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Third-Party Funding

Clifford Chance partner fined over role in third-party funded lawsuit

Clifford Chance partner fined over role in third-party funded lawsuit

04 December 2017

A UK disciplinary body has fined Clifford Chance and a member of its international arbitration practice, Alex Panayides, £50,000 each over their role in a controversial litigation that left a group of third-party funders on the hook for tens of millions in legal costs.

UK court blocks funding for Turkey claim

UK court blocks funding for Turkey claim

17 November 2017

A member company of a mining and media conglomerate that was taken over by Turkish authorities after being accused of financing terrorism has been denied permission by an English court to provide funding for a planned ICSID claim.

Crystallex sues New York bank over Venezuela funds

Crystallex sues New York bank over Venezuela funds

Premium article - 15 September 2017

UPDATED: An ICSID creditor has brought a US court action to compel Bank of New York Mellon to hand over funds belonging to the Venezuelan government that are also at issue in an unrelated arbitration in Rio de Janeiro.

ICCA and Queen Mary invite feedback on funding report

ICCA and Queen Mary invite feedback on funding report

Premium article - 06 September 2017

A joint task force of the International Council for Commercial Arbitration and the School of International Arbitration at Queen Mary University of London is inviting comments on its long-awaited report on third-party funding of international arbitration.

Enforcing a funded award in an anti-funding environment

Enforcing a funded award in an anti-funding environment

Premium article - 20 August 2017

For third-party funders and those who use funding, the enforceability of their awards is a key concern. Ben Knowles, the London-based co-chair of international arbitration at Clyde & Co, and senior associate Paul Baker consider whether enforcement of an award could be challenged in a jurisdiction that does not permit funding on the public policy ground that the award creditor was funded.

Burford lands big win in airlines case

Burford lands big win in airlines case

Premium article - 24 July 2017

An ICSID tribunal has ordered Argentina to pay more than US$320 million plus interest for nationalising two airlines more than a decade ago - with the claimants' third-party funder Burford Capital set to receive around US$140 million from the award.

BIT panel orders funded claimants to prove solvency

BIT panel orders funded claimants to prove solvency

Premium article - 12 July 2017

A tribunal hearing two bilateral investment treaty cases against Venezuela has ordered the third party-funded claimants to prove they have sufficient assets to pay costs if they lose – after the state demanded that they post US$5 million in security.

Burford funds first Singapore case and hires in Hong Kong

Burford funds first Singapore case and hires in Hong Kong

Premium article - 05 July 2017

Disputes funder Burford Capital is financing its first arbitration in Singapore and has recruited from Herbert Smith Freehills in Hong Kong in the wake of recent reforms allowing third-party funding in the two jurisdictions.

Third-party funding gets all clear in Hong Kong

Third-party funding gets all clear in Hong Kong

Premium article - 14 June 2017

Hong Kong has adopted long-awaited legislation expressly allowing third-party funding of arbitration and mediation in the territory for the first time.

Italy denied security for costs in solar claim

Italy denied security for costs in solar claim

Premium article - 14 June 2017

An ICSID tribunal has refused to order a solar power investor to pay security for costs in an Energy Charter Treaty claim against Italy, ruling that the investor’s reliance on a third-party funder following its insolvency did not make the order necessary or urgent.