Meta and Google are shifting their defense strategy in a landmark social media addiction trial, turning attention to the 20-year-old plaintiff's personal circumstances rather than platform design. The case is backed by litigation funder Flashlight Capital through the Social Media Victims Law Center, with potentially billions of dollars at stake across related claims.

As reported by Bloomberg Law, Meta plans to call the plaintiff's therapists as witnesses to argue that her psychological issues stem from "turmoil in her family and school life rather than the platforms." Google intends to present YouTube usage data showing the plaintiff averaged only 30 minutes of daily use, contending that is not enough to qualify as addiction.

Meta stated that "the evidence simply doesn't support reducing a lifetime of hardship to a single factor," signaling a defense built around causation rather than product safety. The approach marks a notable pivot from earlier phases of the litigation, which focused more directly on platform design and algorithmic recommendations.

The case is being closely watched across the litigation finance industry as a bellwether for social media mass tort claims. Flashlight Capital's involvement underscores the growing role of third-party funders in backing large-scale consumer harm litigation, particularly in emerging areas where individual plaintiffs may lack the resources to take on major technology companies.

Arizona's Judicial Council has approved new restrictions on the state's alternative business structure program, requiring ABS law firms to provide direct legal services and maintain meaningful operations within the state.

As reported by Bloomberg Law, the updated rules mandate that ABS firms "provide legal services — not just make referrals to other lawyers" and "devote at least part of their business to serving people in Arizona." The changes target firms that have used the ABS designation primarily as a vehicle for out-of-state business or referral networks.

Arizona's ABS program, which permits law firms to accept outside investment and have non-lawyer owners, was designed to reduce legal service costs for state residents. The model has attracted significant interest from litigation funders and investors seeking to participate in law firm economics, including through management service organizations that own administrative functions of legal practices.

The restrictions signal the Judicial Council's intent to ensure the program delivers on its original promise of expanding access to justice within Arizona rather than serving as a regulatory arbitrage opportunity. The development is significant for the litigation finance industry, as alternative business structures represent one of the most direct pathways for outside capital to flow into legal services delivery. Other states considering similar programs will likely watch Arizona's evolving framework closely.

The third-party funding sector experienced significant upheaval in 2025 even as the market continued to expand, according to a new analysis from Akin Gump. What began as an almost unknown asset class has grown into a $20 billion industry, but operational challenges have reshaped the competitive landscape.

As reported by Akin Gump, Litigation Capital Management initiated a strategic review amid uncertainty, Therium pivoted to advisory services and paused direct funding, and a prominent funder faced civil fraud allegations in Jersey courts related to a $15 billion award against Malaysia. Meanwhile, Burford Capital acquired a stake in legal consultancy Kindleworth, and Omni Bridgeway spun off portfolio exposure into a continuation vehicle with Ares Management acquiring a 70% stake for over $200 million.

Funded arbitration claims remained active, with ICSID data showing 7% of newly registered 2025 cases involved a third-party funder. The secondaries market — where investors buy and sell existing stakes in funded cases — strengthened substantially, with Nera Capital closing a $50 million fund for acquiring interests in funded claims.

Regulatory approaches continue to diverge globally. The European Commission announced no plans to regulate third-party funding, and the UK's Arbitration Act 2025 omitted funding provisions entirely. In contrast, Singapore and Hong Kong expressly regulate the practice, while institutional rules from SIAC, HKIAC, and ICSID now require funding disclosure.

Counsel Financial, a provider of financial solutions for contingent-fee law firms and institutional investors in litigation finance, has appointed two new directors as part of a strategic expansion.

As reported by PR Newswire, Adam Mosher has joined as Director of Client Development for loan originations, where he will focus on facilitating loans ranging from $1 million to over $100 million for plaintiff law firms. Mosher previously held a senior business development position at a legal technology and settlement administration firm working with mass tort and class action clients.

Amanda Orzalek has been named Director of Client Solutions, overseeing service delivery for capital provider clients. Her responsibilities span underwriting, servicing, collateral management, and valuation work. Orzalek previously served as a senior product leader at a legal technology company and spent nearly a decade managing asbestos trust claims administration.

COO Megan Payne said the hires reflect "our commitment to building a best-in-class platform." Counsel Financial reports having deployed over $2 billion across more than 25 years of operations, combining legal expertise with underwriting and servicing capabilities. The appointments signal the company's continued investment in scaling its plaintiff law firm financing business and deepening its institutional investor services.

Legal Bay LLC, a leading provider of pre-settlement funding and lawsuit loans, announced that it continues to expand financial relief options for plaintiffs injured in motor vehicle accidents across the United States.

As reported by PR Newswire, the Newark, New Jersey-based company offers non-recourse legal funding, meaning plaintiffs only repay advances if their case results in a successful settlement or verdict. The company's underwriting team often completes applications within 24 to 48 hours of receiving case documentation.

