Handbook on Third-Party Funding in International Arbitration
The Handbook on Third-Party Funding in International Arbitration was created through the collaboration of the ABA Section of International Law - International Arbitration Committee, the International Council for Commercial Arbitration (ICCA) and the Centre on Regulation, Ethics and Rule of Law at Queen Mary, University of London. Their goal was to study, identify and address the central issues and threats specific to the Third-Party Funding (TPF) context and to provide guidance to legal practitioners when confronted with third-party funding in international arbitration. Fifty-five authors with outstanding experience analyze the complex issues associated with TPF, many never before addressed by the law, courts or scholars. Handbook on Third-Party Funding in International Arbitration comprises seven general chapters and 26 country-specific reports (see Preview the Table of Contents above) providing global coverage and different perspectives on:
--Insight into Practical Situations involving TPF, its boundaries, commonalities and discrepancies, the cost regime and cost-shifting rules;
--Understanding of TPF's existing and impending threats with regard to the general ethical duties of counsel, confidentiality, disclosure and privilege;
--Understanding of the Relationship towards the Third-Party Funder;
--Guideposts for Legal practitioners, and particularly counsel on how to encounter threats, and establish best practices to create legal certainty for the funded as well as the attorney and the funder.
Third-Party Funding of international arbitration has attracted immense attention, and has achieved uncontested, global recognition, but there are still many issues and questions surrounding TPF, questions bearing on what rules govern the relationships among funder, client, and counsel, questions on the legal admissibility of TPF, its ethical implications and cross-border aspects.
The Handbook on Third-Party Funding in International Arbitration addresses these questions and sheds much-needed light on the little understood aspects of the TPF market and its diverging legal foundations.
Foreword
Preface
Disclaimer
TPF Regime Questionnaire for State and Country Reports
PART I. GENERAL REPORTS
Nikolaus Pitkowitz, Graf & Pitkowitz
Kabir Duggal, Baker McKenzie LLP
Khushboo Shahdadpuri, Clyde & Co.
Miriam K. Harwood and Christina Trahanas, Curtis Mallet-Prevost, Colt & Mosle
4 Disclosure and Confidentiality
Viren Mascarenhas, King & Spalding, LLP
Andrew Larkin, NYU School of Law
Shashi K. Dholandas, Bailey Duquette P.C.
6 Sources of Attorney’s Duties to Third Parties in the Litigation Funding Context
Anthony Sebok, Benjamin N. Cardozo School of Law
Peter Rees QC, 39 Essex Chambers
PART II. COUNTRY REPORTS
Sam Luttrell and Isuru Devendra, Clifford Chance
Nikolaus Pitkowitz, Graf & Pitkowitz
Luiz Aboim and Tatiana Roldan Ferri, White & Case LLP
James Plotkin, Caza Saikaley srl/LLP
Natalie Victoria Kolos, McCarthy Tétrault LLP
Helen Tang and Weina Ye, Herbert Smith Freehills
Ania Farren, Berwin Leighton Paisner LLP
Jalal El Ahdab, Ginestie Magellan Paley-Vicent
Pierre Pic, Teynier Pic
Anke Sessler and Jakob Sättler, Skadden, Arps, Slate, Meagher & Flom LLP
Ruth Stackpool-Moore, Asia Dispute Funding
Anirudh Krishnan, AK Law Chambers
Lakshana Viravalli, Indian Journal of Arbitration Law
Niall Ó hUiginn, Law Library
Aoi Inoue, Anderson Mori & Tomotsune
Marielle Koppenol-Laforce and Thomas Stouten, Houthoff
Nelson Ogbuanya, Nocs Consults
Duarte Henriques, BCH Lawyers
Ilya Nikiforov, Egorov, Puginsky, Afanasiev & Partners
Brandon Malone, Brandon Malone & Company/Bonaccord
Chen Siyuan, Singapore Management University
Robert W. Wachter and Hyunyang Koo, Lee & Ko
