Novitas Loans, one of the biggest UK litigation funders, has announced that it has ceased lending to new customers, despite announcing assets of more than £200m just over a year ago. Novitas Loans said it will continue to focus on managing existing cases and processing drawdowns against existing loan facilities.
Rachel Rothwell, editor of Litigation Funding Magazine, describes how the entire litigation funding industry could be turned on its head by a UK Supreme Court decision that could potentially render most – if not all – litigation funding agreements unenforceable.
Law for Change, a new community interest litigation funder set up to support actions that could help change the law ‘for wider public good’, is making waves, having already backed several cases, including a High Court challenge to the government’s controversial Rwanda asylum policy.
Novitas has taken another hit, paying another £5.3m in compensation to divorce and probate clients who took out loans to fund their litigation.
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