The hunt for redress: mortgage prisoners and potential implications for financial institutions and their insurers

Stuart Maleno and Dakota Glasgow-Simmonds of Clyde & Co comment on a group action currently being spearheaded in the UK by law firm Harcus Parker on behalf of over 200,000 borrowers who allege that the defendant lenders failed to treat them fairly, and anticipate further similar claims to be brought in the near future given the quantum of potential damages and the fact that some litigation funders are reportedly already alert to this “mortgage prisoner” issue. Read more.

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New Fundings

Augusta backs new multi-million pound group claim

Augusta Ventures is backing a new group litigation case that has been brought against Link Fund Solutions, administrators of Neil Woodford’s collapsed equity income fund, amidst claims that they failed in their duty to protect investors. At least £18 million worth of lost investment in the Woodford Fund, on behalf of 1,500 people, is being claimed by Harcus Parker, a specialist commercial litigation firm, with proceedings currently being held in the High Court.

New Fundings

Bench Walk Advisors backs class-action lawsuit against Visa and Mastercard

London-based Bench Walk Advisors is backing a class action lawsuit to be launched imminently against Visa and Mastercard for allegedly unlawfully overcharging businesses for accepting credit and debit card payments on corporate cards and on consumer cards used by overseas visitors. Harcus Parker, a UK commercial litigation law firm, will bring the claim at the Competition Appeal Tribunal (CAT), the UK’s specialist judicial body for hearing competition cases. The CAT is expected to hear the first round of the case in 2022, when it will decide whether the case can be certified to go forward to trial.

Insights

First successful application for contingency fees made in Australian shareholder class action

Ronan Guyomarc’h, Janette McLennan and Christopher Smith of Clyde & Co analyse the first successful application for contingency fees made in an Australian shareholder class action after the Supreme Court of Victoria approved an application for a group costs order (GCO). The team predicts that there will be a rise of greater competition between law firms prepared to act on a contingency fee basis on the one hand and litigation funders on the other. They expect the decision to add to the popularity of the Supreme Court of Victoria as a venue for class actions and give rise to ‘forum shopping’ between that Court and the Federal Court.

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