BLG set to defend largest third-party claim

Norton Rose and Barlow Lyde & Gilbert (BLG) are to go head to head in what is one of the largest lawsuits to be brought with the help of independent litigation funding.

Moore Stephens, a city-based accountancy and advisory firm, represented by BLG, is facing a $173.6m (£90m) negligence claim from Stone & Rolls, a dissolved British company. Norton Rose is acting for the company.

Though the claim itself is not rare it is the way the claimant is financed which is of interest.

Under the independent funding, a third party, unconnected with either the claimant or defendant, such as specialist providers or hedge funds, put up the finance to pursue a claim for a share of the proceeds if the claim succeeds.

In this instance, the funds were organised by Norton Rose, the law firm acting for the claimant, in conjunction with specialist provider Insolvency Management Limited.

The Norton Rose team is being led by litigation partner Sam Eastwood assisted by senior associate Richard Blann. BLG partner Julian Randall will led for the defendants with litigation partner Tim Strong.