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Aceris Law Wins Third-Party Funded Arbitration

08/08/2020 by Aceris Law LLC

Aceris Law is pleased to announce that it has won another arbitration, this time funded by a third-party funder, with its client receiving payment of all amounts awarded, minus the portion to be paid to the third-party funder.Third-party funding arbitration Aceris Law assisted its client to secure third-party funding at no cost, prosecuted the arbitration successfully, and then secured and distributed payment to the third-party funder and its client.

« Clients in need of funding do not realize that it is typically harder to secure third-party funding that to win an underlying arbitration, » said William Kirtley of Aceris Law. « While we have assisted clients in securing third-party funding a number of times, and Aceris Law has a significant advantage in securing funding since our arbitration budgets are always quite reasonable, only highly meritorious cases can, in fact, be funded.

We have developed a checklist in order to see whether potential claims are likely to be funded based on our past experience. In our experience, arbitrations are likely to be funded if:

  1. The value of the claim is large. If the value of the claim is less than USD 3 million, the case is highly unlikely to be funded. 
  2. The arbitration budget is reasonable. While Aceris Law’s own legal fees are always reasonable, if co-counsel is required costs may escalate.   
  3. Third-party funding has not already been rejected. While this is not conclusive, if third-party funding has already been rejected by other funders, even for a meritorious case, additional third-party funders are less likely to be interested.
  4. The claims are supported by significant documentary evidence, willingly provided by the client. If they are not, third-party funders are highly unlikely to be interested.
  5. The claim is not at risk of becoming time-barred. If there is a statute of limitations issue, third-party funders are highly unlikely to be interested.
  6. There are no major jurisdictional problems. If there are major jurisdictional hurdles, third-party funders are unlikely to be interested.
  7. The claim does not face any obvious issues on the merits. If it does, third-party funders will be unlikely to be interested.
  8. Damages are non-speculative and can be proven with a high degree of certainty. If not, third-party funders are unlikely to be interested.
  9. No significant counterclaims are likely to be made against the claimant or claimants. If counterclaims may be set off against the amount awarded, third-party funders are less likely to be interested.
  10. No other creditors will have a claim on the amount of compensation received. If this is the case, for instance because the claimant is being sued by creditors, third-party funders are less likely to be interested.
  11. The respondent has sufficient assets to pay the resulting arbitral award. If not, third-party funders are unlikely to be interested.
  12. It is unlikely that there will be enforcement problems. If there may be enforcement problems, for instance because the respondent is located in a State with a poor record of enforcing arbitration awards, or because the claim is against a State that routinely refuses to respect arbitral awards, third-party funders are less likely to be interested.
  13. The client has clean hands and establishes a productive relationship with the third-party funder. If the client and the third-party funder do not get along, and do not trust one another, the client’s case will not be funded. »    

Aceris Law does not charge for assistance in securing third-party funding, although it does attempt to ensure that cases have a realistic chance of securing third-party funding after considering the above criteria.

Filed Under: About Aceris, Third-Party Funding, William Kirtley

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