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A settlement has been reached in a claim funded by an unnamed "well-known and sophisticated litigation funder" on behalf of a group of 123 wealthy individuals, including former England footballer Wayne Rooney, against a senior tax barrister relating to a film finance tax scheme. The terms of the settlement include a dismissal of all claims without any payment to the claimants, and an almost £1 million payment to the barrister in respect of his costs.
Reed Smith has advised London-based Aristata Capital on the first closing of its debut impact litigation fund that is designed to improve access to justice and finance claims across a range of sustainability issues. The Aristata Impact Litigation Fund secured almost £40m of investor commitments, including from Capricorn Investment Group’s Sustainable Investors Fund and the Soros Economic Development Fund.
UK-based litigation funders have amassed record war chests to finance the growing interest in class action law suits, according to a new study by RPC. Litigation funders' assets jumped 11% last year to hit £2.2bn, almost double the £1.3bn that had been built up in 2017/18 and a more than ten-fold increase over the past decade. RPC's analysis is based on regulatory data submitted by 15 of the largest UK litigation funders. Raymond van Hulst, EMEA executive director of Omni Bridgeway notes, however, that while low interest rates and excess liquidity had previously driven growth, a combination of rising inflation and higher interest rates means only the most successful funds will likely be attractive going forward and funders with low success rates will struggle.
Natasha Harrison, who previously spearheaded the launch and growth of Boies Schiller Flexner’s London office, has launched a new breakaway litigation practice, comprised of 27 former Boies Schiller staff in total, including five partners. Pallas Partners will focus on commercial disputes, principally litigation, arbitration and investigations and plans to work closely with litigation funders. The firm will work with clients to devise pricing structures that are most suitable to them, from conventional mandates to damages-based agreements. It will employ a pricing analyst to help devise these, while also building up a portfolio-based approach when working with litigation funders.
Claimant law firms and litigation funders have hit back at claims by CMS that they are helping to fuel a ‘remarkable’ rise in the number of European class actions, with Leslie Perrin of Calunius Capital arguing that "the assertion by CMS to their clients that class action risk is, increasingly, a board-level issue must be a good thing for business and society as it ensures greater accountability and adherence to the rule of law."
The former owners of litigation insurance broker TheJudge Group have launched a new litigation finance fund with the Thomas Miller Group following the latter’s acquisition of the broker last year. The new fund – Erso Capital – will have access to more than $1bn of capital through its discretionary funds, single managed accounts and co-investment funds. The fund will be led by founders and former TheJudge owners Matthew Amey, James Blick and James Delaney.

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