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Pinsent Masons Agrees to £25M Litigation Funding Facility with Augusta

Pinsent Masons Agrees to £25M Litigation Funding Facility with Augusta

International law firm Pinsent Masons has agreed an innovative £25m litigation funding facility with the UK’s largest* litigation and disputes funder Augusta Ventures. The unique arrangement offers clients the benefit of a dedicated facility at preferred rates, including a fast-tracked due diligence process and transparent commercial terms.

Under the fair and transparent terms of the agreement, Augusta will fund the entire cost of pursuing the claim, including all lawyer and expert fees and any other costs. The arrangement is “non-recourse” meaning the claimants pay nothing if the claim fails.  Augusta only recovers its costs and fees from sums received from the Defendant or any other paying party.

Mark Roe, leading on Third Party Funding for Pinsent Masons, comments on the driver for the agreement:

“We know that the costs of pursuing a justified claim often deter our clients from obtaining justice and recovering money due to them.  Often, even if clients have funds available, they prefer to invest them in their business rather than in pursuing claims.  We wanted to address that problem.  I believe our arrangement with Augusta will provide Third Party Funding to our clients efficiently, quickly, on clear terms and at lower cost.  We’ve been able to negotiate considerably better terms than our clients would typically receive from Funders if we or they made an individual approach to the market.”

Augusta Managing Director, Louis Young, said:

“We’re delighted to be working with top international firm Pinsent Masons on funding litigation and disputes for their clients. Augusta has built a market leading team and process for enabling access to justice, and we are looking forward to helping Pinsent Masons’ clients secure the support they need to pursue meritorious claims”.

The litigation funding facility is the latest in a series of innovative offerings from the firm.

Alastair Morrison, Head of Client Relationships at Pinsent Masons says:

“Our clients are operating in industries that are experiencing profound change. We’re investing in services that help them to respond to these tectonic shifts, changing our business from an expertise-based law firm into an international professional services business with law at its core. This means that we don’t just apply lawyers to solve clients’ problems; we deploy a wider range of professional disciplines, enabled by process and technology, to collaborate with our clients and others in the legal ecosystem to help them achieve their goals. This arrangement with Augusta is another example of how we seek to respond to our clients’ challenges. “

Within the last three years Pinsent Masons has acquired diversity and inclusion consultant, Brook Graham, expanded its freelance lawyer hub, Vario, into Australia and Asia, and deployed a range of bespoke legal technology solutions built and tailored to client requirements by its 46-strong in-house R&D team.

Notes:

  • Augusta’s funding is deployed in tranches based on key procedural and settlement milestones in the case.
  • A fast-track process for reviewing claims eligible for funding is managed by a joint committee from Pinsent Masons and Augusta.
  • Funding will only be provided if Augusta and Pinsent Masons are satisfied that based on analysis at the date funding is sought the majority of any sums recovered (after payment of Augusta’s funding costs and fees and any insurance premium for potential liability for opponents costs) will go to the client.
  • TPF can be provided at any stage throughout the life of the case, not just at the beginning.
  • In the event of an unsuccessful outcome, Augusta will bear all the costs incurred and any costs payable by the claimant to a successful Defendant will be covered by After the Event (“ATE”) Insurance.
  • If the outcome is a successful resolution of a funded claim, Augusta will be repaid the funds deployed, plus a success fee based on the amount of funds deployed at date of resolution.  The level of fee is dependent on the time taken to make a recovery.
  • This framework is intended to facilitate settlement as the amount that a client repays is based solely on the tranches of funds deployed at the date of resolution and the sooner the case settles the less the success fee.
  • Pinsent Masons does not receive any commission or other payment  from Augusta as part of this arrangement

About Augusta

Augusta is the largest litigation and dispute funding institution in the UK* – with £150m of capital and a team of 70 in London our scale enables us to make decisions in market-leading timeframes and fund cases of any size.

*=by number of cases.

About Pinsent Masons

Pinsent Masons is a global 100 law firm, specialising particularly in the energy, infrastructure, financial services, real estate and advanced manufacturing and technology sectors. The firm employs over 3000 people worldwide, including around 1500 lawyers and more than 400 partners. The firm’s international footprint encompasses seven offices across Asia Pacific, two offices in the Middle East, six offices in continental Europe and one in Africa. The firm also has comprehensive coverage across each of the UK’s three legal jurisdictions.

