State University.
In an insolvency situation, a company and its legal department will have to structure an affirmative recovery program. After that comes building a framework to identify claims they’ll pursue. In this process, understanding potential claims and being aware that an affirmative recovery program is underway are both critical. That’s why keeping everyone in the loop is essential.
Infighting among members of the Akhmedov family continues, as divorcee Tatiana Akhmedova continues to accuse her son of hiding assets. Temur Akhmedov, London oil trader and son of Farkhad Akhmedov, denies that he hid money from his mother.
Two insurers have been accused of wrongdoing by Blackmore Bonds after refusing to pay out to bondholders. Bondholders are guaranteed by law to receive shortfalls if the company becomes insolvent. They have stated the likelihood of legal proceedings in order to force payment.
