Thursday, 11 April 2013

Axiom Fund failure claims another law firm victim


The Axiom Legal Financing Fund scandal continues to cause a ripple effect in the legal industry.

Not long after Axiom was placed into receivership by the Cayman court following serious allegations of mismanagement and malpractice, Tandem Law put its entire workforce on notice that they were at risk of redundancy.  Now we see Ashton Fox, the Preston based law firm, has been acquired by a rival in a pre-pack deal following its own collapse into administration.

Both law firms were recipients of significant funding from Axiom to finance client group action litigation, and were plunged into crisis following the Fund’s sudden closure.

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