Litigation funders need certainty to keep Britain’s class action regime fair

cityam08-21

Litigation funding is an exceptionally risky business, which current delays and uncertainty over new rules is worsening, writes Leslie PerrinThe UK’s reputation as a leading destination for investment...

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Despite its accepted importance in providing access to justice, it is an industry that has faced uncertainty in recent years.Funders still await the implementation of key recommendations made a year ago by the Civil Justice Council around returns on investments, as well as government legislation which was promised to reverse the 2023 Supreme Court judgment known as PACCAR, which is a significant issue for the industry.However, a more immediate questio","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"TRUI":"VanEck Industrials TruSector ETF","UXI":"ProShares Ultra Industrials","BK4149":"建筑机械与重型卡车","HWAY":"Themes US Infrastructure ETF","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4532":"文艺复兴科技持仓","LU1917777945.USD":"安联专题基金Cl AT Acc","GASZ":"Corgi Natural Gas Power & Turbines ETF","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1548497426.USD":"安联环球人工智能AT Acc","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","BK4585":"ETF&股票定投概念","RSHO":"TEMA AMERICAN RESHORING ETF","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","EXI":"全球工业ETF-iShares","CAT":"卡特彼勒","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","BK4516":"特朗普概念","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","CATG":"2倍做多CAT ETF-Leverage Shares","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","MADE":"iShares U.S. Manufacturing ETF","BK4520":"美国基建股","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","BK4588":"碎股","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","BK4597":"股息贵族","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU0251142724.SGD":"Fidelity America A-SGD"},"translate_title":"诉讼资助者需要确定性来保持英国集体诉讼制度的公平性","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GASZ":0.6,"HWAY":0.6,"MADE":0.6,"UXI":0.6,"EXI":0.6,"CAT":1,"RSHO":0.6,"CATG":0.6,"TRUI":0.6},"content_text":"Litigation funding is an exceptionally risky business, which current delays and uncertainty over new rules is worsening, writes Leslie PerrinThe UK’s reputation as a leading destination for investment and a trusted jurisdiction for justice depends on legal frameworks that are both effective and predictable. That is why the government’s recent light-touch proposals on the opt-out collective action regime are welcome.\n\nThe recommendations – stemming from a Department for Business consultation on the opt-out regime – include those geared toward faster distributions in successful class actions, better management of legal costs and procedural reforms.It is now 10 years since the UK’s very first opt-out collective action was filed in the Competition Appeal Tribunal (CAT), the specialist court which handles cases concerning opt-out claims, market mergers and economic disputes. \n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCollective actions are important. They help ensure competition law is enforceable in practice. They deter anti-competitive behaviour, promote fair competition and prevent businesses that break the rules from gaining an unfair advantage over those that comply with them. In that sense, the regime underpins both access to justice and confidence in fair and competitive markets across the UK. \n\nNone of this would be possible without investment in such cases, which comes from the third-party litigation funding industry. Despite its accepted importance in providing access to justice, it is an industry that has faced uncertainty in recent years.Funders still await the implementation of key recommendations made a year ago by the Civil Justice Council around returns on investments, as well as government legislation which was promised to reverse the 2023 Supreme Court judgment known as PACCAR, which is a significant issue for the industry. However, a more immediate question confronts the future of the opt-out regime itself: the Competition Appeal Tribunal’s developing approach to litigation funding agreements and a failure to appreciate the scale of the commercial risk undertaken by those who finance cases.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2661465269","isCrawlerRequest":true}