The estate of a now-deceased South Africa-based steel trader has had a set-back in a quarter-century long legal battle with his New Zealand-based business partner. Despite arguments that it needed access to the US $35 million that was paid into court by the defendant in order to pay back a “ruinous” litigation loan and continue its legal fight, the New Zealand court declined to do so until the final liability has been determined. More from Stuff.co.nz.
Claims Funding Australia, which funded a class action lawsuit against building products manufacturer James Hardie, is on the hook for $2.1 million costs award after a group of 153 owners of leaky properties failed to prove their claim that James Hardie‘s Harditex fibre cement cladding boards were the cause of leaks and rot in their homes.
He was once the hunted debtor. Now New Zealand property developer Dave Henderson is pursuing the appointed liquidator of his collapsed Property Ventures group, arguing that the amounts paid to liquidator Robert Walker and the litigation funder that backed him “are appalling.’
A homeowner left shocked by the settlement which ended the $220 million James Hardie leaky building class action lawsuit says a law change is needed to prevent litigation funders from pulling their funding mid-trial, though Phil Newland of LPF warns that regulating contract terms, or funder conduct, risks making litigation funding more expensive or harder to get.
We’ll alert you to key situations and stories you should be aware of.
We deliver the important litigation finance news and analysis straight to your inbox each Monday morning.
The newsletter is always free.
