00The cost of bringing a claim against a bank in the London courts has skyrocketed with claimants exposed to costs of up to £10m, say senior litigators.
The debate over costs follows a string of high-profile civil litigation and investor claims against banks filed at the High Court in recent months.
Banks including Barclays, Lloyds Bank and the Royal Bank of Scotland are gearing up to fight legal battles in relation to claims of Libor fixing, interest rate mis-selling and conspiracy to cause loss.
Speaking to The Lawyer, Hausfeld London managing partner Anthony Maton said securing funding “is one of the biggest hurdles to litigation against banks, as they are very expensive claims to bring”.
He added: “The fees built up by banks and their legal teams – case preparation, disclosure, trial costs are significant. If you include the exposure to these adverse costs, together with claimants’ own costs – experts, counsel, disclosure and so forth, the total exposure can easily be in excess of £10m.”
Maton is currently running a raft of claims against UK banks including a counterclaim against Dunbar bank, a £50m claim against Barclays, and a multimillion-pound professional negligence claim against Lloyds.
He has accused the necessary hefty paycheck of being a “barrier to entry” for claimants that are often small business owners or the bosses of companies put out of business as a result of mis-selling.
Director of commercial litigation funding broker Annecto Legal Mark Beaumont agreed, stating: “It is unlikely any organisation in the UK has the bandwidth to process that. It’s enormously expensive”.
“There’s no point getting into this unless you’re prepared to go all the way,” Guardian Care Homes chief executive Gary Hartland told The Lawyer.
“I’m fully aware there aren’t many people out there that are as lucky as I am. The costs of these cases are a serious issue,” added the boss of Leeds storage company Rhino Enterprises, Jason Schofield.
The growth of litigation funding has been hailed by some as a step forward for access to justice and funders have been employed in a raft of claims against banks, including by a number of disgruntled shareholder groups taking RBS to court for £4bn over its 2008 rights issue.
However Maton says claimants entering into “complex funding structures” such as after the event (ATE) insurance, conditional fee arrangements (CFAs) and third-party funding “can be just as complicated as getting to grips with the law”.
At the same time, in Ukraine bringing claims also have a lot of moments and this process is not cheap, especial if it’s application for review of case to Supreme Court.
Company Continues Strategic Expansion Adding New Service Capabilities, Talent, and Broadening Nearshore Footprint SAN JOSE, Calif.—January 5, 2023— GlobalLogic Inc., a Hitachi Group Company and Digital Engineering Leader, today announced the acquisition of Hexacta, a Pan-Latin-America digital and data engineering company. The acquisition is part of GlobalLogic’s continued strategy to expand its offerings, and its […]
Last year, the global medical device market reached $532.62 billion, according to Mordor Intelligence. Ukrainian engineers are involved in the projects of key players, which occupy almost 10% of the market. This share can be estimated at 50 billion US dollars*. Domestic specialists create more than a hundred software solutions of various levels. These include […]
Новий власник Twitter Ілон Маск доручив інженерам попрацювати над перезавантаженням Vine, яке може бути готове до кінця нинішнього року. Про це повідомляє Axios. Зазначається, що інженерам компанії необхідно вивчити стару кодову базу відеосервісу, яка не змінювалася та не оновлювалася з моменту закриття, а саме з 2016 року, коли з’ясувалося, що майданчик не витримує конкуренції. Втім, одне з […]
Credit Agricole has been ranked first in the social responsibility rating of the banking sector, created by Standard-Rating based on the 2022 half-year results. The rating agency commended the bank’s contribution to the economy of Ukraine. The bank has paid UAH 100 million in taxes in advance, while issuing UAH 1.2 billion in loans under […]
From October 1, drivers must turn on the dipped headlights of the car outside the city. This helps to additionally mark the vehicle in conditions of low visibility within the autumn-winter period. GlobalLogic reminds about the importance of compliance with traffic rules and tells about the developments of Ukrainian engineers that affect road safety. In […]
Intellias, a global software engineering and digital consulting company, has announced the completion of its acquisition of Digitally Inspired, a fast growing, UK based peer, focusing on the Retail and eCommerce industry. “I am delighted to welcome the Digitally Inspired team to Intellias. It is symbolic that Intellias’ twentieth anniversary coincided with signing an agreement […]
Shares of the largest US pharmaceutical company Pfizer, down to 3.14% since the beginning of the year, rose to 3.83% on Friday on good news about its vaccine against the COVID-19. Currently, the mTNA candidate vaccine of BNT162b1, developed by Pfizer in the partnership with the German company BioNTech, the mechanism of the action of […]Next
