A firm which brings group actions against major corporations has secured a £45m investment in order to boost its international caseload.
PGMBM, an international practice with British, American and Brazilian lawyers, has entered a £45m funding partnership with North Wall Capital, an ‘alternative investment firm’. The investment brings the total capital raised by PGMBM to over £100m and will be used to fund group and class-action litigation, antitrust and alternative dispute resolution.
The London-based law firm is currently bringing a group action personal data claim against British Airways and is pursuing Mercedes and Volkswagen over diesel emissions.
PGMBM Chairman Harris Pogus said: We are very pleased to announce this partnership. Our goal is to fight the good fight on behalf of those wronged by some of the world’s largest multinational corporations. PGMBM is growing rapidly, attracting brilliant, passionate talent from around the world.
‘We are increasing our international case load, as we evolve to meet the needs of those who need us the most. This funding helps us continue that journey.’
Last year, a group litigation brought by PGMBM involving thousands of Brazilian claimants was thrown out by the High Court, after it found the action to be an abuse of process. The case was the largest group claim in English legal history, worth an estimated £5bn and brought on behalf of 202,600 individual, corporate and institutional claimants against two companies, incorporated in the UK and Australia.
In another litigation funding development, funder Lionfish Litigation Finance (UK) and law firm Rosenblatt Limited – both subsidiaries of listed company RGB Holdings – say they have made key litigation funding documents publicly and freely available.
LionFish said the move will aid the standardisation of trade practices and underpin the market’s growth and credibility.