Legal Bay funds cases involving cars, commercial trucks, buses, motorcycles, rideshare vehicles, and other motor vehicles. Beyond auto accidents, the company also finances personal injury lawsuits, medical malpractice claims, wrongful death litigation, product liability cases, and mass torts.

CEO Chris Janish stated that motor vehicle accidents "often lead to devastating injuries and unexpected financial strain." He added that the company's lawsuit funding programs "help plaintiffs gain access to immediate financial support so they can focus on recovery while their legal teams pursue the compensation they deserve." The announcement underscores the continued role of consumer legal funding in bridging the financial gap for plaintiffs navigating lengthy litigation timelines.

The Chapter 7 trustee overseeing the bankruptcy estates of Start Man Furniture, LLC, formerly known as Art Van Furniture, has filed a motion seeking court approval to sell the company's rights in a major antitrust class action to Optium Fund 6 for $850,000.

As reported by Chapter11Cases.com, the transaction would transfer all claims and potential recovery rights the estate holds in the long-running interchange fee litigation which began in 2005 in the Eastern District of New York. The case alleges Visa and Mastercard unlawfully fixed interchange fees charged to merchants, resulting in a revised settlement approved in December 2019 estimated at $5.56 billion to $6.26 billion.

Optium Fund 6 executed the asset purchase agreement on March 2, 2026, with a 10% deposit due within one business day and the balance payable after the court order becomes final. The trustee had previously attempted a competitive auction in October 2020 but found insufficient bidding interest.

The motion reserves the right to accept higher competing bids, with a minimum overbid of $950,000. The objection deadline is March 24, 2026, with a hearing scheduled for April 6, 2026. The sale highlights the growing market for litigation claims as tradeable assets in bankruptcy proceedings.

New York's Consumer Litigation Funding Act, set to take effect June 17, represents a significant regulatory intervention in an industry that has operated largely without oversight — but advocates say it does not go far enough.

As reported by Bloomberg Law, Rachel McCarthy and Tabitha Woodruff of the Milestone Foundation argue that while the new law establishes important baseline protections, it leaves critical gaps that could continue to harm vulnerable plaintiffs. The authors point to annual percentage rates in the consumer legal funding industry ranging from 30 to 124 percent, substantially higher than typical credit card rates. In one illustrative scenario, a family borrowing $10,000 at 50 percent monthly compounded interest could owe approximately $43,475 after three years.

The law caps a litigation funder's recovery at 25 percent of the gross settlement or judgment, requires plain-language contracts, mandates a 10-day rescission period, establishes state registration requirements, and prohibits interference with settlement decisions and misleading advertising.

However, the authors note that the legislation does not cap the interest rates funders can charge, nor does it impose rules or restrictions on the types of fees that may be assessed. They argue that these omissions leave room for the most predatory practices to continue even under the new regulatory framework.

The piece frames the New York law as an important first step while calling for additional reforms targeting interest rate caps and fee structures to fully protect consumers who turn to litigation funding while awaiting resolution of their cases.

The Delaware Court of Chancery has ordered the dissolution of a litigation funding operation after its two principals reached an irreconcilable impasse, offering a rare look at what happens when the business relationships behind funding ventures break down.

As reported by Law360, the court ruled to wind down the partnership between a hedge fund manager and a Florida-based personal injury attorney who jointly operated the funding business. The dispute involved Priority Responsible Funding and Settlement Funding LLC, entities that had been providing capital for litigation matters.

Rather than assigning fault to either party, the Chancery Court determined that the partners' falling out did not involve wrongdoing that would prevent an orderly dissolution. The ruling permits the business to be wound down under the court's supervision, a resolution that allows both sides to move forward without the protracted litigation that often accompanies contested partnership breakups.

The case highlights a less-discussed risk in the litigation funding industry: the internal dynamics between business partners and co-investors. While much of the regulatory and media attention around litigation finance focuses on funder-client relationships and disclosure requirements, the Delaware case underscores that the operational structures behind funding entities carry their own set of governance challenges.

The decision may serve as a reference point for other litigation funding ventures navigating partnership disputes, particularly as the industry continues to attract new entrants and capital from diverse financial backgrounds. The full decision is available through the Court of Chancery.

Today, the U.S. Chamber of Commerce Institute for Legal Reform (ILR) and Lawyers for Civil Justice (LCJ) submitted a joint comment letter to the Advisory Committee on Civil Rules of the Judicial Conference of the United States Courts (Advisory Committee) urging the body to promulgate a uniform rule requiring disclosure of third-party litigation funding (TPLF) agreements in federal courts and proposing the text of the rule. The comment letter comes ahead of the Advisory Committee’s April 14 meeting where it is expected to discuss the results of its listening tour. The comment proposes new rule text, which would amend Federal Rule of Civil Procedure 26(a)(1)(A) and require the disclosure of third-party funding contracts, in addition to basic information on funders. An original copy of the letter as submitted is available here and here.

