BVI Ruling Clarifies Jurisdiction's Stance On Legal Finance
Law360 (November 3, 2020, 3:18 PM EST) -- In the first written, reasoned judgment of its kind, Crumpler v. Exential Investments Inc., the British Virgin Islands Eastern Caribbean Supreme Court has approved the use of third-party legal finance for litigation and liquidator costs. While the court had previously allowed litigation funding agreements, there was no prior written judgment on the topic.
The decision related to a multinational Ponzi scheme run by Exential Investments, which collapsed in 2016, leaving thousands of investors with huge losses. The company was highly leveraged and had a dearth of available funds or liquid assets in the liquidation estate, and fraud claims were among the most...
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