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Claimants in AT1 Bonds Class Action Accept Omni Bridgeway Funding Arrangement

By Harry Moran |

Reporting by Law.com International reveals that claimants in a class action brought against the Swiss Financial Market Supervisory Authority (FINMA) have formally accepted a funding agreement with Omni Bridgeway to support the legal action.

The class action is seeking to represent 400 investors who are challenging FINMA over the writing down of $17 billion worth of AT1 bonds issued by Credit Suisse, following the 2023 emergency takeover of Credit Suisse by UBS. The claimants, who are mostly based in Singapore, are being represented by Drew & Napier.

Mahesh Rai, lead partner at Drew & Napier, spoke with Law.com and stated that the value of the class action is set to exceed $250 million, saying that “this claim value will rise as additional investors continue to sign up.” Rai went on to confirm that as part of the funding agreement, Omni Bridgeway “is entitled to a share of any damages recovered by the investors in their claims against Switzerland.”

Whilst the total amount of funding provided by Omni Bridgeway has not been confirmed, the funder’s Singapore investment manager Arvindran Manoosegaran explained to Law.com that it would depend on the number of claimants who register for the lawsuit and the economic viability of the case from Omni Bridgeway’s perspective.

Australian Family Law Funder Announces $92M Capital Raise

By Harry Moran |

Whilst family law is not always an area of the legal system that is top of mind for litigation funders, the appetite for outside funding to support these disputes continues to be reinforced by specialised firms who are raising capital to grow their services.

In an announcement posted on FinTech Australia, JustFund announced a $92 million capital raise that will allow the family law funder to accelerate the growth of its services and expand operations. The capital raise includes $5.7 million in seed round financing led by Xilium Capital, a $75 million senior debt facility from Global Credit Investments (GCI), and another $11 million in mezzanine funding from family offices. The announcement also explained that the capital raise included investments from Startmate, The Legal Tech Fund (USA) and Tripple, among other startup investors.

JustFund was founded in 2022 by the trio of Andy O’Connor, Jack O’Donnell and Craig Carroll. O’Connor and O’Donnell both formerly practiced as lawyers, whilst Carroll brought his experience as a fintech entrepreneur and investor. According to the announcement, in the two years since its founding, the Sydney-based funder ‘has approved more than $95 million in legal funding to support its clients to access more than $1 billion in relationship property settlements.’

Commenting on the capital raise, Carroll explained that the additional funding “will enable JustFund to help thousands more Australians to achieve a fair and equitable distribution of relationship assets and to rebuild their lives following a divorce or separation.” Gavin Solsky, Co-founder of GCI Funds, stated that his firm is “pleased to be aligning with JustFund and supporting their mission to help Australians access legal representation during a challenging time in their lives.”

Emmerson Exploring Funding Options for Investment Dispute with Morocco

By Harry Moran |

Investment treaty disputes between mining companies and nation states have continued to provide legal funders with opportunities to support valuable arbitration claims across the globe. This has once again been demonstrated by an announcement from one such company intending to pursue a dispute with Morocco, enlisting the services of a law firm with a track record of working with funders to support these claims.

An announcement from Emmerson plc reveals that the potash development company has notified the Moroccan government of its intent to pursue an investment dispute over the government’s alleged breaches of a bilateral investment treaty (BIT) between Morocco and the United Kingdom. The mining exploration and development company stated that it “has engaged Boies Schiller Flexner LLP as its litigation counsel and is examining various funding avenues for an investment dispute.” Emmerson’s announcement does not provide any significant details about the nature of the investment dispute but does refer to the development of the Khemisset Potash Project in Northern Morocco, which is likely where the dispute’s origins lie with this project. 

Emmerson stated that it had provided this notification to the Moroccan government so that the two parties could “engage in discussions regarding cash compensation for the damages incurred because of Morocco's breaches of the BIT, with a view to achieving an amicable resolution of the dispute.” However, Emmerson asserted that if these discussions cannot find a resolution, then the company “intends to submit a claim for arbitration under the BIT, seeking damages for the harm described above, plus interest, costs, and any such further relief as the Tribunal may deem appropriate in the circumstances.”

The announcement also references Boies Schiller Flexner’s involvement in two other investment treaty disputes: the GreenX Metals arbitration with Poland and the dispute between an Indiana Resources subsidiary and Tanzania. As LFJ has previously reported, both the GreenX Metals and Indiana Resources arbitration claims were funded by Litigation Capital Management (LCM).

