ASX-listed litigation funder Omni Bridgeway is gearing up for a major fight in Britain’s High Court after a client refused to pay a multimillion-pound bill, claiming the funding agreement was unenforceable in England.implications for the litigation funding industry in the UK, and accused the Perth-based Omni Bridgeway of “aggressive” behaviour.
Bugsby Property received just under £3 million from Omni Bridgeway and more from litigation funder Therium for legal action over a failed acquisition of London’s Olympia Exhibition Centre in 2016.But lawyers now acting for Bugsby said the funding agreements with Omni Bridgeway and Therium meant the pair were entitled to 133 per cent of the award.
Mr Candey said Bugsby was “disappointed and shocked” that while the parties were waiting for the High Court in London to determine the claim, “Omni Bridgeway obtained ex parte and without notice a £20 million freezing injunction against them – almost seven times the amount they funded our client”.