  • Pinsent Masons LLP is a limited liability partnership registered in England & Wales (registered number: OC333653) authorised and regulated by the Solicitors Regulation Authority, and by the appropriate regulatory body in the other jurisdictions in which it operates. The word ‘partner’, used in relation to the LLP, refers to a member of the LLP or an employee or consultant of the LLP or any affiliated firm who is a lawyer with equivalent standing and qualifications. A list of the members of the LLP, and of those non-members who are designated as partners, is displayed at the LLP’s registered office: 30 Crown Place, London EC2A 4ES, United Kingdom.
  • We use ‘Pinsent Masons’ to refer to Pinsent Masons LLP and affiliated entities that practise under the name ‘Pinsent Masons’ or a name that incorporates those words. Reference to ‘Pinsent Masons’ is to Pinsent Masons LLP and/or one or more of those affiliated entities as the context requires. © Pinsent Masons LLP 2017.
  • Pinsent Masons office network extends across the major international business centres of London, Dublin, Munich, Frankfurt, Düsseldorf, Madrid, Paris, Doha, Dubai, Beijing, Shanghai, Hong Kong, Singapore, Johannesburg, Sydney Melbourne and Perth – and the key commercial centres in the UK.

Announcements

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Pogust Goodhead Appoints Gemma Anderson as Partner, Strengthening Mariana Leadership Team 

By John Freund |

Pogust Goodhead today announces the appointment of Gemma Anderson as partner, a standout addition that reflects the firm’s continued growth and investment in senior talent as the Mariana case advances through the High Court in London. 

Gemma will work on the Mariana litigation alongside Jonathan Wheeler, who leads the case for the firm. Her appointment reunites the pair after fourteen years working together at Morrison & Foerster, where they collaborated on numerous high-stakes disputes. 

Gemma is a highly experienced commercial litigator specialising in complex cross-border disputes. She joins PG from Quinn Emanuel’s London office, where she has spent the last two years as a partner focused on significant, high value commercial cases.  

Alicia Alinia, CEO at Pogust Goodhead, said: “Gemma’s appointment is a fantastic moment for Pogust Goodhead. Her arrival is a clear signal of the team and platform we are building for the future - deep expertise, strong leadership, and the capacity to run major international cases at scale. We’re delighted to welcome her as a partner”. 

Jonathan Wheeler, partner and lead for the Mariana litigation, said: “Gemma is an exceptional disputes lawyer and a natural fit for the Mariana team. We worked closely for fourteen years at Morrison & Foerster, and I’ve seen first-hand the rigour and relentless drive she brings to complex cross-border matters. Her appointment strengthens our ability to deliver for clients as we build on the milestone liability decision and move into the next phase of the case.” 

Gemma Anderson said:  “I’m thrilled to be joining Pogust Goodhead at such a pivotal moment for the Mariana litigation. This is a truly landmark case - not only for the communities affected, but for what it represents globally on access to justice and corporate accountability. I’m looking forward to working with Jonathan and the wider team to help secure a fair outcome for hundreds of thousands of victims.” 

The Mariana proceedings in England involve over 600,000 Brazilian individuals, businesses, municipalities, religious institutions and Indigenous communities affected by the 2015 Fundão dam collapse in Minas Gerais, Brazil. Following the English court’s decision on liability on 14 November 2025, the case is now in its second stage, focused on damages and the quantification of losses. 

High Court Refuses BHP Permission to Appeal Landmark Mariana Liability Judgment 

By John Freund |

Pogust Goodhead welcomes the decision of Mrs Justice O’Farrell DBE refusing BHP’s application for permission to appeal the High Court’s judgment on liability in the Mariana disaster litigation. The ruling marks a major step forward in the pursuit of justice for over 620,000 Brazilian claimants affected by the worst environmental disaster in the country’s history. 

The refusal leaves the High Court’s findings undisturbed at first instance: that BHP is liable under Brazilian law for its role in the catastrophic collapse of the Fundão dam in 2015. In a landmark ruling handed down last November, the Court found the collapse was caused by BHP’s negligence, imprudence and/or lack of skill, confirmed that all claimants are in time and stated that municipalities can pursue their claims in England. 

In today’s ruling, following the consequentials hearing held last December, the court concluded that BHP’s proposed grounds of appeal have “no real prospect of success”. 

