Manolete has succeeded in defending an application for summary judgment brought by a law firm it is suing for wrongly releasing £2m held in escrow among other alleged errors.
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.
The “explosive growth” of litigation funding is behind an increase in class actions across Europe over the past two years, a report by the law firm CMS has argued. Kenny Henderson of CMS warns though that “as litigation funding expands, and in particular into class actions where the class members are often private individuals without independent legal advice, we are expecting increasing calls for formal statutory regulation.”