The United Kingdom’s High Court recently ordered that Stuart Wall, the Claimant in a £700m swap misspelling, breach of contract, and LIBOR manipulation claim, must reveal litigation funders. The order’s purpose is to allow for Defendant RBS’s application against such litigation funders for security of costs, also known as legal fees in case of a successful defense. The High Court held that the Claimant’s right to privacy under the Human Rights Act of 1998 was not violated, because the Claimant pursued large stakes litigation in a system which allows th e identity of such funders to become public. This is a notable decision because although litigation funders usually become revealed through the course of litigation, it is the first time that the High Court has ordered that their identities be revealed so early in the process.
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Summarized by Antonis Tsenesidis