Third - party
arbitration funding in Singapore and Hong Kong is evolving rapidly.
Harbour continues to pioneer the acceptance of litigation and
arbitration funding in jurisdictions globally.
We advise a well - capitalised private fund on providing commercial litigation and
arbitration funding in the UK, Australia, and around the world.
There is a growing trend of dispute resolution funding throughout the common law jurisdictions, as indicated by the recent approvals of third - party
arbitration funding in Hong Kong and Singapore through the Arbitration and Mediation Legislation (Third Party Funding)(Amendment) Ordinance and Civil Law (Amendment) Act 2017 respectively.
Not exact matches
Last year, the Abu Dhabi
fund and its subsidiary, Aabar Investments PJS, said they were taking both 1MDB and Malaysia's finance ministry to
arbitration in London, seeking $ 6.5 billion.
The Abu Dhabi
fund, the International Petroleum Investment Company, said
in a stock exchange announcement
in London that Malaysia's finance ministry and 1MDB had agreed to pay $ 1.2 billion to the Abu Dhabi
fund by the end of the year as part of an agreement overseen by an
arbitration panel
in London.
Investment News outlines an
arbitration request by an investor seeking damages for being placed
in two
funds; one to F - Squared (an outright fraud) and another to Good Harbor's U.S. Tactical Core
Fund (GHUIX).
Any claim, dispute, or controversy («Claim») arising out of or relating
in any way to: i) this Agreement; ii) the Savings Account; iii) your establishment of the Savings Account; iv) your use of the Savings Account; v) the amount of available
funds in the Savings Account; vi) advertisements, promotions or oral or written statements related to the Savings Account; vii) the benefits and services related to the Savings Account; or viii) transactions made using the Savings Account, no matter how described, pleaded or styled, shall be FINALLY and EXCLUSIVELY resolved by binding individual
arbitration conducted by the American
Arbitration Association («AAA») under its Consumer
Arbitration Rules.
This
arbitration provision also does not limit or constrain the Bank's right to interplead
funds in the event of claims to Collateral Account
funds by several parties.
With Yasmin's first - class track record, leadership capability and demonstrable expertise
in this market, Vannin is well placed to meet this increasing demand for
arbitration funding both
in Europe and across the globe.
For instance, the
Arbitration Ordinance (AO) was amended
in 2013 to allow expressly Hong Kong courts to enforce interim relief granted by emergency arbitrators (whether made
in or outside Hong Kong), and this year the AO has been further amended to specifically provide for the arbitrability of intellectual property rights disputes (a key development given China's increase
in patent applications) and to expressly provide that third - party
funding will be permissible for
arbitration and mediation.
This raises some interesting questions about an
arbitration tribunal's authority to allow (or refuse to allow) third party
funding and, if it is permitted, the degree to which the tribunal should control the
funder's involvement
in the
arbitration.
Here are just a few thoughts on some of the issues raised by third party
funding in commercial
arbitration and how to deal with them.
In my next column, I will look at these and other issues the Tribunal may have to consider in exercising its jurisdiction over the arbitration procedure and the involvement of a third party funde
In my next column, I will look at these and other issues the Tribunal may have to consider
in exercising its jurisdiction over the arbitration procedure and the involvement of a third party funde
in exercising its jurisdiction over the
arbitration procedure and the involvement of a third party
funder.
Commenting on her new role as its head of international
arbitration, Yasmin said: «Since joining Vannin
in 2014, there has been a marked increase
in funding activity, initially focused on investor - state
arbitration, but now extending to commercial international
arbitration.
A new rule that bars nursing homes that receive federal
funds from forcing disputes into
arbitration is likely to be challenged, according to lawyers involved
in litigation over patient care.
And
in some cases, the Tribunal may even refuse to allow the
funding or the participation of the
funder in the
arbitration.
Third party litigation
funding is growing
in Canada and starting to appear
in commercial
arbitration as well.
It can assert authority over the party being
funded (or seeking
funding)
in connection with their conduct of the
arbitration, but it has no authority over the
funder (or prospective
funder) unless it agrees to be bound by the
arbitration agreement and the Tribunal's decisions.
In my previous column, I looked at the growth of third party litigation (and arbitration) funding in Canada and discussed whether an arbitration Tribunal has any jurisdiction to control the involvement of funder
In my previous column, I looked at the growth of third party litigation (and
arbitration)
funding in Canada and discussed whether an arbitration Tribunal has any jurisdiction to control the involvement of funder
in Canada and discussed whether an
arbitration Tribunal has any jurisdiction to control the involvement of
funders.
He enjoys a particular expertise
in arranging bespoke
funding solutions for clients pursuing international
arbitration claims, including investment treaty
arbitrations.
We specialise solely
in the placement of litigation
funding and insurance to manage litigation and
arbitration risk.
Indeed, last year, a federal agency attempted to make it much more difficult for government -
funded nursing homes to include
arbitration agreements
in their pre-admission contracts.
