Lawyers gearing up for ‘wave of litigation’ due to crypto crash: Furious Brits expected to claim losses back

The collapse in the value of crypto is likely to lead to a raft of claims from UK investors who believe they have lost considerable sums of money after being mis-sold cryptocurrencies and, according to Dan Wyatt of RPC, litigation funders are becoming increasingly confident that they can get crypto class action cases up and running and are keen to establish their reputation in this area.

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UK litigation funders’ war chests grow as class action interest mounts

UK-based litigation funders have amassed record war chests to finance the growing interest in class action law suits, according to a new study by RPC. Litigation funders’ assets jumped 11% last year to hit £2.2bn, almost double the £1.3bn that had been built up in 2017/18 and a more than ten-fold increase over the past decade. RPC’s analysis is based on regulatory data submitted by 15 of the largest UK litigation funders. Raymond van Hulst, EMEA executive director of Omni Bridgeway notes, however, that while low interest rates and excess liquidity had previously driven growth, a combination of rising inflation and higher interest rates means only the most successful funds will likely be attractive going forward and funders with low success rates will struggle.

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Tory backbencher calls on government to close ‘loopholes’ letting London firms work for the Kremlin

Tory backbencher Kevin Hollinrake has called on the government to close the “loopholes” that have allowed UK professional services firms to continue carrying out bankruptcy proceedings on behalf of the Russian state. The Conservative party MP accused accountancy giant Grant Thornton, litigation funder Harbour, and London law firm CMS of undermining the UK’s efforts to “restrict the Kremlin’s access to funds,” by carrying out bankruptcy proceedings against Russian oligarch Alexey Motylev. A spokesperson for Harbour noted that the litigation funder had not been involved in the case since June 2021.

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