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ARTICLE · 25 OCTOBER 2014

Excalibur v Keystone - Practical Points For Funders And Insurers

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Judgment has been handed down in Excalibur Ventures v. Keystone et al., a Commercial Court case which is likely to change the way that third party litigation funders structure and monitor their business activities.

United KingdomLitigation, Mediation & Arbitration
Christopher Coffin
Christopher Coffin
Lesley Timms
Lesley Timms
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Judgment has been handed down in Excalibur Ventures v. Keystone et al., a Commercial Court case which is likely to change the way that third party litigation funders structure and monitor their business activities.  Withers represented Psari Holdings Ltd in the costs hearing stage of the case, which stemmed from litigation between Excalibur Ventures LLC and Texas Keystone Inc. and Gulf Keystone Petroleum Limited over interests in petroleum blocks in Kurdistan.

Psari, alongside US based professional funders, provided a total of £30 million to fund Excalibur's claim, which was unsuccessful  The judge ordering Excalibur to pay Gulf's legal costs on the indemnity basis.  Given that Excalibur was an empty shell of a company, Gulf applied to the Court for an order that Excalibur's funders pay its costs.

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