Sunday, October 11, 2009
A Shrewd Investment?
The Young divorce case continues to make the headlines. The Daily Mail reports that Mr Young is apparently dating an American model 20 years his junior. Now, I'm not interested in that (although I admit it adds extra tabloid-titillating flavour), but what is interesting is the report in the Financial Times (and elsewhere) that Mrs Young has secured litigation funding for the case from Harbour Litigation Funding. As they explain, litigation funding "is where a party, who is not the Claimant to an action, agrees to cover all or some of the costs of the litigation, in return for a share of the proceeds if the litigation is successful". In other words: no win, no fee. Harbour has apparently previously funded 66 commercial cases, but this is the first time that it has funded a divorce case. I assume from this that they consider Mrs Young has a good chance of success in her ancillary relief claim. Time will tell whether it proves to be a shrewd investment for them.