Litigation Funder Augusta Ventures provides “one-stop shop” for Covid19 disputes
Updated: Jun 26, 2021
Augusta Ventures has launched a non-exclusive project with law firm HFW and KPMG in order to assist businesses facing problems caused by the Covid-19 pandemic and lockdown.
The three parties say they will provide a global ‘one-stop shop’ that can quickly support companies needing assistance by facilitating funding for supporting litigation and arbitration from Augusta, and a package of legal assistance, asset tracing and enforcement measures from HFW and KPMG.
Robert Hannah, MD of Augusta Ventures commented:
"It would create 'a seamless, low-risk litigation process for claimants seeking to recover funds'"
"Together, we will level the playing field providing funds for access to justice and place our clients on the best path for success.”
The agreement follows the FCA's intervention into policy coverage disputes with various PI insurers who are reneging on indemnifying their policyholders for pandemic related losses.
HFW partner Brian Perrott said:
'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.'
CMC & Law Firm activity
Furthermore, CMC's and law firms are already advertising for covid 19 and pandemic disputes and breaches of contract, which will no doubt come in the thousands during the next few months and years, meaning the Augusta deal looks well timed.