English High Court OKs Recovery Of 3rd-Party Funding Costs
Law360, New York (October 3, 2016, 6:39 PM EDT) -- An English High Court judge has allowed an oil and gas firm to recover its third-party funding costs for an underlying arbitration, finding in a first-of-its-kind decision released Friday that the arbitrator who issued the award had not exceeded his authority.
Affirming a fifth partial award issued by arbitrator Philip Otton, Judge David Waksman said in a Sept. 15 decision that he didn’t see how the arbitrator's decision ordering Essar Oilfield Services Ltd. to reimburse Norscot Rig Management Pvt. Ltd. for the fees owed to its litigation funder following the arbitration — which was resolved in Norscot's favor — conflicted with...
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