PGMBM announces £100m funding partnership with North Wall Capital
International law firm PGMBM has announced a new £100 million funding partnership with North Wall Capital, bringing the total size of the partnership to £150 million.
“We are very pleased to announce the continuation of our partnership with North Wall,” said Harris Pogust, PGMBM Chairman.
“Our goal is to defend the rights of those who have been wronged by some of the world’s largest companies. Since our original partnership agreement, PGMBM has continued to go from strength to strength. We now have over 500 brilliant and passionate employees and more than 1,000,000 clients spanning across several countries.
“This latest funding will help us as we continue to grow our claim book and seek to obtain justice for our deserving clients. We’ve been impressed with North Wall’s ability to grow with us and to continue to support our ambitions.”
PGMBM Managing Partner and CEO Thomas Goodhead said:
“With this funding, we have a fantastic future ahead of us. In the past 12 months, we have successfully concluded group litigations against British Airways, Volkswagen, and, just last week, we secured an extraordinary victory against the largest mining company in the world, BHP.
With this support, we are looking forward to bringing home more cases in the near future. I am so proud of all the talented people we have on board and the brilliant work they do every day.
I can confidently say that there is no law firm in the world currently doing as ground-breaking and cutting-edge work as PGMBM. We are only just getting started.”
According to Bloomberg, the financing agreement allows PGMBM to only use the money for certain cases if they meet pre-agreed rules on what constitutes an ESG suit.
Law firm Brown Rudnick advised North Wall on the funding partnership.
Elena Rey, Partner at Brown Rudnick who led the deal team said: “This deal is thought to be the largest investment in a UK claimant law firm to date, strengthening Brown Rudnick’s leadership as the go-to advisor for litigation funding deals. This was a complex structure, which included a framework for the type of cases that this investment can be used to fund. We are delighted to have advised North Wall on this significant component of their ESG strategy.”