Harbour backs class action against Mercedes

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Luxury Mayfair and Kensington properties to be sold in £250m fraud battle, High Court rules

£72 million seized from a Swiss bank account and a portfolio of luxury London properties can be sold off in the pursuit of £300 million stolen by the former head of an international paper company, the UK High Court has ruled. The Kazakstan-based KK Group has spent years chasing its former chief executive, Maksat Arip, after he was found to have siphoned off huge sums of money with the help of chief financial officer Shynar Dikhanbayeva. “This is a momentous milestone in successfully enforcing a very valuable judgment”, said Mark King, Senior Director of Litigation Funding at Harbour, the funder bankrolling the enforcement efforts.

Insights

One third of big firms ‘actively considering IPO’

Michael Cross of the Law Gazette reports that nearly one third of partners at firms with 50 or more lawyers are examining a stock exchange float within the next 18 months, according to research published last week. The poll, commissioned by Harbour Litigation Funding, found that 31% are ‘actively considering an initial public offering’ while 44% said an IPO was ‘under consideration’.

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Ready to roll

As capital floods into litigation funding, the sector has entered a new phase. Rather than sitting back and waiting for cases, funders often now play an integral role in the instigation of litigation – particularly collective actions. A push towards freely available, standardised documents will help hedge funds and other players enter the field, while a secondary market for funding investments is finding its feet.

Before You Go

Never miss a thing in the litigation finance market.