Balance Legal Capital backs liquidator’s claim against Grant Thornton

Balance Legal Capital is backing a claim against Grant Thornton in relation to its role as auditor of collapsed UK bakery chain Patisserie Valerie.

The group went into administration in 2019 after a multi-million pound fraud was discovered, which subsequently led to the group being unable to renew its banking facilities and unable to meet its liabilities as they came due.

An investigation led liquidators from FRP Advisory to conclude that Grant Thornton was negligent in the preparation of the group’s financial statements between 2014 and 2017. As a result, a £200 million claim was issued against the auditor.

Balance is funding the majority of the costs in relation to the claim. The liquidator and its solicitors have agreed to make 25% of their time costs contingent on a successful outcome of the case.

Keep Reading

In the News

Toyota could pay more than $2 billion to customers in class action over faulty DPFs

Toyota could end up paying more than $2 billion to customers as part of an Australian class action that challenged the auto giant over faulty diesel particulate filters in some of its top-selling cars. In a Federal Court judgement handed down last week, Justice Michael Lee found Toyota customers purchased vehicles with defects and as a result, the value of their cars was reduced by 17.5 per cent on the average retail price, or more than $7,000 per car. Balance Legal Capital is funding the claim.

Funder News


London-based Balance Legal Capital LLP has raised a further GBP 130M from 8 institutional investors in the first close for a new UK fund, bringing Balance’s total AUM to over GBP 250M. Balance is targeting Q2 2022 for a second and final close. Balance Legal Capital LLP was advised on the establishment of its new fund by Herbert Smith Freehills LLP, London.

In the News

Litigation funders come together to launch campaign to save class actions in Australia

Omni Bridgeway, Litigation Lending, ICP, CASL, Balance Legal Capital and Vannin Capital are all funders who have come together to launch Save Class Actions, a new campaign in Australia working against government intervention into people’s right to fund a class action. New laws proposed by the Morrison Government would have people’s legal funding in a class action capped at 30% of their final compensation.

Before You Go

Never miss a thing in the litigation finance market.