In the latest twist in a bizarre saga of litigation funding gone awry, Clifford Chance has agreed to pay a confidential amount to settle a professional negligence suit threatened by a litigation funder that helped bankroll a disastrous case handled by the U.K. law firm.
The deal, first reported by the U.K. publication Legal Business, resolves allegations related to Clifford Chance’s representation of Excalibur Ventures, an aspiring oil exploration firm that unsuccessfully sought $1.65 billion from a group of U.S. oil companies. Excalibur had accused the companies of cheating it out of an oil deal in the Kurdistan region of Iraq.
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