The arbitrator was highly critical of the conduct of the Respondent
in the
arbitration, stating that the Claimant was at a clear financial disadvantage and was faced with no alternative but to seek third party
funding because the Respondent:
Akin Gump is widely recognized for its strength
in litigation and international
arbitration, high stakes appellate work, financial restructuring, corporate transactions, investment
funds, energy, global project finance and international trade and for its depth
in regulatory and public policy, which allow the firm to provide a comprehensive suite of services for governments, companies and individuals worldwide.
States and international organizations interested
in reforming investor - State
arbitration along these lines could and should support such research through appropriate
funding and capacity - building programs.
As an active litigator, Ben focuses on complex litigation, including the defense of financial services firms (broker - dealers, registered investment advisors, banks, hedge
funds, underwriters, insurers) and their employees
in court,
in arbitration, and
in regulatory proceedings.
European and Latin American
arbitration specialists will discuss salient issues
in international commercial
arbitration, such as the degree of arbitrator's disclosure and third - party
funding.
Global
Arbitration News examines the use of third party
funding in arbitration, and answers questions such as «when is third party
funding typically available» and «what are the cost benefits»?
,» will offer four tracks devoted to third party
funding, assets tracing, fraud litigation / asset recovery, and experts
in arbitration.
Thanks to our comprehensive experience
in this area of law, we are able to bring our expertise to
fund international
arbitrations across a number of jurisdictions.
Following our successful
funding in the landmark case of Essar v Norscot [2016] EWHC 2361 (Comm), we launched a range of specialist
funding solutions designed to help parties
in international
arbitration make the most of that case's finding.
«Whilst the reforms
in Singapore are currently limited to international
arbitration and related proceedings, I am confident that once Singapore has tested the water with third - party
funding, it will fully embrace third - party
funding of litigation and domestic
arbitration.
We are experts
in arranging non-recourse litigation and
arbitration funding for corporates and investors involved
in legal disputes, through our rich and diverse international network of relationships within this specialised industry.
It is common knowledge that third part
funding of litigation generally, and
in the international
arbitration sphere
in particular, is a field that changes extremely fast.
According to TheJudge's website, «Third - party
funders view legal claims as financial assets,
in which they may invest
in exchange for a return based upon the success of the
funded litigation or
arbitration.
As the costs and risks involved
in international
arbitration continue to grow, an increasing number of business and law firms use international
arbitration funding as a way to alleviate risk and remove the costs of
arbitration from their balance sheet.
As third party
funding is to stay
in international
arbitration, principles for arbitrators, parties and lawyers to use
in such proceedings have been introduced.
By way of update to our Litigation
Funding in Singapore report on 3 August 2016, on 10 January 2017 the Singapore Parliament passed amendments to the Civil Law Act legalising third - party funding in arbitration and related proceedings in Sin
Funding in Singapore report on 3 August 2016, on 10 January 2017 the Singapore Parliament passed amendments to the Civil Law Act legalising third - party
funding in arbitration and related proceedings in Sin
funding in arbitration and related proceedings
in Singapore.
Use of third party
funding for international
arbitration is growing, especially
in Hong Kong and Singapore where prohibitions against its use have been either relaxed or eliminated.
The Democratic Republic of Congo (DRC) will ratify the New York Convention rules (UNICTRAL) on the recognition of international
arbitration rulings, according to an announcement made
in March by the country's prime minister, Adolphe Muzito, to the World Bank and International Monetary
Fund.
According to a recent report
in the New York Times, an agency within the federal Health and Human Services Department issued a rule that bars any nursing home that receives federal
funding from requiring that its residents resolve disputes
in arbitration as an alternative to a lawsuit
in a court.
She advises investment
funds, international companies, states or state - entities
in arbitration proceedings conducted
in various jurisdictions and under various institutions.
The suit was brought by a so - called «vulture
fund» investment company — FG Hemisphere Associates — against the DRC for failure to pay an
arbitration award the company won for its involvement
in financing of a power facility
in the territory.
Another recent trend is third party
funding in arbitrations, and the laws
in Hong Kong and Singapore have recently been amended to allow this.
«
Arbitration counsel is an area we think we will find a quick and positive response from because, with Toronto as a hub for dispute resolution, it is hoping to increase its profile
in the
arbitration world and I think
funding and insurance options always serve to help
arbitration communities develop and expand their role,» Amey says.
Advising several hedge
funds in successfully applying to set aside an
arbitration award rendered against them.
They will be responsible for sourcing and reviewing domestic and international litigation and
arbitration funding opportunities for Therium
in the firm's core sectors of financial services, industrials, energy and natural resources.
Switzerland has an established litigation
funding market, with
funding of both domestic litigation and
arbitration seated
in Switzerland permitted by Swiss law.
Leading litigation
funder Therium Capital Management Limited («Therium») has today announced a market - transforming # 200 million private fundraising to invest
in the costs of large - scale commercial litigation, group litigation and
arbitration globally.