The case of Essar v Norscot  EWHC 2361 (Comm) was one of the most high-profile international arbitration cases of 2016. It has been described as “landmark” by dozens of international law firms who have issued client alerts about the case.
It was also ground breaking for the litigation funding industry. The case was described as “a game-changer for the litigation funding market” in The Times.
To summarise, The tribunal found in Norscot’s favour and that Essar’s conduct had effectively caused Norscot’s impecuniosity and forced it to seek third party funding, and therefore it was right and proper that Essar should pay Norscot’s funding costs, including the success fee that had become payable to Woodsford.
Woodsford Litigation Funding has designed two new funding products to help parties in international arbitration take advantage of the finding in the case of Essar v Norscot:
- Funding to cover the Respondent’s institutional and arbitral fees when it refuses to pay
- Respondent Funding