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.
Class actions lawsuits are going mainstream, aided by litigation funding that has shrugged off its champertous past and is flying the flag for social justice. As more mega-claims hit London courts, however, the practicalities of how group litigation is managed and paid for needs to keep up with changing attitudes – or risk undermining the model’s new-found reputation.
Therium is backing a potential £1 billion class action in the UK against major banks that were fined for rigging the foreign exchange market. Barclays, Citigroup, JP Morgan and RBS were fined more than €1 billion by the EU’s competition watchdog in 2019 after a five-year investigation revealed market rigging between 2007 and 2013. The banks now face a group claim brought by pension funds, asset managers, hedge funds and corporates from around the world who were affected by the forex cartels. The Competition Appeal Tribunal is deciding whether to issue a collective proceedings order, allowing the action to proceed to the next stage of litigation.
Litigation analytics, a tool growing in popularity and already being deployed by several litigation funders, can reveal interesting legal trends and insights; a recent study of 5,000 judgments from the past decade has revealed that junior barristers’ win rates are almost on par with QCs.