The Cabinet of Ministers intends to introduce a zero VAT rate on domestic air transportation. This will help reduce the cost of tickets. Thus, according to Prime Minister Denis Shmygal, the introduction of a zero VAT rate on domestic flights is necessary to revive Ukrainian tourism. “Tax exemptions will reduce costs and reduce the cost […]Next
The Italian Antimonopoly Service has fined the American corporation Google more than 102 million euros for abusing its dominant position in the market. “The Italian Antimonopoly Service has fined Alphabet Inc., Google LLC and Google Italy S.r.l. more than 100 million euros (102,084,433.91) for violating Article 102 of the Treaty on the Functioning of the […]Next
The Hon Hai Precision Industry Co is the largest developer and supplier of electronics in Asia and is going to buy Japanese rival Sharp for $ 2.5 billion. This proposal is very beneficial for Sharp, because the amount that the Taiwanese firm offered for the transaction twice exceeds the market value of the company. At […]Next
At the pharmaceutical plant “Kusum Pharm” in Sumy by the end of 2019 the production will be doubled, which will allow to produce up to 50 new names of drugs. This will be possible thanks to the implementation of the import substitution program. This was told reporters co-founder and CEO Rajeev Gupta, during an official […]Next
ByteDance’s valuation exceeded $ 250 billion, based on the value of shares in the secondary market, according to Bloomberg. The Chinese company’s share price has risen sharply in recent weeks as investors show more interest in ByteDance’s business, and its founder Zhang Ying is considering an IPO, the agency said. According to the analytical company […]Next
The German concern Lufthansa plans to remove the state from its co-owners by increasing its capital by 2.14 billion euros and returning the state anti-crisis aid received during the COVID-19 pandemic. These measures will begin before the elections to the Bundestag on September 26, the airline said on Sunday evening, September 19. From September 22 […]Next
According to the State Statistics Service on January 1, 2017 it is registered in Ukraine 15 206 join – stock companies, among them there are 3 122 public companies. Despite the 25-year anniversary of the Ukrainian state, the national business has only recently started to rethink management system and effective implementation of global corporate governance […]Next
As Yaroslav Levitskyi, Pro Agro Company analyst mentioned, in this season the India could be one of the three potential buyers of Ukrainian wheat. Now it the one of the biggest importer of Ukrainian sunflower oil and the pea. The main reason for it is a lacking volume and high local wheat price in India. […]Next
Uber has announced an agreement with TPG Capital to acquire Transplace, which provides the widest portfolio of technology services and solutions in the logistics and transportation industry. The estimated amount of the deal is a considerable $ 2.25 billion, but about $ 750 million Uber will pay in the form of its own shares, and […]Next
HOW IT ALL BEGAN Sweden, the homeland of the Lantmannen concern, has rich traditions of farmers unions. Those unions were established on the principles of democratic governance, quality control, fair profit distribution. The Lantmannen company was set up on the basis of one of those principles in 1880. Over 100 years, the company has been […]Next
If the promissory note is not specified by the time when the borrower is obliged to return the money, the court may grant derogation from the obligations under this document. In order to get money for the receipt, it is necessary to properly arrange it, Vesti reported. Do not give money on the receipt, in […]Next
Ukrzaliznytsia has signed a memorandum on cooperation and localization in Ukraine of passenger rolling stock production by the Swiss company Stadler CIS AG. The press service of the Ministry of Infrastructure reports. According to the document, the parties will work together to develop passenger rail transport in Ukraine and attract funding. In addition, if Stadler […]Next
Belarusian airline Belavia has extended its decision to refuse flights to Ukraine until the end of September, the company’s press service reports. “The Ukrainian side informed about the extension of the ban on Belavia flights until September 30, 2021. This is their official position. In this regard, the suspension of all flights to Ukraine has […]Next
Leaders of Yahoo have told that they refused from the realizing of the business to China’s Alibaba in the amount of $ 30 billion. The Company also thinks what they have to do with the Japanese peace of the business, which is estimated at $ 8.5 billion. (In the Japanese company they owns […]Next
The Ministry of Agrarian Policy and Food of Ukraine has assigned four HarvEast dairy farms a status of the breeding farm. This entitles the company to engage in breeding purebred cows of the Holstein breed to ensure their own needs and the sale of breeding animals. This was said in a statement of the company. […]Next