UK Court Allows Gulf Keystone To Sue Litigation Funders

Law360, New York (December 16, 2013, 6:50 PM EST) -- A London Commercial Court judge has allowed Gulf Keystone and Texas Keystone to pursue additional attorneys' fees from the litigation funders who backed a losing lawsuit over production rights for an Iraq oil field, potentially sending a warning to companies that invest in high-stakes litigation.

The case, a high-stakes lawsuit over production rights for an oil field in Iraq, ended in September with a crushing loss for plaintiff Excalibur Ventures LLC and its founder Rex Wempen, an ex-special forces soldier who said he had been stiffed...
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