Hannah Sadler Joins GLS Capital Patent Investment Team

By Harry Moran |

Hannah Sadler has joined the firm as a vice president and member of the patent investment team.

“We are very happy to welcome Hannah to GLS Capital as a vice president and member of our team focusing on patent investments,” said Adam Gill, a GLS Capital managing director, co-founder, and leader of the firm’s patent-related investing. “Attracting top-tier talent is essential for continuing to help our clients achieve success, and Hannah’s background in patent litigation will be invaluable for navigating the complexities of patent investments and helping to drive our mission forward.”

Sadler focuses on diligence around qualified underwriting opportunities and monitoring and managing the firm’s patent litigation investments.

Before joining GLS Capital, Sadler was a patent litigator at Global IP Law Group in Chicago. She has over a decade of experience with all aspects of patent portfolio management and enforcement, including prosecution, litigation, sales, licensing, and portfolio valuation.

Sadler earned her J.D. (cum laude) from DePaul University College of Law and her Bachelor of Arts from the University of San Diego.

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Community Spotlights

Community Spotlight:  Luke Darkow, Portfolio Manager, Aperture Investors

By John Freund |

Luke Darkow is a Portfolio Manager at Aperture Investors, bringing over 13 years of experience in investing with a specialization in litigation finance private credit investments. Throughout his career, he has been instrumental in sourcing, analyzing, structuring, and managing investments, deploying more than $1 billion into the litigation finance asset class. Luke leverages a well-established network of plaintiff law firms and legal service providers to access and originate opportunities within this specialized field.

Before Aperture, Luke was a Principal and Portfolio Manager at Victory Park Capital, where he led a litigation finance asset-based lending strategy. His background also includes roles at TPG Capital and Morgan Stanley, further enriching his expertise in finance and investment management. Luke holds a B.S. in Business Administration with a focus on Finance – Applied Investment Management from Marquette University.

Company Name and Description:  Aperture Investors is an alternative asset manager founded by Peter Kraus, focusing on specialized credit and equity strategies across global markets. The firm aims to generate compelling returns in capacity-limited strategies, emphasizing a client-centric approach. Aperture operates as part of the Generali Investments ecosystem, combining boutique agility with large-scale resources. Aperture supports private credit litigation finance, structured credit, and diverse equity strategies, managing over $3 billion in assets.

Company Website: https://apertureinvestors.com/

Year Founded: Founded in 2018 by Peter Kraus in partnership with Generali Group, one of the largest global insurance and asset management companies

Headquarters:  Headquartered in New York with offices in London and Paris

Area of Focus:  Aperture Investors approaches litigation finance through a private credit perspective, prioritizing capital protection and steady income by utilizing structured term notes. These notes are backed by diversified, settled, or short-duration legal claims, offering lower volatility than traditional litigation funding, which depends on individual case outcomes and carries higher uncertainty and risk.

We primarily focus on lending against legal claims that are either post-settlement or procedurally mature, near-settlement, and/or short-duration. This approach emphasizes secured lending on more predictable claims to reduce volatility and enhance income stability

Member Quote: "The litigation finance asset class generally exhibits minimal correlation with broader capital markets, is highly inefficient, and continues to grow as demand for legal funding exceeds available capital, creating a compelling opportunity for private credit lenders like Aperture Investors."

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Omni Bridgeway Releases Investment Portfolio Report at 30 September 2024

By Harry Moran |

Omni Bridgeway Limited (ASX: OBL) (Omni Bridgeway, OBL, Group) announces the key investment performance metrics for the three months ended 30 September 2024 (1Q25, Quarter). 

Summary 

  • Investment proceeds of A$105.8 million in 1Q25; A$14.2 million provisionally attributable to OBL1, excluding management and performance fees. 
  • Performance fees of A$9.7 million received during the Quarter2
  • Management, transaction and equivalent fees of A$5.9 million during the Quarter. 
  • 15 full and partial completions in the Quarter, delivered an overall multiple on invested capital (MOIC) of 2.7x. 
  • 7 full completions during the quarter had a combined fair value conversion ratio of 97%3
  • A$129 million in new fair value added from A$138 million of new commitments. 
  • Strong pipeline, with agreed term sheets outstanding for an estimated A$198 million in new commitments, if converted. 
  • Transaction fees have successfully been included in nearly all new commitments made in FY25 and/or negotiated in new term sheets. 
  • OBL cash and receivables of A$114 million at 30 September 2024. 
  • A$0.8 billion of fair value in potential completions over the next 12 months. 
  • Good progress in relation to the strategic focus areas of cost optimisation and secondary market transactions. 

