The Specialist for Pension Trustee Liability Insurance
TheJudge has been working in partnership with Thomas Miller, the Managers of OPDU, for five years and is a leading provider of legal expenses insurance and litigation funding, with a key specialism in pension related disputes.
TheJudge has been engaged to hedge risk for major pension funds pursuing loss recovery programmes against fund managers and/or financial institutions following breach of contract, negligent advice, misrepresentations through to complex frauds. These engagements can be for cases being litigated in the UK, internationally or both as part of a global recovery campaign.
Both OPDU and TheJudge understand the cost consequences and risks to pension fund assets which trustees need to fully consider before deciding whether to bring proceedings against a third party. We realise that concerns over legal costs may on occasion prevent the case from being brought altogether.
Fortunately, there are solutions…
After the Event (‘ATE’) insurance or “legal expenses insurance” can provide trustees with complete costs protection in the event that a claim needs to be pursued against a third party.
In addition to covering any potential adverse costs which trustees could face in the event of an unsuccessful case, TheJudge has access to insurers that can potentially extend policy coverage to include 100% of the trustees’ own legal fees. This provides the insured party with complete protection from the legal cost exposure of pursuing a recovery.
This specialist insurance market is unique in that insurers can consider cases at an early or advanced stage in proceedings.
Uniquely the insurance premium is only payable following a successful resolution. Accordingly, if the case loses or judgment cannot be enforced insurers do not receive a premium and will indemnify the insured legal costs.
TheJudge can arrange policies with indemnities for legal costs ranging from £250,000 to £20,000,000 in respect of any one case.
Where interim cash-flow is required in addition to insurance coverage, TheJudge has access to some of the most competitively priced finance solutions available in today’s marketplace.
The capital advanced is non-recourse, meaning it is only returned to the funder if the case succeeds and a recovery made. Crucially, therefore, if the case is unsuccessful or a recovery is not made, there is no fee payable to the funder.
Members of OPDU are guaranteed an entirely free and expedited consultancy service from TheJudge.
In addition, TheJudge has an excellent track record in sourcing cost effective legal representation from some of the world’s leading law firms, where required. If necessary, this can involve arrangement of interconnecting firms in different jurisdictions, operating under different retainers.
OPDU protects pension schemes by providing unique Pension Trustee Liability insurance cover to trustees, administrators and sponsoring employers.
Pension Schemes holding total combined assets in excess of £180 billion have joined OPDU.