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Is the party over for litigation funders?

Third-party investors should be wary of potential ‘legal sink holes’ underneath big buck cases, warn Christopher Coffin and Lesley Timms

10 November 2014

The Commercial Court’s judgment in Excalibur Ventures v Keystone et al is likely to change the way third-party litigation funders structure and monitor their business activities.

The judgment comes at the end of an epic US$1.6bn claim
by Excalibur Ventures LLC against the US oil company, Texas Keystone Inc.

In October 2013 the judge dismissed all of Excalibur’s claims and ordered it to pay the defendants’ costs on the indemnity basis. One of the reasons given for this order was the way in which Excalibur and its solicitors, Clifford Chance, had conducted the case.

Shell of a claimant

Excalibur funded its claim through third-party funders who also provided the £17.5m security for costs ordered by the court. Psari Holdings Limited, repr...

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