Convicted Russian fraudster Alexander Tugushev has obtained a settlement from one defendant in relation to a £350 million claim brought by Tugeshev against his former business partners. Funder 17Arm has already provided £7.8 million to cover the costs of the London case, which will now largely focus on another one of the former partners, Vitaly Orlov. More from BusinessMatters.
Lawyers and litigation funders have hit back at EU plans to regulate the third-party litigation financing industry – including capping funders’ fees at a maximum of 40% of any winnings, and requiring funders to cover defendants’ costs, including any adverse awards – by claiming that the new rules could limit access to justice.
Graham Paul of EU Reporter looks at the practice of former government officials using their networks and experience to cash in on lucrative business deals and questions why a litigation funder would add a costly former government official to its payroll if not because of the doors they can open.
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