Uk Class Action - Power Cable CartelToday 13:00
This is interesting as it gives an insight to a straight forward risk reward model by Burford. We will find your case but we want our investment back plus 3 x the value of the investment … simples
Section 23
The PCR entered into a financing agreement with BC Investments Ltd ("Burford"), a subsidiary of Burford Capital, dated 20 June 2018 (the "LFA").
The LFA has been varied from time to time to take account of developments in case law on litigation funding.
Pursuant to the LFA as varied, Burford has committed to provide up to an aggregate maximum amount of £30,715,000 to fund the costs of the Collective Proceedings, subject to the Collective Proceedings reaching various procedural stages. That figure includes £10 million of adverse costs cover in addition to after the event insurance cover which the PCR has obtained. In return for its investment in funding the action, if the Collective Proceedings are successful and an award of damages is made to the Class, Burford would be entitled to receive both repayment of all sums invested in the case pursuant to the LFA and an amount equal to three times the capital invested out of the damages and costs awarded to the Class. The payment structure is set out in Schedule 3 to the LFA as varied as follows:
1
"Allocation of Proceeds and Costs Awards