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Third-Party Funding in International Arbitration

ISBN: 9789041140791 | 9041140794
Format: Hardcover
Publisher: Aspen Pub
Pub. Date: 1/31/2013

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The demand for third-party funding a financing method in which an entitythat is not a party to a particular dispute funds another party's legal feesor pays an order, award, or judgment rendered against that party, or both has grown exponentially in both the litigation and the internationalarbitration communities. Although it has drawn significant attention in thelitigation context, many prospective parties to arbitration do not fullyunderstand what third-party funding entails or what legal parameters exist.This welcome book, expertly revealing the nuances of third-party funding ininternational arbitration, examines the phenomenon in key jurisdictions aroundthe world and provides a reliable resource for users and potential users thatmay wish to tap into and make use of this distinctive funding tool.The authors analyse and assess the legal regime in a variety of countriesbased upon legislation, judicial opinions, ethics opinions, and practitioneranecdotes describing the state of third-party funding in that jurisdiction.They describe how courts and legislative bodies around the world have thus farhandled the major ethical issues and concerns that affect the practice ofthird-party funding. Among the issues raised and examined are the following:;payment of adverse costs;;"before-the-event" (BTE) and "after-the-event" (ATE) insurance;;attorney financing, including contingency representation and conditional feearrangements;;loans;;ethical doctrines influential to the continued existence and viability of thethird-party funding industry;;possible waivers of attorney work-product doctrine or attorney-clientprivile≥;potential encouragement of non-meritorious claims;;possible future bundling, securitization, and trading of legal claims;;risk that the funder may put its own interests ahead of the client'sinterests; ∧whether the existence of a funding agreement must or should be disclosed tothe decision-maker.The book concludes with observations regarding third-party funding ininternational investment arbitration and predictions regarding the future ofthe third-party funding industry worldwide.Focusing on the key jurisdictions that have well-developed third-party fundingmarkets Australia, Germany, The United Kingdom, the United States, theNetherlands, Canada, and South Africa and regional overviews for Europe,Asia, the Middle East, Africa, and Latin and South America, this book ablycreates a reference source for parties aiming to take advantage of the highvalues, speed, reduced evidentiary costs, outcome predictability, industryexpertise, and high award enforceability characteristic of the third-partyfunding arrangements available in international arbitration.

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