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Judge Orders Litigation Funder To Release £350 Million Yacht

A judge in Dubai has ordered litigation funder Burford Capital to release a £350 million yacht at the heart of a divorce case it’s funding.

The yacht, which has two helipads, nine decks, a swimming pool, and a mini-submarine, “has become the thorniest part” of the proceedings, according to the Financial Times. The publication said Burford “has been locked in a legal battle for control of the yacht for two years” on behalf of Tatiana Akhmedova.

Burford committed £18 million to her case in return for 30 percent of the recovery. According to Farkhad Akhmedov, her now ex-husband, the funder has recovered just 1 per cent of the divorce settlement.

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Australian Class Action Lawyers Face Criminal Investigation Over “Grossly Unethical Behaviour”

group of class action lawyers in Australia “are facing a criminal investigation and a damages bill of more than $11.7 million for ‘dishonourable’ and ‘fraudulent’” conduct, reports the Australian Financial Times. The lawyers and litigation funder involved attempted “to claim more than $19 million in legal and funding fees from a group of elderly investors in the Banksia class action.”

Game Is Up For Litigation Funders

Last week, the Australian Financial Review featured an op-ed written by Stuart Clark, an adjunct professor at Macquarie Law School and former president of the Law Council of Australia, that highlights the need for reforming Australia’s litigation funding industry.

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