LITIGATION funding was the main focus of ICC FraudNet’s 30th Conference on Cross-Border Fraud & Asset Recovery held in Cartagena, Colombia recently. Members deliberated the various aspects of this growing area in asset recovery including the considerations that law firms had to take into account before taking up cases funded by third parties. They heard how some lenders had turned down cases worth less than US$2 million as the parties are very selective about the cases they fund and understandably want to ensure they have a good return from it. Discussions included which claims can be financed – and which cannot, how to deal with privileged material during the marketing phase and how to find the right fit with a funder. Members Martin Kenney from the British Virgin Islands and his colleague Rob Jennings also presented a Master Class on how to run a professional due diligence process including how to write a proposal and how to negotiate a Term Sheet, setting milestones and deadlines for due diligence. Also discussed were legal issues and ethical challenges with litigation funding.
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