Clyde & Co secures victory for top barrister in tax scheme claim by ex-footballers and law firm partners

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.

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In the News

Reed Smith advises Aristata Capital on formation of Soros-backed impact litigation fund

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.

In the News

UK litigation funders’ war chests grow as class action interest mounts

UK-based litigation funders have amassed record war chests to finance the growing interest in class action law suits, according to a new study by RPC. Litigation funders’ assets jumped 11% last year to hit £2.2bn, almost double the £1.3bn that had been built up in 2017/18 and a more than ten-fold increase over the past decade. RPC’s analysis is based on regulatory data submitted by 15 of the largest UK litigation funders. Raymond van Hulst, EMEA executive director of Omni Bridgeway notes, however, that while low interest rates and excess liquidity had previously driven growth, a combination of rising inflation and higher interest rates means only the most successful funds will likely be attractive going forward and funders with low success rates will struggle.

Funder News

A law firm launch like no other – does Pallas Partners’ slick London premiere herald a blockbuster?

Natasha Harrison, who previously spearheaded the launch and growth of Boies Schiller Flexner’s London office, has launched a new breakaway litigation practice, comprised of 27 former Boies Schiller staff in total, including five partners. Pallas Partners will focus on commercial disputes, principally litigation, arbitration and investigations and plans to work closely with litigation funders. The firm will work with clients to devise pricing structures that are most suitable to them, from conventional mandates to damages-based agreements. It will employ a pricing analyst to help devise these, while also building up a portfolio-based approach when working with litigation funders.

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