A US-based litigation funder announced this week it will fund the £14 billion lawsuit against Mastercard, with an eye towards a massive payday.
Innsworth Litigation Funding, which is owned and funded by the well-known New York hedge fund Elliot Management, said it would fully fund the largest class action case in the UK, which was revived after first being rejected by the Competition Appeal Tribunal. Mastercard, which faces allegations of illegal card fees, has asked the Supreme Court to hear its appeal. A decision could have wide-ranging consequences for the new class action system created by the Consumer Rights Act 2015.
But perhaps more noteworthy at this stage is Innsworth’s outright claim that they’re in this for the money. The managing director of Innsworth Advisers, which advises the funding operation, said the “development of a class regime in the UK provides Innsworth with an opportunity to grow its investments in litigation, on high value and large scale cases such as this”. This quote highlights the true motives behind litigation funding. It’s about profit, not justice.