Veteran Sleuth Jules Kroll Starts Litigation Finance Firm (1)

A spook, a banker and a lawyer walk into a bar. Perhaps unsurprisingly, they decide to start a litigation finance company.

Jules Kroll, founder of the investigations firm that bears his name, will on Monday announce the formation of a venture that will help fund corporate lawsuits in exchange for a cut of any payout. He has teamed up with a trio of former legal and banking advisers and is receiving as much as $150 million in backing from Evanston, Illinois-based hedge fund Magnetar Capital, Kroll said in an interview.

Jules Kroll

The fund, called BlueWhite Legal Capital, will focus ...