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Litigation Funding: Litigation Funder
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Litigation funding has recently hit the headlines, in particular through news reports that an accountancy firm is facing a £90 million negligence claim brought with the help of outside funders. In addition, the Privy Council has very recently had to consider the extent to which claimants can sell their litigation claims to others, which in theory represents an attractive model for those wishing to invest in litigation. All this reflects the growing trend towards litigation funding which litigators have been seeing for some time.
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Christian Stuerwald, the UK head of litigation funding for Allianz, said his group had no problem with reasonable regulation. "In fact, it could be beneficial if the rules are made more clear as there's still a lot of uncertainty around issues of funders being able to influence litigation," he said.
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The tobacco retailers were funded by a Litigation Funder. The Litigation Funder undertook to pay all costs in exchange for 33 1/3 % of any judgment or settlement plus costs (a not uncommon arrangement) and would play a major role in the conduct of the proceeding.
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The proceedings were instigated by a litigation funder who was prepared to underwrite the litigation in exchange for one-third of any amounts recovered, plus the benefit of any costs order. The proceedings were brought as representative proceedings (under the Supreme Court Rules 1970, Pt 8, r 13, since replaced with Uniform Civil Procedure Rules r 7.4) but persons who wished to participate had to "opt in" and agree to the funder's terms.
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[C]lass actions by their nature fit the profile of litigation funders. Although they are complicated and expensive to run, (which is why there has not been a significant number of class actions to date in Australia), if successful, these actions often result in large judgments or settlement sums resulting in the funder receiving huge returns on investment at low risk.
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Litigation Funder