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Third-Party Funding

Kazakhstan creditors can’t pull out of fraud trial, rules judge

Kazakhstan creditors can’t pull out of fraud trial, rules judge

11 May 2018

The High Court in London has ruled that allegations that a US$520 million Stockholm Chamber of Commerce award against Kazakhstan was obtained through fraud must proceed to trial despite the claimants’ decision to abandon enforcement proceedings in England and Wales.

ICCA-Queen Mary task force releases funding report

ICCA-Queen Mary task force releases funding report

17 April 2018

A joint task force of ICCA and the School of International Arbitration at Queen Mary University of London has unveiled the final draft of its long-awaited report on third-party funding, on the second day of the ICCA Congress in Sydney.

More funding for Kyrgyzstan claim ahead of hearing

More funding for Kyrgyzstan claim ahead of hearing

03 April 2018

Canada’s Stans Energy says it has secured additional third-party funding to continue with a US$210 million UNCITRAL claim against Kyrgyzstan concerning the expropriation of its mining rights, as the case goes to a merits hearing next week.

Burford sells interest in Argentina award

Burford sells interest in Argentina award

13 March 2018

Burford Capital says it has made a gain of US$94 million by selling its interest in the proceeds of an ICSID award against Argentina – withdrawing from a dispute where its role as third-party funder led the state to complain of fraud.

Cayman Islands court says yes to third-party funding

Cayman Islands court says yes to third-party funding

23 January 2018

A court has ruled that third-party funding is lawful in the Cayman Islands in a decision arising from an ICDR award enforcement action that brings the British overseas territory in line with other arbitral hubs that have recently confirmed the legality of funding agreements.

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.