Clifford J. Hendel, Araoz & Rueda Abogados
Wenceslao Gracia Zubiri, Gracia Carabantes Abogados
Alexander Foerster, Mannheimer Swartling Advokatbyrå
Kirstin S. Dodge and Simon Vorburger, Homburger AG
Utku Coşar, Coşar Avukatlık Bürosu
Yuliya Chernykh and Anastasiya Grenyuk, ARBITRADE
Zarghona Fazal, Hadef & Partners LLC
Glenn P. Hendrix, Arnall Golden Gregory LLP
Gonzalo S. Zeballos, BakerHostetler LLP
Eric Z. Chang, CHANG LAW
Kenneth B. Reisenfeld and Paul M. Levine, BakerHostetler LLP
C. Ryan Reetz, Bryan Cave LLP
Andrew B. Flake, Arnall Golden Gregory LLP
Lawrence Schaner, Schaner Dispute Resolution LLC
Gonzalo S. Zeballos, BakerHostetler LLP
Karthik Nagarajan and Eric Chung, White & Case
Editor
Nikolaus Pitkowitz is founding partner of Graf & Pitkowitz and leads the Conflict Resolution / Litigation & Arbitration as well as the Real Estate & Building Law practice groups. He was educated at the University of Vienna (Mag. Jur. And Dr. jur.) and at the University of St. Gallen (MBL-HSG) and is qualified and registered as a mediator. He began his practice in 1985, always with a strong international orientation, focusing on Central and Eastern Europe. Initially, his practice was focused on real estate and M & A transactions, but soon included litigation, arbitration and mediation. Particularly noteworthy is the activity as a party representative in Austria’s largest ever pending arbitration proceedings with a value in dispute of several billion euros. Dr. Pitkowitz is Vice President of the VIAC (International Arbitration Court of the Austrian Federal Economic Chamber). He is a referee of major national and international arbitration institutions, Fellow of the Chartered Institute of Arbitrators - FCIArb, Vice Chair of the International Arbitration Committee of the Section of International Law of the American Bar Association (ABA) and Chair of the IBA Real Estate Section. He frequently contributes to seminars and is the author of numerous publications. He is co-editor of the Austrian Yearbook on International Arbitration and co-organizer of the Vienna Arbitration Days.
Contributing Authors
Luis Aboim, White & Case
Eriz Z. Chang, Chang Law
Natalie Victoria Kolos, McCarthy Tétrault LLP
Utku Cosar, Cosar Avukatlik Bürosu
Yuliya Chernykh, ARBITRADE Attorneys-at-law
Eric Chung, White & Case LLP
Isuru Devendra, Clifford Chance
Shashi K. Dholandas, Bailey Duquette P.C.
Kirstin S. Dodge, Homburger AG
Kabir Duggal, BakerMcKenzie LLP
Jalal El Ahdab, Ginestie Magellan Paley-Vicent
Andrew B. Flake, Arnall Golden Gregory LLP
Ania Farren, Berwin Leighton Paisner LLP
Zarghona Fazal, Hadef & Partners LLC
Alexander Foerster, Manheimer Swartling
Anastasiya Grenyuk, ARBITRADE Attorneys-at-law
Miriam K. Harwood,Curtis, Mallet Prevost, Colt & Mosle
Clifford J. Hendel, Araoz & Rueda Abogados
Glenn P. Hendrix, Arnall Golden Gregory LLP
Duarte Henriques, BCH Lawyers
Aoi Inoue, Anderson Mori & Tomotsune
Hyunyang Koo, Lee & Ko
Marielle Koppenol-Laforce, Houthoff Buruma
Anirudh Krishnan, AK Law Chambers
Andrew Larkin, NYU School of Law
Sam Luttrell, Clifford Chance
Brandon Malone, Brandon Malone & Company/Bonaccord
Viren Mascarenhas, King & Spalding, LLP
Karthik Nagarajan, White & Case LLP
Ilya Nikiforov, Egorov Puginsky Afanasiev & Partners
Nelson Ogbuanya, Nocs Consults
Niall Ó hUiginn, Law Library
Pierre Pic, Ginestie Magellan Paley-Vicent
Nikolaus Pitkowitz, Graf & Pitkowitz
James Plotkin, Caza Saikaley srl/LLP
Peter Rees QC, 39 Essex Chambers
Ryan C. Reetz, Bryan Cave
Kenneth B. Reisenfeld, BakerHostetler LLP
Jakob Saettler, Skadden, Arps, Slate, Meagher & Flom LLP
Lawrence Schaner, Schaner Dispute Resolution LLC
Anthony Sebok, Benjamin N. Cardozo School of Law
Anke Sessler, Skadden, Arps, Slate, Meagher & Flom LLP