Key metrics and developments for the Quarter 

Income and completions 

  • During the Quarter, five full completions and seven partial completions were recognised, and two full completions and one partial completion were recorded as income yet to be recognised (IYTBR), resulting in proceeds of A$105.8 million for the quarter, with A$14.2 million provisionally attributable to OBL (excluding management and performance fees1). 
  • The overall MOIC on these 15 full and partial completions during the quarter (incl. IYTBR) was 2.7x.
  • The seven full completions during the Quarter (incl. as IYTBR) had a combined fair value conversion ratio of 97%.3 The fair value conversion ratio for all 31 fully completed investments (excl. as IYTBR) since transitioning to fair value per 31 December 2023 is 111%. 

New Commitments

  • As per the date of this report, new commitments of A$138 million were made to 10 new investments as well as to a number of investments with increased investment opportunities. This level, proportionate to the full year target, reflects the typical northern hemisphere seasonality, and is in line with prior years.
  • Total new commitments include A$28 million of potential external co-fundings for new investments originated and managed by OBL. OBL will be entitled to separately agreed management fees, transaction and performance fees on such external co-funding.
  • The fair value associated with these new commitments is A$129 million.
  • Strong pipeline of 34 agreed exclusive term sheets, representing approximately A$198 million in investment opportunities.
  • Transaction fees have been successfully included in the majority of new commitments made and term sheets signed in FY25. Transaction fees have typically been structured as a combination of an upfront fee and an annual recurring fee at or exceeding on average 2.5% of the investment commitment (in total over the life of the investment). 

Portfolio review

  • As at 30 September 2024, A$0.8 billion of fair value is assessed to potentially complete in the 12 months until 30 September 2025 (12 Month Fair Value). The 12 Month Fair Value is the proportionate part of our total book fair value, which has expected cash inflows over the applicable 12 month period based on the underlying probability weighted net cash flows fair value models. All, part or none of these investment inflows may eventuate during the 12-month period.

Corporate 

As announced during the full year results presentation on 29 August 2024, the current strategic focus is on cost optimisation, and fair value validation through completions and secondary market transactions. 

Secondary market discussions on multiple assets are progressing well. A status update will be provided at the semi-annual results presentation or through specific prior ASX announcements.

The AGM of the Company will be held in Sydney, on 19 November 2024, and will be in person only. For more information, visit https://omnibridgeway.com/investors/annual-generalmeeting.

Cash reporting and financial position

At 30 September 2024, the Group held A$113.6 million in cash and receivables (A$71.2 million in OBL balance sheet cash, A$1.0 million in OBL balance sheet receivables and A$41.4 million of OBL share of cash and receivables within Funds).

In aggregate, at 30 September 2024 OBL had approximately A$114 million to meet operational needs, interest payments, and fund investments before receiving any proceeds from investment completions, secondary market sales, management and transaction fees, and associated fund performance fees.

Footnotes

  1. Represents indicative cashflows (excluding management and performance fees) from the Funds to OBL in connection with the investment completions. It represents the aggregate estimate of the cash distributed and yet to be distributed under the various distribution waterfalls of the Funds assuming investment proceeds are gross cash proceeds. The Fund's capital status and waterfalls operate on a cash collection and distribution basis and do not align with the accounting treatment. Accordingly, the income and NCI attribution disclosed in the Group Consolidated Financial Statements will not necessarily match this.
  2. Performance fees received are subject to clawback arrangements, to ensure that performance fees ultimately reflect actual fund returns and applicable hurdles. As a result, accrual of performance fees for accounting purposes will generally occur in a later period to the cash receipt.
  3. The fair value conversion ratio indicates the ratio of cash proceeds and deployments in connection with completed investments, discounted back to the date of the last reported portfolio fair value (30 June 2024 currently), compared to the reported fair value of such completed investments as at that prior reporting date.
  4. All metrics presented are on a full investment basis, excluding the impact of co-investments or partial secondary sales. This reflects a change in methodology from market disclosures prior to FY25, and better reflects the performance of the investments originated, underwritten and managed by the Group.
  5. Full life to date metrics include any partial completions in prior periods for the investments involved.
  6. Relates to full completions recognised and yet to be recognised during the Quarter.
  7. IYTBR reflects the status as per 30 September 2024. If a matter was originally reported as IYTBR for a period and has been recognised as revenue in a later quarter, it is no longer reported in this table as IYTBR in the initial period.
  8. Includes Funds 2&3, Fund 4, Fund 6, and Fund 8 and represents OBL's portion of each respective Fund.
  9. Includes Fund 5, which is not consolidated within the Group Consolidated Financial Statements, and represents OBL's 20% interest.
  10. Includes Funds 2&3, Fund 4, Fund 6, and Fund 8 and represents the external investors' portion of each respective Fund. 

