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July 24, 2019

UK Becoming a “Preferred Jurisdiction” For Securities Litigation

Two Dechert law firm partners wrote in The Times of London that the United Kingdom is quickly becoming a “preferred jurisdiction” for third party funding-fueled securities litigation.

David Kistenbroker and Joni Jacobson said third party litigation funding is “paving the way for large collective investor actions and fueling the globalisation of securities litigation,” and that a “lack of proper restrictions on how third parties are allowed to operate opens the practice to abuse.” They pointed to the several new multi-million dollar funds that have been announced by major funders as examples of the industry’s growth, as well as rulings from Australia on “common fund” doctrines that will “no doubt lead to even more growth in litigation funding.”

The partners call on the UK and European Union to enact reforms and safeguards to protect against the potential for abuse.

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