LawFuel.com – Hausfeld to expand in Europe by opening German office in Berlin, with litigation financing provided by Burford Capital
Hausfeld-Burford venture will focus on competition claims and complex commercial litigation
October 28, 2015 (Berlin/Brussels/London/New York/Washington, DC)
Hausfeld, a global claimants’ law firm dedicated to handling complex litigation with particular expertise in competition litigation, and Burford Capital (“Burford”), the leading global finance and professional services firm focused on law, today announce a €30 million agreement for claims in Germany. Under the agreement, Hausfeld will further expand its work in Germany, with the backing of at least €30 million in financing from Burford to fund German claims, and open an office in Berlin.
Hausfeld Rechtsanwälte LLP will formally open in Berlin by January 1, 2016 and be joined by German partners and other lawyers with significant experience and reputations in the competition area in Germany. Specific personnel announcements will be made in the coming weeks. The offices will be located at Kurfürstendamm 218.
The Burford facility is the largest known facility created to fund litigation in Germany, where there is significant and growing client demand for funding — especially in the area of competition litigation for which Hausfeld is known. Burford’s €30 million commitment will ensure that these claims have the necessary resources and will be buttressed by Hausfeld’s expertise and Burford’s stringent case assessment and underwriting.
Client demand for Hausfeld’s services has grown significantly in Germany based on the rising number of competition (or “antitrust”) claims. This comes in the wake of substantial activity from the European Commission and Bundeskartellamt, the adoption of the European Directive on Competition Damages Actions, and Hausfeld’s leading reputation for such claims both in London and across Europe. To date, companies bringing claims in Germany have had limited access to the alternative fee and funding arrangements that are often essential for clients pursuing costly and high-stakes competition matters.
To meet this growing client demand and provide Hausfeld clients with broader access to innovative funding arrangements, Burford has agreed to provide financing to enable clients to retain Hausfeld’s services for competition claims in Germany.
Michael Hausfeld, Chairman of Hausfeld, said: “After increasing demand in Germany in recent years, we are delighted to expand our leading global competition litigation team and capacity to meet our clients’ needs in Germany at a key time in Europe as the enhanced rights for claimants under the EC Damages Directive becomes law next year. This is possible not only because of Burford’s committed capital but also its commitment to understanding the needs and opportunities of our firm and its clients.”
Anthony Maton, Managing Partner of Hausfeld in London, said: “We see this venture as a brilliant next step for our firm: it will enhance our ability to offer our clients, amongst the leading German corporations in the retail, transport and automotive sectors, the broadest menu of options in pursuing competition damage claims. This comes as we prepare strong additions on the ground in Germany in our core area of practice and build on our successful collaboration with Burford in London.”
Christopher Bogart, Burford’s CEO, commented: “Our financing for Hausfeld’s emerging market opportunity is a terrific example of how we work with firms and businesses to help them innovate and grow. We’re proud to expand our relationship with such a respected competition firm, and we are committed to continuing innovation in the field of litigation finance.”