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Litigation Funders Expect More Class Actions as Australia’s Government Relaxes Rules

Plans by Australia’s recently elected Labor government to reinstate a financial services licensing exemption for litigation funders could lead to an upswing in class action funding. Andrew Saker, chief executive of litigation funder Omni Bridgeway, one of the few funders to have an Australian Financial Services Licence, said the government’s proposed changes will create a more conducive environment for litigation funders to work in the class action environment.

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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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Quinn Emanuel Is Willing To Take On Fee Risk But Hourly Billing Still Dominates

John Quinn of Quinn Emanuel tells Christopher Bogart of Burford Capital that he doesn’t foresee U.S. law firms firms transforming into more conventional businesses any time soon, noting that while ownership and sharing of equity in law firms is is coming, like everything else in the legal profession, it’s going to take a long time.

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