Burford Capital cinches $45m litigation funding deal with BT Group
Litigation funder Burford Capital has signed a $45m deal to provide third-party funding for BT Group's litigation pipeline.
The large-scale deal was announced by Burford Capital earlier this month, but the name of the company involved remained secret until this week. Under the deal, Burford will finance the telecom's portfolio of pending litigation matters, which is understood to include at least 10 cases. According to data from The Lawyer Market Intelligence, BT Group is one of the biggest litigators in the FTSE 100, having been named as a litigating party 23 times between January 2012 and July 2015.
More deals to come
Burford Capital is reportedly in talks with a number of other companies to forge similar agreements. This is the first time the company has offered up a funding pool for upcoming litigation at a major company in the UK. 'More and more, in-house counsel see the value of innovating how they finance litigation, and deals like this show how easy and straightforward we can make it for them,' commented Burford chief executive Christopher Bogart. Source: The Lawyer