Businesses who are deterred from litigation because of the impact on their bottom line will benefit from a new £25 million funding offering from the Augusta Group.
Following extensive research, the litigation finance specialist Augusta has developed an all-in-one finance and insurance product that enables commercial cases of any size to be funded quickly and equitably. Named Trinity, it’s on target to fund around 20 litigation cases a month by the end of the year. Stephensons Solicitors LLP has partnered with Augusta to bring Trinity to the market via its commercial clients.
Louis Young, CEO of Augusta, said: “There is a widespread perception that external litigation funding is expensive and only suitable for high-value claims. When this is coupled with the reluctance to take claims forward for fear of affecting cash flow, it means that businesses miss the chance to realise a valuable asset. Litigation for any business is an investment and the financing of it is an important business decision.
“The Trinity solution is the most straightforward funding option on the market. It doesn’t take months to make a decision on financing a claim, the majority are made in around two weeks. This solution enables businesses to proceed with a legal dispute without affecting their cash flow and simply forfeit a percentage of any net damages awarded at the end, typically 20 per cent.”
Jonathan Chadwick, Commercial managing partner at national law firm Stephensons, said: “We understand the need to have some control and reassurance around the cost is a key concern for businesses so we’re pleased to be partnering with Augusta in offering Trinity to our clients.
“The key benefit to our clients who are bringing a claim using Trinity funding, is that it unlocks a potentially valuable asset. It also provides a degree of certainty when often, pursuing a dispute can be unsettling.”
In addition to opening up assets for solvent businesses, Trinity will also finance recovery costs associated with insolvency matters, a beneficial service for insolvency practitioners as it gives them the ability to pursue claims they may not have otherwise taken forward. It’s an innovative way to create returns for creditors at no extra cost or risk to the existing assets, since these are ring-fenced.
ENDS
Photo caption: Left to right, Jonathan Chadwick, Stephensons with Louis Young, Augusta
About Augusta
Augusta was established in the Post-Jackson era by three litigation financing experts with one purpose in mind - to develop a product that would provide easy access to litigation financing for claimants with cases of any size - not just the very large cases.
Augusta offers commercial dispute financing through its market-leading product TRINITY, and works with a select number of specialist, accredited law firms throughout the United Kingdom.
For more information visit www.augustaventures.com.
Stephensons is an award-winning top 150 law firm, with a turnover of £18million and 420 staff based in ten offices across the country.
Stephensons is a multi-service firm providing legal services to individuals, businesses and government organisations.