Further information

Further information on terms used in this announcement is available in our Glossary and Notes:

https://omnibridgeway.com/investors/omni-bridgeway-glossary (Glossary)

https://omnibridgeway.com/docs/default-source/investors/general/omni-bridgeway-notes-toquarterly (Notes)

The Glossary and Notes contain important information, including definitions of key concepts, and should be read in conjunction with this announcement.

The investments of Funds 2&3, Fund 4 and Fund 6 are consolidated within the Group Consolidated Financial Statements, along with the interest of the respective external fund investors.

The investments of Fund 8 are consolidated within the Group Consolidated Financial Statements. Fund 1 was deconsolidated on 31 May 2023; its metrics, effective from this date, are not disclosed in this document. The Fund 4 IP portfolio was deconsolidated on 8 December 2023 following the sale of a 25% interest in these investments.

Fund 1 and Fund 5 are not consolidated within the Group Consolidated Financial Statements; the residual interest in Fund 1 and in the Fund 4 IP portfolio are recognised as an investment in associate, Fund 5 is brought in at the Group’s attributable 20% share of income, assets, and liabilities. Throughout this document, Fund 5 is presented at 100% values (except where otherwise stated) for consistency of presentation across OBL's funds.

Commitments include conditional, and investment committee approved investments. This report includes a number of concepts, such as fair value and income yet to be recognised, which are classified as a non-IFRS financial measure under ASIC Regulatory Guide 230 “Disclosing non-IFRS financial information”. Management believes that these measures are useful for investors to understand the operations and financial condition of the group. Unless expressly stated, this non-IFRS financial information has not been subject to audit or review by BDO in accordance with IFRS.

The figures presented in this document are based on preliminary data and have not been audited. While every effort has been made to ensure the accuracy of the information, these figures are subject to change and should not be considered final. 

This announcement is authorised for release to the market by the Disclosure Committee.

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NorthWall Appoints Shannon Cody as Head of Business Development, EMEA

By Harry Moran |

NorthWall Capital ("NorthWall"), a leading credit investment firm delivering private capital solutions to counterparties in Western Europe, today announces the appointment of Shannon Cody as Head of Business Development, EMEA. Shannon will focus on strengthening relationships with existing global institutional investors, while expanding the firm's client base through new partnerships. Her efforts will play a key role in driving capital growth across NorthWaII's core strategies, which include Opportunistic Credit, Senior Lending, Asset-Backed Lending and Legal Assets.

Shannon brings with her over 15 years of experience in business development roles at leading financial institutions. Most recently as Head of EMEA Business Development at Mudrick Capital Management, she led the firm's business development, sales and client services across EMEA and APAC. Shannon was pivotal in growing Mudrick's London office, spearheading campaigns focused on distressed and stressed credit strategies. Prior to this, Shannon held senior roles at Barclays and Morgan Stanley, where she led capital introduction efforts across Europe.

Fabian Chrobog, Founder and Chief Investment Officer at NorthWaII Capital, said: "We are thrilled to welcome Shannon Cody to NorthWall at this exciting time for our firm. Her extensive experience in establishing long-term partnerships with investors will be crucial as we continue to expand our footprint across EMEA. Shannon will help us deepen relationships with our institutional investor base as we continue to scale our flagship credit strategies."

Shannon Cody, Head of Business Development, EMEA at NorthWaII Capital, said: "I am excited to join NorthWall and look forward to working with the team to expand our presence across the region and drive continued fundraising success."

