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Highlights from IMN’s 3rd Annual International Litigation Finance Forum

By Harry Moran |

Earlier this week, Legal Funding Journal attended IMN’s 3rd Annual International Litigation Finance Forum in London, which brought together senior executives and thought leaders from across the legal sector to discuss the industry’s most pressing issues and developments. The one-day conference featured a wide array of discussions covering everything from the broader state of the funding market and external attitudes towards it, to nuances around the evolving relationships between funders, insurers, law firms and claimants.

An overarching point of discussion across the day was whether the market is still growing and if it is still heading in a broadly positive direction, or if there are warning signs on the horizon such as potential regulatory expansion. 

Rose Ioannou, managing director at Fortress Investment Group, made the important point of defining what is meant by ‘growth’, noting that in terms of the number of market participants and wider understanding of litigation funding there is certainly growth, whilst she also cautioned that it was less clear if there would still be continued growth in the volume of available capital. Across these categories, Ioannou emphasised that the most exciting area of growth is in the broader acceptance of funding in the dispute resolution community and that despite the industry’s “naysayers”, there was an increased “sophistication and understanding” of funding participants.

Looking at the near-future for the European funding market, an audience question prompted a discussion about whether we would continue to see gradual growth across the continent or if there was an explosion of activity around the corner. Iain McKenny, founding director of Profile Investment, offered the boldest prediction and suggested that whilst European funding has been “slow and steady for a long time”, renewed activity in individual jurisdictions could indicate that “we may be approaching a tipping point”. Other speakers were more hesitant in predicting a major increase in funding activity across the region, with Paul de Servigny from IVO Capital Partners explaining that it will continue to vary between European countries, with the Netherlands being an example of a jurisdiction where there has been a tangible market boom.

Outside of the European mainland, the issues facing the UK funding market were another hot topic, with speakers reflecting on how the industry has adapted to living in a post-PACCAR world and speculating on how the new government will approach litigation funding. 

Woodsford’s Steven Friel acknowledged that whilst it was disappointing that the election and change in government had resulted in the Litigation Funding Agreements bill being forced down the agenda, it is encouraging that Kier Starmer’s legal background means that the new Prime Minister “intrinsically understands” the issues at play. When asked to speculate on whether we would see legislation to solve PACCAR be introduced in 2025, the panellists were split down the middle, with half agreeing that it would follow the CJC review next year and the other speakers suggesting it would likely get delayed until 2026.

On the subject of future regulations, the recommendations outlined in the recent European Law Institute report were discussed, with the issue of disclosure as one of the key topics. Lerika Le Grange, partner at Taylor Wessing, highlighted that whilst there was a general openness to some level of disclosure, an attempt to mandate the disclosure of the source of investment funds could create a sense of nervousness among investors.

The dynamics of the relationships between funders, insurers and law firms was another frequently discussed area at the conference, with one of the primary questions being: are funders and insurers increasingly competing against one another? Most speakers at the event shied away from describing the two business models as being in direct competition, with Verity Jackson-Grant from Simmons & Simmons describing them aptly as businesses that serve different purposes whilst still supporting and facilitating cases between them. In a similar vein of thought, Kerberos Capital Management’s CEO Joseph Siprut acknowledged that whilst there can be “some tension” between funders and insurers, he highlighted that from a funder’s perspective “the ability to layer in insurance is value additive”.

Overall, IMN’s International Litigation Finance Forum once again succeeded in delivering a full day of informative and engaging discussions, whilst providing the opportunity for key stakeholders to network and exchange ideas as they continue to try and shape the best path forward for the industry.

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Harry Moran

Harry Moran

Commercial

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Burford-Backed Claimants Gain Brief Stay in YPF Turnover Dispute

By John Freund |

A Manhattan federal judge has handed Argentina a three-day reprieve in the long-running Petersen / Eton Park saga, pausing enforcement of a $16.1 billion judgment that would force the hand-over of the country’s 51 percent stake in YPF.

Reuters notes that Judge Loretta Preska pushed the turnover deadline to July 17 so Buenos Aires can seek emergency relief from the Second Circuit, while chastising the sovereign for what she called “continued delay and circumvention.” The minority shareholders—represented by Burford Capital—stand to capture as much as 73 percent of the proceeds if Argentina ultimately pays, a prospect the Milei administration says could destabilize an economy already battling 200 percent inflation and dwindling reserves.

Preska’s order reinforces New York courts’ willingness to deploy drastic remedies against recalcitrant sovereigns, signalling that litigation financiers can indeed convert paper judgments into hard assets—even politically sensitive ones like a controlling stake in a national oil champion.

For the wider industry, the decision spotlights the enforcement stage as a fertile (and risky) arena for capital deployment. Success here could spur more sovereign-related funding, but also sharpen calls for transparency around funder returns when public assets are at stake.

Fieldfisher Taps Jackson-Grant as Pricing Chief

By John Freund |

Fieldfisher has recruited litigation-funding specialist Verity Jackson-Grant to the newly created post of Head of Commercial Pricing, underscoring the firm’s intent to capitalize on sophisticated fee and finance structures in the wake of last year’s PACCAR fallout. Jackson-Grant, best known for translating third-party capital into user-friendly products for corporate clients, will sit within the firm’s European finance team and manage a multi-office pricing unit.

An update on LinkedIn confirms her appointment, noting that she will “drive and shape” Fieldfisher’s pricing strategy across the continent. The role’s blueprint calls for rolling out “creative pricing models” that enhance client profitability and embed alternative fee arrangements into disputes workflows.

Jackson-Grant brings a rare blend of funding fluency and law-firm know-how. A former director at TheJudge, she brokered litigation-finance and ATE insurance packages before moving in-house to develop alternative pricing frameworks for major UK and US practices.

Chubb & Marsh Chiefs Turn Heat on Litigation Funders

By John Freund |

The insurance industry’s long-simmering feud with third-party litigation finance boiled over on Monday.

In an article originally posted in the Wall Street Journal and covered in Insurance Business America, Chubb CEO Evan Greenberg and Marsh McLennan counterpart John Doyle deliver a joint broadside against what they dub the “litigation investment industry.” The duo argue that multi-billion-dollar capital inflows from hedge funds and foreign investors are fueling a 52% year-on-year jump in “nuclear verdicts,” pushing the average blockbuster award to US $51 million.

The duo's ire is heightened by Congress’ failure to preserve a 40.8% surtax on funder income that was stripped from President Trump’s “One Big Beautiful Bill” during reconciliation. Without tax parity, they warn, funders can pay 0 % capital-gains rates while plaintiffs shoulder income-tax burdens of up to 37%.

The executives cite data showing 135 verdicts above US $10 million in 2024 and estimate tort costs at US $529 billion—figures they link directly to opaque funding arrangements. Chubb, they reveal, is reviewing counterparties to sever any ties with litigation financiers, while Marsh has already refused to place insurance that facilitates funding.

Funders are already responding to the pair's remarks. William Marra, Director at Certum Group, wrote on LinkedIn: "Funders and their allies need to prepare for the policy debates ahead, because misguided proposals to kill funding may continue." Marra then highlighted proactive education, rapid response, success stories and coalition building as four strategies that funders should consider moving forward.