PGMBM enters funding partnership with North Wall Capital

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Axiom fund set up to fill legal aid ‘black hole’, court hears

A solicitor accused of dishonestly funnelling nearly £20m of investors’ money from a legal financing fund into his own pocket has told jurors the fund was set up to fill ‘the big black hole in the market’ after access to legal aid was reduced. Timothy Schools is said to have received ‘just over £19.5m’ from the Cayman Islands-registered Axiom Legal Financing Fund before it collapsed in 2012. He allegedly used some of the money to pay for an estate in Cumbria, a personal trainer and football season tickets.

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Exclusive: Solicitors probed over client loans to fund divorce cases

Solicitors are coming under the spotlight amid growing concern about how vulnerable clients were sold loans to fund family litigation. More than a dozen people have claimed to the Gazette they felt compelled to take out the loans with Novitas, now a subsidiary of merchant banking group Close Brothers, to fund proceedings in the last 10 years. They borrowed from £20,000 to £350,000 at an annual interest rate set between 18% and 30%. Both financial and legal regulators are understood to be investigating allegations – so far unfounded – of misconduct.

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Quartet advise as Volkswagen Group agrees £193 Dieselgate UK Settlement

A £193M settlement has been reached between Volkswagen and around 91,000 claimants in a U.K. group action over the carmaker’s emissions scandal. The claim, which should now result in each car owner receiving around £2,100, was backed by litigation funders Therium and North Wall Capital. Therium, the largest backers, funded claimants represented by Slater & Gordon, whilst North Wall financed PGMBM claimants. Leigh Day did not have any litigation funding, instead working on a conditional fee agreement.

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