Parties in Burford-Funded Argentina Claim Remain Far Apart on Payout Amount

Eco Buildings Group said it has secured full litigation funding from Atticus Litigation Financing for its €195 million arbitration before the International Court of Arbitration arising out of alleged losses tied to actions by government agencies in Kosovo. In the same disclosure, the company confirmed that BSA Law has been retained on a conditional fee arrangement and noted that tribunal nominations are underway.
The announcement identifies Atticus as adviser-backed by industry veteran Nick Rowles-Davies and indicates the fund is scheduled to commence operations in October 2025.
The interim-results RNS, dated September 30, 2025, upgrades the company’s July communication—which described an “offer of full litigation funding”—to a confirmation that funding is now in place, while also updating expected fund timing. Together with the CFA, the package points to a blended financing structure designed to carry the matter through to award.
For funders and counterparties, the key near-term questions are procedural: how quickly the tribunal is fully constituted; whether early case-management orders shed light on timetable, bifurcation, or disclosure; and the degree to which funding terms (to the extent disclosed) signal stamina through potential post-award phases.
From Eco Buildings’ perspective, securing third-party capital at this stage helps ring-fence legal spend and adverse-costs exposure during the most resource-intensive portions of the case. For Atticus, the mandate offers an inaugural high-profile deployment in commercial arbitration, with advisory pedigree that will be familiar to market participants.
Litigation Capital Management (LCM) said the High Court in London has delivered judgment against its funded party in a commercial claim, marking a setback for the ASX-listed funder. The investment was co-funded with £9.9m from LCM’s balance sheet and £6.1m from Fund I, and the company reiterated that adverse-costs exposure is backed by after-the-event (ATE) insurance. LCM added that it will confer with counsel on next steps, a process that typically encompasses prospects of appeal, costs issues, or settlement positioning.
In the regulatory notice, LCM set out the key economics of the position and clarified the presence of ATE cover—detail that offers unusual transparency around downside risk management. The co-funding split between the corporate balance sheet and the pooled vehicle means any financial impact is dispersed rather than concentrated in a single pocket of capital.
While ATE insurance is not a profit buffer, it is intended to shoulder the counterparty costs risk that can materialize after an adverse outcome, and it can meaningfully limit cash outflow volatility as the matter moves through post-judgment phases.
The disclosure underscores the familiar dynamics of portfolio funding—wins and losses arrive unevenly, but disciplined structuring (co-funding, ATE, and aligned counsel) is designed to keep drawdowns contained. LFJ will track any developments around appeal decisions, cost orders, or portfolio commentary tied to this case as LCM executes its review with counsel.