International litigation funder Milberg Ltd has been fined GBP 21,000 for allegedly mishandling GBP 3MM intended for a class action the firm was not involved in. Initially, the money was meant for a Milberg subsidiary, Ferguson Funding Limited, for a class-action suit against a car manufacturer in a scandal involving emissions.
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International litigation funder Milberg Ltd has been fined GBP 21,000 for allegedly mishandling GBP 3MM intended for a class action the firm was not involved in. Initially, the money was meant for a Milberg subsidiary, Ferguson Funding Limited, for a class-action suit against a car manufacturer in a scandal involving emissions.
Law Gazette explains that the mishandled monies were received in four separate payments from three different investment companies. The money was returned to the various investment companies in July of last year.
The firm admitted that by receiving and making payments from the funds, that they were breaking SRA account rules. The SRA explained that the high fine will likely deter this firm, and others, from committing similar errors in judgment.