Earlier this year NorthWaII announced the final close of its flagship North Wall European Opportunities Fund Il and associated vehicles attracting more than €640m in investor commitments, surpassing its initial €500m target and more than doubling the size of its predecessor vintage.

For more information, please visit www.northwallcap.com.

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CJC Publishes Interim Report and Consultation on Litigation Funding

By Harry Moran |

In an announcement from the Civil Justice Council (CJC), the Litigation Funding Working Group has published the Interim Report and Consultation for its review of litigation funding. As laid out in the report’s foreword, the publication of the Interim Report represents the first phase of the working group’s efforts, and therefore does not contain any recommendations at this stage. The purpose of the Interim Report is to provide the background to the issues being examined, as well as providing the context for the questions in the Consultation.

The report itself is divided into six parts, which are as follows:

  1. The Development of Third Party Litigation Funding in England and Wales
  2. The Development of Self-Regulation of Third Party Litigation Funding
  3. Different Approaches to Regulation
  4. Approaches to Regulation in Other Jurisdictions
  5. The Relationship between Costs and Funding
  6. Funding Options

Each of these parts is further divided into two sections, with the first section acting as a brief overview of the topic that covers the ‘Key Points’. The second section provides an in-depth exploration of these issues, including examples of relevant case law and drawing upon existing research and studies covering third-party litigation funding.

The Consultation, which represents the second phase for the working group includes a list of 39 questions which consultees are encouraged to answer, divided into the following categories:

  • Questions concerning ‘whether and how, and if required, by whom, third party funding should be regulated’ and the relationship between third party funding and litigation costs.
  • Questions concerning ‘whether and, if so to what extent a funder’s return on any third party funding agreement should be subject to a cap.’
  • Questions concerning how third party funding ‘should best be deployed relative to other sources of funding, including but not limited to: legal expenses insurance; and crowd funding.’
  • Questions concerning the role that should be played by ‘rules of court, and the court itself . . . in controlling the conduct of litigation supported by third party funding or similar funding arrangements.’
  • Questions concerning provision to protect claimants.
  • Questions concerning the encouragement of litigation.
  • General Issues

The consultation period is now open and will run for three months, closing on Friday 31 January 2025 at 23:59.

The publication of the Interim Report and Consultation is accompanied by the following statement from Sir Geoffrey Vos, Master of the Rolls, Head of Civil Justice and Chair of the CJC: 

“I welcome the publication of the CJC’s interim report and consultation on litigation funding. Litigation funding plays an important role in ensuring access to justice. I am grateful to co-chairs Dr John Sorabji and Mr Justice Simon Picken, and their working group for this report. I encourage all interested parties to read the report and respond to the consultation, which will run until Friday 31 January 2025. I look forward to the publication of the Working Group’s final report in summer 2025.

“It is a busy and exciting time for the CJC, which is also conducting a review of the Solicitors Act 1974, through a working group chaired by Mr Justice Adam Johnson. The CJC understands that there will be areas of overlap between the work of that group and the Litigation Funding Group. It will create valuable consistency and coherence for the Solicitors Act Working Group to be able to take account of the responses to this Consultation by the Litigation Funding Group as they take forward their work in the new year.” 

Following the conclusion of the consultation period, the third and final phase will begin, during which the Working Group will prepare and then submit its Final Report and Recommendations to the CJC. The Interim Report confirms that the current timeline still expects for the Final Report to be delivered and published by the summer of 2025.

The Interim Report’s appendices also include a full list of the members for both the Working Party and the wider Consultation Group, listed below.

Working Party

Mr Justice Simon Picken (CJC member) – Co-Chair, Dr John Sorabji (CJC member) – Co-Chair, Mrs Justice Sara Cockerill, Professor Christopher Hodges OBE (Regulatory Horizons Council), Lucy Castledine (Financial Conduct Authority), and Nicholas Bacon KC.