Khushboo Shahdadpuri, Clyde & Co
Chen Siyuan, Singapore Management University
Ruth Stackpool-Moore, Asia Dispute Funding
Thomas Stouten, Houthoff Buruma
Helen Tang, Herbert Smith Freehills
Christina Trahanas, Curtis, Mallet Prevost, Colt & Mosle
Lakshana Viravalli, Indian Journal of Arbitration Law
Simon Vorburger, Homburger AG
Robert W. Wachter, Lee & Ko
Weina Ye, Herbert Smith Freehills
Gonzalo S. Zeballos, BakerHostetler LLP
Wenceslao Gracia Zubiri, Gracia Carabantes Abogados
"Third-party-funding in arbitration raises in each case a number of difficult questions. A first answer to nearly all of them and for many jurisdictions can be found in the Handbook on Third-Party Funding edited by Nikolaus Pitkowitz making it an indispensable part of the library of any serious arbitration practitioner."
---Prof. Dr. Stefan Kröll, LL.M., Independent Arbitrator/ Director of the Vis Moot and Director of the Center for International Dispute Resolution at Bucerius Law School
"Third-Party Funding is a phenomenon whose interest for arbitration practitioners and academics continues to grow. What the arbitration community needs is a clear, straightforward and highly readable analysis of the problems associated with the practice. That is precisely what this new Handbook offers. However, it goes further. Generalities do not suffice, since practices and policies vary greatly across borders. The book's second part accordingly addresses closely the prevailing practices and policies regarding third-party funding in a series of commercially important jurisdictions. The Handbook is bound to become at once an indispensable resource for those engaged in or touched by third-party funding."
---George A Bermann ,Jean Monnet Professor of EU Law, Walter Gellhorn Professor of Law, and the Director for the Center for International Commercial and Investment Arbitration (CICIA) at Columbia Law School
An excellent contribution to the subject, which combines practical analysis for all key topics on TPF, and very useful reports from a wide range of jurisdictions. An indispensable Handbook on TPF.
---Stavros Brekoulakis, Professor in International Arbitration and Commercial Law
Director of Research Centre for Commercial Law Studies Queen Mary University of London; Co-Chair of the ICCA/QMUL Working Group on Third-Party Funding
Editor
Nikolaus Pitkowitz is founding partner of Graf & Pitkowitz and leads the Conflict Resolution / Litigation & Arbitration as well as the Real Estate & Building Law practice groups. He was educated at the University of Vienna (Mag. Jur. And Dr. jur.) and at the University of St. Gallen (MBL-HSG) and is qualified and registered as a mediator. He began his practice in 1985, always with a strong international orientation, focusing on Central and Eastern Europe. Initially, his practice was focused on real estate and M & A transactions, but soon included litigation, arbitration and mediation. Particularly noteworthy is the activity as a party representative in Austria’s largest ever pending arbitration proceedings with a value in dispute of several billion euros. Dr. Pitkowitz is Vice President of the VIAC (International Arbitration Court of the Austrian Federal Economic Chamber). He is a referee of major national and international arbitration institutions, Fellow of the Chartered Institute of Arbitrators - FCIArb, Vice Chair of the International Arbitration Committee of the Section of International Law of the American Bar Association (ABA) and Chair of the IBA Real Estate Section. He frequently contributes to seminars and is the author of numerous publications. He is co-editor of the Austrian Yearbook on International Arbitration and co-organizer of the Vienna Arbitration Days.
