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Litigation Funding and Insurance Seminar
Sharon Daly is speaking this morning at the 2nd annual Litigation Funding and Insurance Seminar in Chartered Accountants House, Pearse Street. Sharon is part of an expert panel discussing such topics as after the event insurance, barriers to third party funding in Ireland and how does litigation funding work.
Ahead of the event, Sharon spoke with the conference facilitators and answered a few questions.
Q. What are the main opportunities and the main risks involved for both sides when considering Litigation Funding?
“Significant commercial disputes that could not be litigated due to lack of cash flow and business priority are now being litigated. Many funding deals now involve a sharing of risk between the client, the lawyer and the funder.
“All parties share in the downside risk but the lawyer and the funder lack control and must factor this risk into the cost of its funding arrangements. There is risk to the legality of the arrangement if the litigation is controlled by the funder.”
Q. How is a balance sought between the law of champerty and the right of access to justice for plaintiffs?
“The law of champerty is designed to avoid litigation becoming an investment product. Only the injured party has a constitutional right of access to justice and thus keeping the injured party in the driving seat on the litigation will achieve the balance.”
Q. What are the main implications for ATE insurance after Judge Horan’s ruling in the Greenclean case?
“It is vital to ensure the policy is unconditional if you want to rely upon it as security for costs. Otherwise the approval of ATE as a legal product is a welcome development in Ireland.”
Visit the Irish Conferences website to find out more.