Two litigation funders are backing rival law firms in a fight for control of a £36 billion ($48.8 billion) suit over the 2015 Fundão dam collapse in Brazil. Law firm Pogust Goodhead brought the UK case against BHP Group Ltd and Vale SA on behalf of more than 600,000 Brazilians affected by the disaster. With the miners found liable in November, the case's two main financial backers are now at odds over how to maximize the payout — and which lawyers should lead the next phase.

The dispute represents Australia's 'first real test' of private credit markets, highlighting the growing complexity of litigation financing. The Fundão dam collapse destroyed property and claimed dozens of lives, making it one of Brazil's worst environmental disasters. Both BHP and Vale face ongoing legal consequences as plaintiffs seek compensation for the extensive damage caused by the catastrophic failure.