Last year, Simpson Thacher & Bartlett senior partner Barry Ostrager introduced the litigation financing firm Burford Capital to his client, Gray Development Group, which was suing another developer over a project in Phoenix. Gray, which had been hit hard by the decline in the Arizona real estate market, was facing a June 2010 trial date and mounting litigation costs. Burford ultimately agreed to invest.
It appears to have been a good move for just about everyone involved. On Tuesday, after more than six weeks of trial, a unanimous 10-person jury in Maricopa County, Ariz., superior court awarded $110 million to Gray.
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