After receiving an application for funding Libra performs an initial review in order to determine whether the claim meets its basic funding criteria. If the initial review is positive and the claim appears to offer good prospects of success the case is then considered by Libra's experienced group of lawyers in its claim analysis team which comprises both internal and external legal resource (a one-time fee is required).
If the detailed legal analysis is positive and the case meets Libra's investment criteria, Libra shall prepare a funding agreement, to be executed by the applicant, setting out in detail the arrangements between Libra and the applicant including the process for paying the applicants legal and ancillary expenses, the milestones for payment and the basis on which proceeds will be divided once a favorable judgment is obtained. In addition, a report will be prepared for the investment committee comprised of very experienced senior lawyers, outside counsel and retired judges who will have the final decision on whether to approve the case for funding.
Finally, the matter will be considered by the investment committee which will consider whether the claim is suitable for funding. In the event that the investment committee recommends funding the legal proceeding, the funding agreement will also be executed by Libra.
Once the agreement is in place Libra will provide non-recourse funding to the applicant to fund the legal costs and ancillary expenses required to obtain a successful outcome in the proceedings.