Litigation funding in Jersey
By Gillian Robinson
The recent case of Barclays Wealth Trustees (Jersey) Limited as trustee of the R2R Bulgaria Property Fund & Others v Equity Trust (Jersey) Limited & Others  JRC094 provides further clarification as to the position of third-party litigation funding in Jersey. The claim itself was by the current trustee and manager of certain funds which had been invested in land in Eastern Europe. The claim was against the former trustee and manager and was for breach of trust, breach of contract and breach of fiduciary duty.
After the commencement of proceedings, the plaintiffs entered into a third party funding agreement with Harbour Litigation Investment Fund LP.
On being informed of this, the defendants issued a summons seeking to strike out or stay the proceedings on the basis that their continuance with the funding agreement was contrary to the law of Jersey and/or an abuse of the Court’s process. The matter was originally heard before the Master who dismissed the summons. The defendants then appealed to the Royal Court arguing that the matter should be stayed (rather than struck out) so that it could be permitted to continue without the benefit of funding…
If you are registered and logged in to the site, click on the link below to read the rest of the Appleby briefing. If not, please register or sign in with your details below.
News from Appleby
News from The Lawyer
Briefings from Appleby
The law in Jersey relating to the consequences of receiving a bribe has recently been clarified.
FATCA’s implementation is now on a very tight timeline, and there are steps that must be taken by each CLO issuer and its board of directors in very short order.
Analysis from The Lawyer
Offshore law firms have long supplemented their legal offerings with fiduciary business, but will that model last?
Business is booming in the Isle of Man, a small jurisdiction that thinks big