Back to News

8th May 2019

Litigation funder Augusta is delighted to celebrate its second anniversary in Australia with two strong years of growth.

 

It has been an exciting year in litigation funding with developments relating to common fund orders, debates between the courts regarding the forum for shareholder class actions and the release of the Australian Law Reform Commission’s Final Report on Class Action Proceedings and Third-Party Litigation Funders.  We have continued to play an active role in the Association of Litigation Funders (ALFA) during this important year with our Managing Director, Neill Brennan, sitting on ALFA’s Board of Directors.

We are happy to have reached our target of committing $30m to new cases over the last 12 months to May. Our committed capital to cases since commencement in May 2017 is now $45m. This is a result of:

  • forming strong working relationships with litigation lawyers and insolvency practitioners;
  • our unique product differentiators which include:
    deployment of funding in tranches into lawyers’ trust accounts (facilitates prompt invoice payment);
    our hands-off approach once the case has been approved and pleadings settled;
    funding of commercial claims with damages of $1m and upwards; and
    a competitively priced and tailored funding solution (which was evident from our competitive submission in the multiplicity hearing in the AMP Limited shareholder class action).

We continue to expand our highly experienced team of in-house lawyers to adequately resource our growth and to provide our best-practice service and quick turnarounds.  The Australian team has increased from 8 to 20 over the last 12 months with nearly half having 10-28 years’ legal experience.  Given growth demands, we are also very pleased to have opened an office in Melbourne.

During the next 12 months we aim to:

  • double our investments to $100 million in Australia by committing an additional $50 million to new cases;
  • continue to grow our highly experienced team of in-house lawyers;
  • continue to develop existing relationships and form new ones in the legal, insolvency and corporate markets; and
  • open an office in Singapore to assist claimants in South East Asia.

Augusta Australia would like to thank everyone who has supported us during the last two years. We look forward to working with you further and forging new relationships in the future.

T: +61 2 8311 0555