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In Therium Litigation Funding A IC v Bugsby Property LLC[1] the English Commercial Court had its first opportunity to consider the enforceability of Litigation Funding Agreements (“LFAs”) following the decision of the Supreme Court in R (on the application of PACCAR Inc and others) v Competition Appeal Tribunal and others[2] (“PACCAR “). In PACCAR, the Supreme Court held that where litigation funders are to be remunerated by reference to a share of damages obtained by…

Introduction English courts recently heard and determined three separate applications with near mirroring facts for anti-suit injunctions (“ASI”) brought by (i) Deutsche Bank, (ii) Commerzbank and (iii) an unknown entity given anonymisation of the judgment, all brought against RusChemAlliance LLC (“RCA”), a Russian entity in which Gazprom has a direct interest. All three cases relate to proceedings RCA initiated in Russia in breach of the relevant arbitration agreements. The application for ASI was refused in…

What constitutes a material adverse change or a material impact on the profitability of a target company? In the recent decision in Finsbury Food Group plc v Axis Corporate Capital UK Ltd and others [2023] EWHC 1559 (Comm), the English Court ruled on this very relevant question. The Court rejected the claim of a policy holder of a Warranties and Indemnities (W&I) insurance policy on the ground that the policy holder had failed to establish a…

Earlier this year, the English Court of Appeal in Lifestyle Equities CV and another v Hornby Street (MCR) Ltd and others [2022] EWCA Civ 51 had to consider whether a non-party was bound by an arbitration agreement and which law applied to it. The Court of Appeal (by majority) upheld the decision of the first instance judge to stay trade mark infringement proceedings in favour of arbitration on the basis that the claimant was bound…