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Third-Party Funding

Crystallex sues New York bank over Venezuela funds

Crystallex sues New York bank over Venezuela funds

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

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

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

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

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

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

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

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.

Singapore’s seismic shift on funding

Singapore’s seismic shift on funding

07 June 2017

Speakers at GAR Live Singapore today reflected on a year that saw a “seismic shift” in the country’s attitude to third-party funding – which went from a mere possibility 12 months ago to a reality embedded in statute.

Irish Supreme Court maintains third-party funding ban

Irish Supreme Court maintains third-party funding ban

24 May 2017

Third-party funding remains illegal in Ireland following a ruling yesterday from the country’s highest court.