Litigation funders not required to fortify cross-undertakings in dispute over enforceability of funding agreement

The High Court has refused to order two litigation funders to provide fortification for cross-undertakings in damages given in relation to asset freezing/preservation orders they had obtained over settlement proceeds in funded litigation: Omni Bridgeway (Fund 5) Cayman Invt Ltd v Bugsby Property LLC [2023] EWHC 2755 (Comm). The decision arose in a dispute between … Read more

Commercial litigation podcast series – Episode 21: General update

In this 21st episode of our series of commercial litigation update podcasts, we look at developments relating to litigation funding since the Supreme Court’s dramatic decision in Paccar in late July, as well as brief updates on ADR, pre-action conduct and costs. We also discuss developments relating to Russian sanctioned parties, and the disqualification proceedings … Read more

Regime of fixed recoverable costs now in force for claims up to £100,000

The new rules for fixed recoverable costs (FRC) took effect from 1 October, following on from the government’s announcement as far back as September 2021 (see our blog post here). The regime applies only to claims allocated to the fast track (up to £25,000) and less complex claims between £25,000 and £100,000 which are allocated … Read more

High Court finds onus on non-resident respondent to application for security for costs to provide evidence of location, nature and value of assets

A recent High Court decision helpfully sheds light on the court’s approach to exercising its discretion as to whether to order security for costs against a claimant on grounds of their residence outside the court’s jurisdiction (and outside the states bound by the 2005 Hague Convention on Choice of Court Agreements): Ras Al Khaimah Investment … Read more

Commercial litigation podcast series – Episode 13: General update

In this 13th episode of our series of commercial litigation update podcasts, we give an update on recent cases relating to force majeure in the context of US sanctions, trial witness statements, draft judgments provided under embargo, and privilege, as well as cases and developments concerning cryptocurrencies. This episode is hosted by Anna Pertoldi, a … Read more

Cryptocurrency insufficient to satisfy test for security for costs

In granting security for costs against a claimant company owned by Dr Craig Wright (who claims to be the creator of the Bitcoin system) and his family, the High Court has refused to allow the security to be paid in Bitcoin as that would not result in protection equal to a payment into court or … Read more

High Court once again upholds award of third party funding costs in arbitration

The Commercial Court has refused a challenge to an arbitral award brought on the basis of the tribunal’s award of the costs of third party funding to the successful party, finding that it did not constitute a serious irregularity under s68 of the 1996 Arbitration Act: Tenke Fungurume Mining SA v Katanga Contracting Services SAS … Read more