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Leading industry figures launch new litigation funding business
Litigation funding industry luminaries, John Walker and Stuart Price, have joined forces to launch Australia’s newest litigation funder, CASL Management.
Tony Zhang
The launch of the new firm combines the expertise and experience of two of Australia’s well-known litigation funders and comes amid a rapidly evolving regulatory and legal landscape for class actions and their funders.
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As co-founder of IMF Bentham, now Omni Bridgeway, in 2001 and institution-focused ICP in 2016, Mr Walker is regarded as a pioneer of the global litigation funding industry and will become CASL executive chairman, the funder said in a statement.
CASL chief executive and managing director, Mr Price, was most recently CEO of Litigation Lending Services (LLS), which last year helped secure one of Australia’s largest class-action settlements on behalf of more than 12,000 Indigenous people in the stolen wages action against the Queensland government.
“Stuart and I have a shared vision for CASL fulfilling a constructive role in achieving legal redress for claimants who otherwise would not be able to access justice, thereby achieving protection for markets and their participants,” Mr Walker said on the impetus behind forming CASL.
“We see CASL as the natural successor to ICP but with a broader mandate and deeper capital resources to meet demand and structural changes in the litigation funding market. Drawing on our combined experience, knowledge and hunger for success, we expect CASL to be a formidable force in the industry.”
CASL’s launch comes as the litigation funding industry fights moves from the federal government, insurers and defendant firms to impose tighter constraints on the ability of Australians to litigate wrongdoing through class actions.
Mr Price said the regulatory debate around litigation funding had ignored consumers, employees and investors, who not only were most likely to find themselves at the wrong end of corporate misconduct but also had the fewest options for legal recourse.
“A level-playing field providing access to the legal system to prosecute legitimate claims is a cornerstone of society and Australia has been a global leader in implementing that principle,” Mr Price said.
“CASL, like its namesake, embodies strength, integrity, solidarity and longevity – over time we expect it will be considered a beacon of hope for many.”
CASL plans to expand its footprint in Australia, as well as offshore, initially in Asia, by attracting like-minded litigation-funding professionals to the CASL team.
Mr Price said the uncertainty caused by changes across the market creates a significant opportunity for funders committed for the long-term.
“We believe the values, experience and skills of CASL will resonate with potential future hires, as well as clients and referrer partners and clients in the legal, insurance and insolvency fields,” Mr Price said.
“The appetite for this asset class from investment capital, domestically and offshore, is strong and CASL is actively exploring options to expand its existing pool of capital. Ultimately our combined experience, networks and successful track record in some of the largest and most significant funded litigation in Australia will set CASL apart in the market.”
