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November 21, 2016

UK Court Issues Landmark Ruling To Increase Exposure of Litigation Funders

The English Court of Appeal issued a landmark ruling Friday that increases the exposure of funders in U.K. cases that don’t succeed.

“The case involved a group of litigation funders, including two from the U.S., who financed a disastrous $1.6 billion case brought by a small energy venture against two U.S. oil companies,” writes The American Lawyer. As a result of the ruling, the funders “will be forced to pay the defendants’ legal costs of more than $24.7 million.”

“The Court of Appeal’s ruling should serve as a warning to third-party funders of the potential perils of financing expensive international litigation without carrying out a rigorous analysis of the claim, the party to be funded and the witnesses who will support the claim,” said Jones Day partner Stephen Pearson.

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