Contributing Authors
Luis Aboim, White & Case
Eriz Z. Chang, Chang Law
Natalie Victoria Kolos, McCarthy Tétrault LLP
Utku Cosar, Cosar Avukatlik Bürosu
Yuliya Chernykh, ARBITRADE Attorneys-at-law
Eric Chung, White & Case LLP
Isuru Devendra, Clifford Chance
Shashi K. Dholandas, Bailey Duquette P.C.
Kirstin S. Dodge, Homburger AG
Kabir Duggal, BakerMcKenzie LLP
Jalal El Ahdab, Ginestie Magellan Paley-Vicent
Andrew B. Flake, Arnall Golden Gregory LLP
Ania Farren, Berwin Leighton Paisner LLP
Zarghona Fazal, Hadef & Partners LLC
Alexander Foerster, Manheimer Swartling
Anastasiya Grenyuk, ARBITRADE Attorneys-at-law
Miriam K. Harwood,Curtis, Mallet Prevost, Colt & Mosle
Clifford J. Hendel, Araoz & Rueda Abogados
Glenn P. Hendrix, Arnall Golden Gregory LLP
Duarte Henriques, BCH Lawyers
Aoi Inoue, Anderson Mori & Tomotsune
Hyunyang Koo, Lee & Ko
Marielle Koppenol-Laforce, Houthoff Buruma
Anirudh Krishnan, AK Law Chambers
Andrew Larkin, NYU School of Law
Sam Luttrell, Clifford Chance
Brandon Malone, Brandon Malone & Company/Bonaccord
Viren Mascarenhas, King & Spalding, LLP
Karthik Nagarajan, White & Case LLP
Ilya Nikiforov, Egorov Puginsky Afanasiev & Partners
Nelson Ogbuanya, Nocs Consults
Niall Ó hUiginn, Law Library
Pierre Pic, Ginestie Magellan Paley-Vicent
Nikolaus Pitkowitz, Graf & Pitkowitz
James Plotkin, Caza Saikaley srl/LLP
Peter Rees QC, 39 Essex Chambers
Ryan C. Reetz, Bryan Cave
Kenneth B. Reisenfeld, BakerHostetler LLP
Jakob Saettler, Skadden, Arps, Slate, Meagher & Flom LLP
Lawrence Schaner, Schaner Dispute Resolution LLC
Anthony Sebok, Benjamin N. Cardozo School of Law
Anke Sessler, Skadden, Arps, Slate, Meagher & Flom LLP
Khushboo Shahdadpuri, Clyde & Co
Chen Siyuan, Singapore Management University
Ruth Stackpool-Moore, Asia Dispute Funding
Thomas Stouten, Houthoff Buruma
Helen Tang, Herbert Smith Freehills
Christina Trahanas, Curtis, Mallet Prevost, Colt & Mosle
Lakshana Viravalli, Indian Journal of Arbitration Law
Simon Vorburger, Homburger AG
Robert W. Wachter, Lee & Ko
Weina Ye, Herbert Smith Freehills
Gonzalo S. Zeballos, BakerHostetler LLP
Wenceslao Gracia Zubiri, Gracia Carabantes Abogados
"Third-party-funding in arbitration raises in each case a number of difficult questions. A first answer to nearly all of them and for many jurisdictions can be found in the Handbook on Third-Party Funding edited by Nikolaus Pitkowitz making it an indispensable part of the library of any serious arbitration practitioner."
---Prof. Dr. Stefan Kröll, LL.M., Independent Arbitrator/ Director of the Vis Moot and Director of the Center for International Dispute Resolution at Bucerius Law School
"Third-Party Funding is a phenomenon whose interest for arbitration practitioners and academics continues to grow. What the arbitration community needs is a clear, straightforward and highly readable analysis of the problems associated with the practice. That is precisely what this new Handbook offers. However, it goes further. Generalities do not suffice, since practices and policies vary greatly across borders. The book's second part accordingly addresses closely the prevailing practices and policies regarding third-party funding in a series of commercially important jurisdictions. The Handbook is bound to become at once an indispensable resource for those engaged in or touched by third-party funding."
