Effective immediately, the Commitment enables eligible organisations, which otherwise may be unable to pay those investigation fees, to seek advice in relation to situations caused by the impact of COVID-19 on their business. The investigation will be done on a non-recourse basis, i.e. the claimant will not have to pay for that time spent in almost all circumstances.
The impact of the pandemic will be felt for a long time after the health threat has passed. Hausfeld acknowledges COVID-19’s devastating impact and anticipates that the road to recovery will be long for many businesses. Offering up lawyer time and expertise is the firm’s way to play its part in that recovery.
London managing partner and Hausfeld’s vice chair, Anthony Maton:
“We already see how the coronavirus places severe strain on commercial relationships: performance is not forthcoming or delayed and contracts are breached. With an interrupted supply chain, businesses are impacted – some irreparably so, leading to insolvency. We were looking for a practical and thoughtful way of helping affected businesses. Something that is of real benefit to them in these challenging times. This Commitment is our way of helping out.”
Commercial disputes partner, John McElroy:
“We invite companies who think they or their underlying businesses have been impacted by COVID-19 to get in touch. We anticipate this might be through recently appointed insolvency office holders. During a quick initial check, we will consider the viability and merits of any claim. If we believe the claim is worth pursuing, Hausfeld will commit a pre-agreed part of the Commitment – with a maximum of £50,000 per case – to advise and investigate how we can best assist the client to resolve the dispute.”
For fully investigated meritorious claims, Hausfeld will offer to work with the clients to bring their claims, discussing the full range of alternative fee structures as far as necessary to enable those claims to be pursued.