Tuesday 20 February 2018
We see another case of Third Party Funding being utilized in a ‘David and Goliath’ battle.
Noel Edmunds has secured Third Party Funding of a seven-figure sum to pursue a battle against the Lloyds Banking Group. As reported by the Gazette, Edmonds is seeking up to £300m in redress for the conduct of HBOS, which he claims caused his former business to collapse.
Lloyds boss Antonio Horta-Osario said last year that victims would be ‘fairly, swiftly and appropriately compensated’ after former employees were found to have acted fraudulently in their handling of small business clients.
Edmonds said his lawyer wrote to Horta-Osorio last year setting out details of his claim, only for it to be forced into mediation where he received a ‘derisory offer’. “This left me with no alternative but to start legal proceedings”, the Deal or No Deal presenter said, adding that Therium’s “endorsement and support is hugely significant and much appreciated”.
Third party funding is widely used now as a commercial vehicle to fund cases. More often than not, the identity of the claimant is not disclosed. However, particularly in high profile cases, it can be a useful strategy to ‘ruffle the feathers’ of the opponents and make the other side aware that they intend to fight the case all the way if necessary, to reach a successful conclusion.
Head of ATE Operations