Bugsby Property in funding dispute over Olympia lawsuit
US real estate investment firm Bugsby Property has failed in its bid to force a litigation funder into arbitration. The dispute arises from Bugsby’s successful lawsuit over the sale of London event space Olympia.
Olympia was bought in 2017 by a consortium put together by British investment firm Yoo Capital, with former owner Capco rejecting a bid from Bugsby and a Chinese firm. Legal & General’s property investment unit LGIM helped arrange finance for the successful bid.
Bugsby alleged it had previously approached LGIM to help finance a bid for Olympia, and they had signed an exclusivity and confidentiality agreement. This led to litigation and, in July 2022, a High Court judge ruled that L&G must pay Bugsby £14.9m in damages.
US real estate investment firm Bugsby Property has failed in its bid to force a litigation funder into arbitration. The dispute arises from Bugsby’s successful lawsuit over the sale of London event space Olympia.
Olympia was bought in 2017 by a consortium put together by British investment firm Yoo Capital, with former owner Capco rejecting a bid from Bugsby and a Chinese firm. Legal & General’s property investment unit LGIM helped arrange finance for the successful bid.
Bugsby alleged it had previously approached LGIM to help finance a bid for Olympia, and they had signed an exclusivity and confidentiality agreement. This led to litigation and, in July 2022, a High Court judge ruled that L&G must pay Bugsby £14.9m in damages.
According to a ruling handed down this week, after the 2022 court victory, Bugsby, anticipating an appeal, renegotiated its agreement with the litigation funders that were financing the case.
However, the case settled for more than £15m without going to appeal.
This led to a dispute between Bugsby and litigation funders Therium Litigation Finance and Omni Bridgeway over whether the terms of the limitation funding agreements were enforceable, and how much they were owed.
Therium agreed to arbitrate the case at the London Centre For International Arbitration, a private forum for setting business disputes that is less formal than the courts.
Omni and Bugsby hadn’t agreed over how the LCIA arbitration should go ahead, which led to Bugsby asking a High Court judge to order an arbitration.
However, in a ruling handed down earlier this week, High Court judge Dame Clare Moulder refused. She said Bugsby had been unable to show that a specific clause in the agreement with Omni was an arbitration agreement.
If Bugsby and Omni can’t agree on an arbitrator and the dispute doesn’t end up at the LCIA, Bugsby may have to choose whether to settle the case or fight it in public at the High Court.
(1) Bugsby Property LLC and (2) Bugsby Investments Ltd v (1) Omni Bridgeway (Fund 5) Cayman Invt Ltd and (2) Therium Litigation Finance A IC
Commercial Court (Dame Clare Moulder DBE) 25 November 2025
