The former boss of a collapsed London personal injury firm has been struck off after admitting to taking funding for the same cases from different lenders. More from the Law Gazette.
Affiniti Finance, a UK-based litigation funder backing thousands of cases, folded last year when it defaulted on its obligations to its main finance provider Fortress Capital. A recent administrator’s report shows that the company was dependent on Fortress to enable it to advance loans to consumer litigants. But the relationship broke down shortly before administrators were appointed last November and Fortress issued an acceleration notice to Affiniti demanding repayment of the entire £42.9m outstanding.
Becca Hogan of Law Gazette predicts that recent landmark ‘opt-out’ cases have helped in the law of England and Wales, and the wider legal system, to combine to create an extremely powerful way for consumers to discharge their rights. With the first three opt-out collective actions having been approved, she predicts it is likely that we will see an increase in claimants pursuing breaches of competition law on an opt-out basis.
A litigation funder is going to court to recover £1m it claims to be owed from a divorce case it helped to finance. The unnamed funder is applying to have a consent order set aside after claiming to have been ‘bypassed’ by the negotiated settlement.