London firm Memery Crystal has become the latest to join forces with a litigation funder, agreeing a deal that will focus on cases in the energy and mining sectors.
The arrangement, with Woodsford Litigation Funding, is reportedly the first of its kind that focuses on clients in these areas. It will enable claimants to fund the costs of disputes with joint venture partners or governments, either in the the courts or through arbitration.
The businesses declined to put a figure on the funding made available, describing it as 'significant'.
Memery Crystal specilaises in natural resoruces, including oil and gas and mining. It works with firms around the world and has a partnership with Chinese firm Yingke - the country’s largest firm by number of lawyers.
The deal follows hot on the heels of a similar arrangement between top-100 firm Sheppherd & Wedderburn which agreed an ‘eight figure’ sum with Burford Capital to fund cases. Burford said at the time that it expects to cut more deals with law firms.
Firms bringing large group action cases are increasingly turning to external funding.
Slater and Gordon is currently working with Therium Capital Management on the case pitting former Lloyds shareholders against ex executives at the bank while Collyer Bristow this month agreed to work alongside Vannin Capital to represent a group of truckers who claim they were overcharged for their vehicles.
Jane Marsden, head of dispute resolution, Memery Crystal, said: ‘We are delighted to be working with Woodsford. We believe that Memery Crystal’s energy and mining sector expertise and award winning track record as litigators, combined with Woodsford’s global funding expertise, represents a really strong proposition for energy and mining clients seeking to bring claims.’
Steven Friel, chief executive of Woodsford Litigation Funding, added: ‘Our skillsets of legal and financial expertise, supported with our significant capital resources, ensures we can move quickly to deliver tailored funding solutions. Litigation can be a daunting, costly and time consuming process. However, with a funder, litigation can become an asset for a company rather than a liability.’