CMS clashes with claimant lawyers and funders over ‘remarkable rise’ in European class actions

Claimant law firms and litigation funders have hit back at claims by CMS that they are helping to fuel a ‘remarkable’ rise in the number of European class actions, with Leslie Perrin of Calunius Capital arguing that “the assertion by CMS to their clients that class action risk is, increasingly, a board-level issue must be a good thing for business and society as it ensures greater accountability and adherence to the rule of law.” More from the Global Legal Post.

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Funder News

ILFA comments on potential reforms

Leslie Perrin, in his capacity as chairman of the International Legal Finance Association, has provided comments to UNCITRAL’s working group in relation to the draft provisions on the regulation of third-party funding in Investor-State Dispute Settlement. Among other things, ILFA notes that in preparing the proposals, the Secretariat has not meaningfully engaged with the funding market generally and has not cited data in support of the various assumptions underpinning the draft provisions.

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CMS European Class Actions Report 2021

Kenny Henderson, Leah Gardner and Dr. Zsolt Okányi of CMS present key trends they have identified from studying the collective proceedings filed in Europe over the past five years, noting that, among other things, class actions in the technology sector are increasing dramatically, with 15 times the number of claims filed in 2020 as in 2017 (i.e. growth of 1400%) and data protection claims grew 11 times (i.e. by 1000%) between 2016 and 2020.

Funder News

New funder enters market with $1 billion of capital

The former owners of litigation insurance broker TheJudge Group have launched a new litigation finance fund with the Thomas Miller Group following the latter’s acquisition of the broker last year. The new fund – Erso Capital – will have access to more than $1bn of capital through its discretionary funds, single managed accounts and co-investment funds. The fund will be led by founders and former TheJudge owners Matthew Amey, James Blick and James Delaney.

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