Litigation Finance Conference Europe was hosted at the Rosewood Amsterdam. The hotel was previously a Hall of Justice, marking a stark contrast with the injustices and frivolous lawsuits litigation finance is often accused of promoting. Image Source: Pietboon

Despite this legacy, he is celebrated by the litigation finance industry, and frequently invited to provide his expert opinion.

Most recently, Purslow featured on the opening panel for LITFINCON Europe in Amsterdam. LITFINCON events continue to take place across the world, including LITFINCON Asia in Singapore earlier this year. A bullish tone of optimism is consistently exhibited.

But just what are they celebrating? 2026 has been marked by the continued decline of litigation finance firms, with LCM, Woodville Consultants and Fenchurch Legal in retreat during the last six months alone.

Before that, Burford, the largest litigation funder, saw half its share value wiped out when its investment in the high risk and politically charged arbitration against Argentina’s energy firm, YPF, failed.

Purslow himself has tried to mollify public perception of the decline of his industry. But only last year, it was Neil Purslow’s own firm, Therium, that was in headlong retreat when its flagship case, the Sulu arbitration, was thrown out by the French court in December 2025.

Purslow’s victory: the failed Sulu arbitration

The Sulu arbitration sought to seize nearly $15 billion in Malaysian sovereign assets on behalf of eight self-proclaimed heirs to the historical Sulu Sultanate, which ceased to exist in 1915. The Sulu claimants’ royal descent remain contested, yet litigation funder Therium backed their case, which sought to establish a right to compensation rooted in the sultanate’s historical rule over Sabah during the 1800s.

The unilateral $15 billion valuation was based on the territory’s present-day economic productivity, transforming a disputed historical claim into a multibillion-dollar legal pursuit from which Therium stood to profit immensely.

In the end, those profits did not appear. Instead, the case’s dismissal of visiting the courts of Spain, France, the Netherlands and Luxembourg, led to a total loss on Therium’s investment. Anticipation of this loss likely fueled the downsizing of Therium earlier in 2025, which was followed by the ending of its business as a litigation funder. Instead, Purslow now leads a litigation funding advisory that seeks to connect others to funders and advise on deployment of those resources.

“The Sulu claimants’ royal descent remain contested, yet litigation funder Therium backed their case, which sought to establish a right to compensation rooted in the sultanate’s historical rule over Sabah during the 1800s.”

Others involved with the Sulu arbitration are also quietly celebrating what they see as success. ILFA has named the Sulu arbitration’s Spanish lawyers, law firm B. Cremades y Asociados, as third on a shortlist of companies for “Outstanding Arbitration Firm or Team.”

Leaving aside the fact that Purslow is the chairman of the executive committee of the ILFA, or that B. Cremades y Asociados was a firm that Purslow’s own Therium funded during the arbitration, just what does Cremades have to celebrate?

Cremades’ case failed, and the arbitrator that initially ruled in their favor was found guilty of contempt of court for his conduct.

Continuing fallout for the people of the Philippines and Malaysia

The case’s end in Europe has also not spelled a conclusion back in Sulu or Malaysia. The Sulu arbitration Cremades defeated and Purslow’s Therium funded returned a nationalistic attention to the idea that the Philippines, of which Sulu is a part of, should claim Malaysia’s Sabah state. Ahead of the 2028 Philippine elections, the tension has only ratcheted up.

Recent efforts by the Philippines to increase its military presence in the South China Sea has already been received in the context of the Sabah claim championed by the Sulu arbitration. Malaysia has in response announced its own plans to increase its defense capabilities in the region.

So while Purslow and others responsible for the Sulu arbitration celebrate a litigation funding industry in decline in Europe, the very real damage of funding inadequately vetted cases continues to play out in Southeast Asia.

REFERENCES

AP News. (2025, August 5). Philippines condemns China’s rocket launch after suspected debris sparked alarm. https://apnews.com/article/

Bale, R. (2016, August 29). One of the World’s Biggest Fisheries Is on the Verge of Collapse. National Geographic. https://www.nationalgeographic.com/

Bworldonline. (2025, August 6). PHL military launches air and sea search for Chinese rocket debris near Palawan province. https://www.bworldonline.com/the-nation/

Esguerra, D. (2025, August 6). PH alarmed as China rocket debris falls on local waters. Philippine News Agency. https://www.pna.gov.ph/

Dumalag G and Ticke, G. (2025, August). Falling debris feared as China launches rocket near Palawan. Inquirer. https://www.inquirer.net/

Larioza, M. (2024, April 4). Timeline of Chinese Harassment of Second Thomas Shoal Resupply Missions. USNI News. https://news.usni.org/

Mendoza, E. (2025, March 4). West PH Sea: Navy slams ‘absurd, baseless’ China social media claim on Palawan. Inquirer. https://www.inquirer.net/