Tax-Scheme Lawsuit Funder Must Pay £4M In Security

Law360, London (February 10, 2020, 3:57 PM GMT) -- A litigation funder was ordered on Monday to provide almost £4 million ($5 million) in security in a case accusing HSBC and a film company of operating a fraudulent tax scheme to ensure that the defendants’ legal costs are covered if the investors pursuing the case lose.

Judge Christopher Nugee issued the order for £3.95 million security against the investors’ third-party litigation funder, Therium Litigation Finance, at the High Court — even though the claimants also held “after the event” insurance that provides cover for legal costs in the dispute against Ingenious Media Holdings PLC.

The lawsuit is one of many to target...

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