A settlement has been reached in a claim funded by an unnamed “well-known and sophisticated litigation funder” on behalf of a group of 123 wealthy individuals, including former England footballer Wayne Rooney, against a senior tax barrister relating to a film finance tax scheme. The terms of the settlement include a dismissal of all claims without any payment to the claimants, and an almost £1 million payment to the barrister in respect of his costs. Read more.
In a finding of interest to litigation funders, High Court Justice Justice Robin Knowles ruled that claims under Civil Procedure Rule 19.6 could see mechanisms put in place “to allow reasonable costs of the recovery achieved to be paid before disbursement to the members of the class”.
Innsworth Capital, which is backing the long-running £17bn consumer claim against MasterCard over the alleged over-charging of credit card fees to the tune of £60.1m, is funding an unprecedented £600k print and digital advertising campaign to promote the claim.
Reed Smith has advised London-based Aristata Capital on the first closing of its debut impact litigation fund that is designed to improve access to justice and finance claims across a range of sustainability issues. The Aristata Impact Litigation Fund secured almost £40m of investor commitments, including from Capricorn Investment Group’s Sustainable Investors Fund and the Soros Economic Development Fund.
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