Moore Stephens, the City-based accountancy and advisory firm, is facing a $173.6m (£90m) negligence claim in one of the largest lawsuits to be brought with the help of independent “litigation funding”.

Under such arrangements, third parties, unconnected with either the claimant or defendant and ranging from specialised providers to hedge funds, put up finance to help pursue a claim in return for a share in the proceeds if it succeeds.