ORJ’s litigation specialist lawyers Mike Smyth and Patrick Tedstone, successfully arranged £3 million litigation funding for their client Wedgwood Group. The funding was secured to pursue a leading City law firm in a £100 million+ professional negligence action against Wedgwood.
The claim revolves around the insolvency of one of Staffordshire’s greatest manufacturers., The Wedgwood Group that were placed into administration. The group pension fund of the manufacturer had a shortfall at the date of the group’s insolvency in excess of £100 million.
Because of the operation of pensions rules, under the ‘last man standing’ principle the entire shortfall became the liability of the only remaining solvent and trading group company; a museum associated with the manufacturer. This led to the Wedgwood Museum Trust Ltd, with 5 employees, becoming liable for the Wedgwood Group’s trading company’s 8,000 employees and the entire pension deficit for the group. This in turn put the assets of the museum’s historic Wedgwood Collection of over 80,000 works of art, ceramics, manuscripts, letters and photographs for the nation under risk.
Click to view a selection of related blogs.