Litigation FundingHFW Teams Up With Big Four Firm and Litigation Funder for COVID-19 Service
The trio have formed a non-exclusive project to advise clients looking to bring claims arising from the pandemic.
July 01, 2020 at 04:19 AM
3 minute read
HFW has formed a partnership with Big Four accountancy firm KPMG and litigation funder Augusta Ventures to offer a combined service on coronavirus-related claims.
The trio are aiming to make it easier for businesses to find out if they have grounds to make a claim against another party due to the negative effects of the COVID-19 pandemic, by becoming a "one-stop shop".
In a statement, HFW said that the non-exclusive partnership will allow global clients to more easily apply for funding on supporting litigation and arbitration from Augusta, and to receive advice on legal matters, asset tracing and enforcement measures from HFW and KPMG.
HFW disputes partner Brian Perrott said in a statement: "The pandemic is the biggest disruption to business since 2008 and will give rise to countless disputes and claims, largely through no fault of either party. But companies wishing to resolve such disputes may find themselves unable to fund the costs of any litigation at this difficult time.
"Having Augusta on board will therefore be of great comfort to parties when they are dealing with problems caused by the pandemic that are unforeseen and for which there is no time to make any cash provision to fund the matter.
"I also look forward to working with KPMG on this project, as I know how many claims do not proceed or fail because of an inability to locate and, where necessary, enforce against assets. This team will also be able to ensure matters are properly investigated, so that the clients can decide if they want to proceed to litigation or resolve their claims by mediation."
In 2019, HFW inked a £25 million funding facility with Augusta Ventures as part of which HFW clients receive competitive rates with the litigation funder.
Augusta, the U.K.'s largest litigation and disputes funder by case volume, completed a second round of funding in September to raise $115 million from a multibillion-dollar U.S.-based investment manager.
Earlier in June, litigation funder Burford Capital took a 32% stake in disputes specialist PCB Litigation as part of a 'capital transaction' tie-up deal, the first of its kind in the U.K. legal industry.
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