In the UK, litigation insurance broker ILF Limited and alternative assets adviser IGS Group announced yesterday a joint venture to raise funds to invest in corporate litigation cases. Reuters reports that the joint venture called Independent Litigation Funding LLP will aim to raise up to eight new funds this year, each of around 20 million pounds ($29 million), to finance mid-sized corporate litigation cases brought before UK courts.
The launch is intended to meet the rising amount of corporate litigation in response to huge investor losses, corporate failures and allegations of fraud. “Significant investors’ losses in most securities, coupled with the collapse of many of the global investment banks that structured and sold these securities, has given rise to an environment where proving the ultimate ownership of underlying loss-making or defunct securities has become imperative,” the firms said in a statement.
[…] to $100m. In return, it will demand a share in any eventual award or settlement, FT reports. As discussed here previously, commercial litigation insurance broker ILF and hedge fund consultancy IGS Group recently said […]