Wider Consultation Group

Alistair Kinley (Director of Policy & Government Affairs, Clyde & Co), Professor Andrew Higgins (CJC member; Professor of Civil Justice Systems, University of Oxford), Dr Mark Friston (Barrister, Hailsham Chambers; Bar Council Representative), Jackie Griffiths (Head of Regulatory Policy, Solicitors Regulation Authority), Jamie Molloy (Head of ATE, Ignite Speciality Risk), Jennifer Morrissey (Partner, Harcus Parker; Law Society Representative), Julian Chamberlayne (Partner, Stewarts) Kenny Henderson, (Legal Adviser, Fair Civil Justice; Partner, CMS Cameron McKenna Nabarro), Lucy Anderson (Senior Lawyer, The Consumers’ Association (Which?)), Neil Purslow (Chair of the Executive Committee, International Legal Finance Association; UK CIO, Therium Litigation Funding), Professor Neil Rickman (Professor of Economics, University of Surrey), Nicola Critchley (CJC member; Partner, DWF), Professor Rachael Mulheron KC (Hon) (Professor of Tort Law and Civil Justice, Queen Mary University of London), Rhea Gupta (Legal and Policy Research Consultant, Class Representatives Network), Stephen Wisking (Partner, Herbert Smith Freehills), Suganya Suriyakumaran (Legal Services Board), Susan Dunn (Director, Association of Litigation Funders; Head of Litigation Funding, Harbour Litigation Funding), Tajinder Bhamra (Interim Head of Civil Litigation Funding and Costs Policy, Ministry of Justice), and Tom Steindler (Managing Director, Exton Advisors).

The full Interim Report can be read here

Deminor Shares Views on European Commission’s Mapping Study on Funding

By Harry Moran |

Following the publication and adoption of the Voss Report by the European Parliament, industry participants and observers have been waiting to see how the European Union would potentially proceed towards a new legislative framework for regulating third-party funding.

An insights article from Deminor, authored by Patrick Rode and Joeri Kline, looks at the mapping study conducted by the European Commission on the state of third-party litigation funding across the EU. The article first provides an overview of the Commission’s study, in terms of the issues the study explored and its aims, before going on to offer some additional insights into Deminor’s contributions to the study and the funder’s view on the future of European funding regulations.

As Rode and Kline explain, the Commission’s study has a broad scope, exploring everything from the volume and types of cases that are being funded, to the nuances of funding arrangements and the returns on investments for funders. They also note that the study is taking into consideration the existing regulations covering funding within each EU member state, analysing the effectiveness of these rules and the parallel impact of funding. On this last point, it is clear the study wishes to explore both the perceived positive benefits of funding, such as widening access to justice, as well as the alleged negative impact of litigation costs.

Rode and Kline share that Deminor “has actively contributed to this debate by submitting its responses to the Commission”, providing information on its own funding engagements whilst also emphasising that its clients “are capable of negotiating and securing transparent and equitable funding agreements.” They go on to say that the funding agreements agreed between Deminor and its clients “ensure fair and market-aligned compensation for Deminor while addressing potential conflicts of interest in a manner that protects the interests of all parties involved.”

Deminor’s article concludes by stressing “the importance of maintaining a balanced approach to regulation – one that preserves the flexibility needed for sophisticated institutional investors while ensuring fairness and transparency for all parties engaged in litigation funding agreements.”

Lawyers for Civil Justice Launch ‘Ask About TPLF’ Campaign

By Harry Moran |

As the debate over disclosure and transparency requirements for litigation funding continue in different jurisdictions across the globe, one US advocacy organization has started a new campaign to act as a focal point for those in favour of introducing a federal disclosure rule.

An announcement from Lawyers for Civil Justice (LCJ) revealed that it has launched a new campaign focused on third-party litigation funding (TPLF) disclosure, called ‘Ask About TPLF’. The initiative calls on courts and parties involved in civil litigation to ask about the presence of any third-party funding in their cases, arguing that it is essential for everyone involved to be aware of potential conflicts of interest and to establish who is controlling the decision-making process in these lawsuits.

LCJ stated that the Ask About TPLF campaign has three objectives:

  • Advocate for a clear, uniform rule requiring disclosure of TPLF.
  • Encourage courts and parties to ask about TPLF in their civil cases.
  • Build the case for a uniform rule by spotlighting the inconsistent – and in some cases inappropriate – responses by courts to motions seeking TPLF disclosure.

According to LCJ, the launch of the Ask About TPLF initiative follows the news that earlier this month, the U.S. Judicial Conference's Advisory Committee on Civil Rules agreed to begin a study into litigation finance, to ascertain whether a federal rule governing disclosure of third-party funding was necessary. LCJ also referenced the letter signed by over 100 companies that called for such a disclosure rule to be introduced in the Federal Rules of Civil Procedure (FRCP).

More information on Ask About TPLF can be found on the campaign’s website, as well as on X/Twitter and LinkedIn.

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