Hausfeld is to expand its operations in Europe with the opening of a German office in Berlin after agreeing a EUR30 million deal with Burford Capital to finance competition claims and complex commercial litigation.
Hausfeld Rechtsanwälte LLP will formally open in Berlin by 1 January, 2016 and will be staffed by German partners and other lawyers with significant experience and reputations in the competition area in Germany. Specific personnel announcements will be made in the coming weeks. The offices will be located at Kurfürstendamm 218, Berlin.
There is significant and growing client demand for litigation funding in German – especially in the area of competition litigation, for which Hausfeld is known – and Burford’s EUR30 million commitment will ensure that these claims have the necessary resources to proceed.
Client demand for Hausfeld’s services has grown significantly in Germany based on the rising number of competition (or antitrust) claims. This comes in the wake of substantial activity from the European Commission and Bundeskartellamt, the adoption of the European Directive on Competition Damages Actions. To date, companies bringing claims in Germany have had limited access to the alternative fee and funding arrangements that are often essential for clients pursuing costly and high-stakes competition matters.
Michael Hausfeld, Chairman of Hausfeld, says: “After increasing demand in Germany in recent years, we are delighted to expand our leading global competition litigation team and capacity to meet our clients’ needs in Germany at a key time in Europe as the enhanced rights for claimants under the EC Damages Directive becomes law next year. This is possible not only because of Burford’s committed capital but also its commitment to understanding the needs and opportunities of our firm and its clients.”
Anthony Maton, Managing Partner of Hausfeld in London, says: “We see this venture as a brilliant next step for our firm: it will enhance our ability to offer our clients, amongst the leading German corporations in the retail, transport and automotive sectors, the broadest menu of options in pursuing competition damage claims. This comes as we prepare strong additions on the ground in Germany in our core area of practice and build on our successful collaboration with Burford in London.”
Christopher Bogart, Burford’s CEO, says: “Our financing for Hausfeld’s emerging market opportunity is a terrific example of how we work with firms and businesses to help them innovate and grow. We’re proud to expand our relationship with such a respected competition firm, and we are committed to continuing innovation in the field of litigation finance.”