---George A Bermann ,Jean Monnet Professor of EU Law, Walter Gellhorn Professor of Law, and the Director for the Center for International Commercial and Investment Arbitration (CICIA) at Columbia Law School
An excellent contribution to the subject, which combines practical analysis for all key topics on TPF, and very useful reports from a wide range of jurisdictions. An indispensable Handbook on TPF.
---Stavros Brekoulakis, Professor in International Arbitration and Commercial Law
Director of Research Centre for Commercial Law Studies Queen Mary University of London; Co-Chair of the ICCA/QMUL Working Group on Third-Party Funding
Foreword
Preface
Disclaimer
TPF Regime Questionnaire for State and Country Reports
PART I. GENERAL REPORTS
Nikolaus Pitkowitz, Graf & Pitkowitz
Kabir Duggal, Baker McKenzie LLP
Khushboo Shahdadpuri, Clyde & Co.
Miriam K. Harwood and Christina Trahanas, Curtis Mallet-Prevost, Colt & Mosle
4 Disclosure and Confidentiality
Viren Mascarenhas, King & Spalding, LLP
Andrew Larkin, NYU School of Law
Shashi K. Dholandas, Bailey Duquette P.C.
6 Sources of Attorney’s Duties to Third Parties in the Litigation Funding Context
Anthony Sebok, Benjamin N. Cardozo School of Law
Peter Rees QC, 39 Essex Chambers
PART II. COUNTRY REPORTS
Sam Luttrell and Isuru Devendra, Clifford Chance
Nikolaus Pitkowitz, Graf & Pitkowitz
Luiz Aboim and Tatiana Roldan Ferri, White & Case LLP
James Plotkin, Caza Saikaley srl/LLP
Natalie Victoria Kolos, McCarthy Tétrault LLP
Helen Tang and Weina Ye, Herbert Smith Freehills
Ania Farren, Berwin Leighton Paisner LLP
Jalal El Ahdab, Ginestie Magellan Paley-Vicent
Pierre Pic, Teynier Pic
Anke Sessler and Jakob Sättler, Skadden, Arps, Slate, Meagher & Flom LLP
Ruth Stackpool-Moore, Asia Dispute Funding
Anirudh Krishnan, AK Law Chambers
Lakshana Viravalli, Indian Journal of Arbitration Law
Niall Ó hUiginn, Law Library
Aoi Inoue, Anderson Mori & Tomotsune
Marielle Koppenol-Laforce and Thomas Stouten, Houthoff
Nelson Ogbuanya, Nocs Consults
Duarte Henriques, BCH Lawyers
Ilya Nikiforov, Egorov, Puginsky, Afanasiev & Partners
Brandon Malone, Brandon Malone & Company/Bonaccord
Chen Siyuan, Singapore Management University
Robert W. Wachter and Hyunyang Koo, Lee & Ko
Clifford J. Hendel, Araoz & Rueda Abogados
Wenceslao Gracia Zubiri, Gracia Carabantes Abogados
Alexander Foerster, Mannheimer Swartling Advokatbyrå
Kirstin S. Dodge and Simon Vorburger, Homburger AG
Utku Coşar, Coşar Avukatlık Bürosu
Yuliya Chernykh and Anastasiya Grenyuk, ARBITRADE
Zarghona Fazal, Hadef & Partners LLC
Glenn P. Hendrix, Arnall Golden Gregory LLP
Gonzalo S. Zeballos, BakerHostetler LLP
Eric Z. Chang, CHANG LAW
Kenneth B. Reisenfeld and Paul M. Levine, BakerHostetler LLP
C. Ryan Reetz, Bryan Cave LLP
Andrew B. Flake, Arnall Golden Gregory LLP
Lawrence Schaner, Schaner Dispute Resolution LLC
Gonzalo S. Zeballos, BakerHostetler LLP
Karthik Nagarajan and Eric Chung, White & Case