In her judgment, Mrs Justice O’Farrell stated:  “In summary, despite the clear and careful submissions of Ms Fatima KC, leading counsel for the defendants, the appeal has no real prospect of success. There is no other compelling reason for the appeal to be heard. Although the Judgment may be of interest to other parties in other jurisdictions, it is a decision on issues of Brazilian law established as fact in this jurisdiction, together with factual and expert evidence. For the above reasons, permission to appeal is refused”. 

At the December hearing, the claimants - represented by Pogust Goodhead - argued that BHP’s application was an attempt to overturn detailed findings of fact reached after an extensive five-month trial, by recasting its disagreement with the outcome as alleged procedural flaws. The claimants submitted that appellate courts do not re-try factual findings and that BHP’s approach was, in substance, an attempt to secure a retrial. 

Today’s judgment confirmed that the liability judgment involved findings of Brazilian law as fact, based on extensive expert and factual evidence, and rejected the defendants’ arguments, who now have 28 days to apply to the Court of Appeal.  

Jonathan Wheeler, Partner at Pogust Goodhead and lead of the Mariana litigation, said:  “This is a major step forward. Today’s decision reinforces the strength and robustness of the High Court’s findings and brings hundreds of thousands of claimants a step closer to redress for the immense harm they have suffered.” 

“BHP’s application for permission to appeal shows it continues to treat this as a case to be managed, not a humanitarian and environmental disaster that demands a just outcome. Every further procedural manoeuvre brings more delay, more cost and more harm for people who have already waited more than a decade for proper compensation.” 

Mônica dos Santos, a resident of Bento Rodrigues (a district in Mariana) whose house was buried by the avalanche of tailings, commented:  "This is an important victory. Ten years have passed since the crime, and more than 80 residents of Bento Rodrigues have died without receiving their new homes. Hundreds of us have not received fair compensation for what we have been through. It is unacceptable that, after so much suffering and so many lives interrupted, the company is still trying to delay the process to escape its responsibility." 

Legal costs 

The Court confirmed that the claimants were the successful party and ordered the defendants to pay 90% of the claimants’ Stage 1 Trial costs, subject to detailed assessment, and to make a £43 million payment on account. The Court also made clear that the order relates to Stage 1 Trial costs only; broader case costs will depend on the ultimate outcome of the proceedings. 

The costs award reflects the scale and complexity of the Mariana case and the way PG has conducted this litigation for more than seven years on a no-win, no-fee basis - funding an unprecedented claimant cohort and extensive client-facing infrastructure in Brazil without charging clients. This recovery is separate from any damages award and does not reduce, replace or affect the compensation clients may ultimately receive. 

Sigma Funding Secures $35,000,000 Credit Facility, Bryant Park Capital Serves as Financial Advisor

By John Freund |

Bryant Park Capital (“BPC”) announced today that Sigma Funding has recently closed a $35 million senior credit facility with a bank lender. Sigma Funding is a rapidly growing litigation finance company focused on providing capital solutions across the legal ecosystem.

Sigma’s experienced executive team oversees a portfolio of businesses spanning insurance-linked litigation and other sectors, bringing a proven track record of successful growth and meaningful exits.

Bryant Park Capital, a leading middle-market investment bank, served as financial advisor to Sigma Funding in connection with the transaction.

“Bryant Park Capital was an indispensable advisor to Sigma and worked closely with our management team throughout the process,” said Charlit Bonilla, CEO of Sigma Funding. “BPC’s experience in the litigation finance space was critical in identifying potential banking partners and ultimately structuring our credit facility. Their extensive industry knowledge helped bring this deal to a successful close, and we are grateful for their support. We look forward to doing more business with the BPC team.”

About Sigma Funding

Founded in 2021, Sigma Funding is a leading New York–based litigation funding platform that provides pre- and post-settlement advances to plaintiffs involved in contingency lawsuits, as well as financing solutions for healthcare providers and attorneys. The company is the successor to the founders’ prior venture, Anchor Fundings, a pre-settlement litigation funder that was acquired by a competitor. 

For more information about Sigma Funding, please visit www.sigmafunding.com.

About Bryant Park Capital

Bryant Park Capital is an investment bank providing M&A and corporate finance advisory services to emerging growth and middle-market public and private companies. BPC has deep expertise across several sectors, including specialty finance and financial services. The firm has raised various forms of credit and growth equity and has advised on mergers and acquisitions for its clients. BPC professionals have completed more than 400 engagements representing an aggregate transaction value exceeding $30 billion.

For more information about Bryant Park Capital, please visit www.bryantparkcapital.com.