Last month Hausfeld, a global claimants’ law firm dedicated to competition and other complex litigation and cross-border dispute resolution, announced its expansion in Germany. At the same time, Burford Capital (“Burford”), the leading global finance and professional services firm focused on law, announced that it was making available €30 million in financing to Hausfeld for its clients’ German competition and other commercial claims.
Today—with their German agreement in place and in light of the two firms’ shared depth of experience in complex dispute resolution—they announce that Hausfeld, with additional and substantial financing from Burford, will bring its expertise to bear on the multifaceted global disputes pending as a result of the recent Volkswagen AG (“VW”) scandal.
VW admitted on 18 September 2015 that it installed “defeat devices” in millions of diesel cars sold worldwide, thereby harming a variety of constituencies. Achieving a resolution of this global dispute will require expertise in complex negotiation as well as coordinated litigation and cooperation with regulators and governments in the US and Europe.
Hausfeld is ideally suited to play a lead role in this process, given the firm’s recognition as one of the world’s 50 leading negotiators and successes in commercial litigation across multiple jurisdictions. Burford will provide additional financing to support Hausfeld’s representation of those harmed by VW’s misconduct.
Michael Hausfeld, Chairman of Hausfeld, said: “This is a complex global dispute with broad ramifications not only for VW, but for German workers, business, and the German economy. The combination of our firm’s skills and achievements with the strength of Burford’s financial backing, make it ideally suited to spearhead a just resolution.”
Christopher Bogart, Burford’s CEO, commented: “Burford has unparalleled expertise in financing complex commercial litigation, and we’re proud to support Hausfeld in this effort. We’re well positioned to work with Hausfeld and we remain committed to ongoing innovation in the field of litigation finance.”