Funder fails in claim to recover losses from firm’s indemnity insurer

Doorway Capital, the funder of collapsed London firm Seth Lovis & Co (SL), has failed in an attempt to recover the £1.6m it is owed from the practice’s professional indemnity insurer, with Mr. Justice Butcher ruling that the debt was not covered by the insurance policy. SL went into administration in March 2019 after it ran out of working capital, owing Doorway £1.6m, VFS Funding £3.2m and RBS £3m. Last year, the Solicitors Disciplinary Tribunal struck off the eponymous Seth Lovis for taking money from two different litigation funders for the same cases – against the terms of the funding agreements – in an attempt to keep his firm operating “at all costs”.

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Litica achieve £750m milestone

After the event (ATE) insurance provider Litica has announced recently passing the significant milestone of insuring £750million of exposure across its book of litigation-based insurance. This announcement comes shortly after the news that Litica has exclusively provided the capacity for a new fund launched by Omni Bridgeway.

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