The Advisory Committee formed a subcommittee to consider the need for a TPLF disclosure rule in October of 2024, after ILR and LCJ submitted a comment calling for the initiation of the rules process. Since that time, the TPLF subcommittee has conducted a listening tour to gather information on whether a rule is necessary and what it may require. LCJ’s analysis of actual TPLF contracts demonstrates that funders—who are nonparties to the litigation—not only share in the proceeds of litigation, but also have the ability to influence or control litigation and settlement decisions.

The joint letter argues a rule is necessary because the lack of TPLF disclosure causes a series of serious problems for America’s courts, including:

• Conflicts of interest between funder and parties to the case and/or witnesses remain hidden
• Time wasted in negotiations between parties who do not have the authority to make dispositive decisions about the resolution of the litigation. 
• “Zombie” litigation in which litigation continues at the behest of funders despite the parties’ desire to settle.
• Inability to manage settlement conferences effectively because parties are not empowered to make dispositive decisions. 

The comment letter also explains that courts face a serious rules problem because they are responding to disclosure requests on an ad hoc basis and are doing so in an inconsistent manner. Absent uniformity that only a rule can provide, some judges are rejecting disclosure requests under relevance standards governing the discovery process in Rule 26(a). Other courts are utilizing in camera or ex parte review in ways that are not in keeping with regular procedures regarding motions for protective orders. Some courts are ordering disclosure of TPLF. The comment letter concludes “This lack of uniformity is a rules problem because similarly situated parties in different geographic locations are getting starkly different interpretations of the FRCP and access to much-needed information.”

To solve the problem, ILR and LCJ offer specific language for a new rule that adds to the list of required initial disclosure[s] in Rule 26(a)(1)(A): 

(v) the name, address, and telephone number of any non-party individual or entity (other than counsel of record) that, whether directly or indirectly, is providing funding for the action and has a financial interest therein and, for inspection and copying as under Rule 34, any agreements or other documentation concerning the funding for the action or the financial interest therein.

The letter draws a direct parallel between the situation facing courts today surrounding TPLF with that of insurance contract disclosure before 1970. At that time, courts were split between granting disclosure of insurance contracts and denying such requests, often on the same lack of relevance basis that some courts today are denying TPLF disclosure requests. The Advisory Committee considered courts’ patchwork of approaches and ultimately decided a rule requiring insurance contract disclosure was necessary under Rule 26 to help all parties make a “realistic appraisal of the case.” The letter argues that the Committee should require TPLF disclosure given that, similar to insurance contracts, TPLF contracts can give non-parties a stake in the litigation as well as control over its resolution.

Lawyers for Civil Justice (LCJ) is an advocacy organization whose members support reform of procedural litigation rules to further “the just, speedy, and inexpensive determination of every action and proceeding.” Through collaborative engagement by in-house and outside counsel, LCJ develops and advocates for reform proposals that improve the efficiency and fairness of the U.S. civil litigation system, including through its AskAboutTPLF campaign, which advocates for a uniform rule requiring the disclosure of TPLF.

A program of the U.S. Chamber of Commerce (the “Chamber”), ILR’s mission is to champion a fair legal system that promotes economic growth and opportunity. The Chamber is the world’s largest business federation. It directly represents approximately 300,000 members and indirectly represents the interests of more than 3 million companies and professional organizations of every size, in every industry sector, and from every region of the country.

Pennsylvania could become the latest state to require transparency around third-party litigation funding arrangements, with a proposed rule that would mandate disclosure of funding documents during discovery.

As reported by the PA Coalition for Civil Justice Reform, the Civil Procedural Rules Committee of the Pennsylvania Supreme Court has issued a notice of rulemaking for a new Third-Party Litigation Funding Rule. The proposal would require parties to produce documents pertaining to third-party litigation funding as part of the discovery process in civil cases.

The committee framed the initiative as a matter of parity. Under current rules, defendants are already required to disclose insurance policies that may fund verdicts or settlements, but plaintiffs backed by third-party funders face no comparable transparency obligation. The proposed rule aims to close that gap by bringing litigation funding arrangements into the same disclosure framework.

The move adds Pennsylvania to a growing list of states grappling with how to regulate the role of outside capital in civil litigation. Several states, including Georgia, Kansas, Indiana, Louisiana, Montana, West Virginia, and Wisconsin, have already enacted laws requiring some degree of funder disclosure. At the federal level, the Advisory Committee on the U.S. Federal Rules of Civil Procedure is separately considering potential rule amendments that would require uniform disclosure of litigation funding in federal cases.

The Civil Procedural Rules Committee is accepting public comments on the proposed rule through April 22. Comments may be submitted to Karla M. Shulz, Deputy Chief Counsel, at civilrules@pacourts.us.

Burford Capital is bolstering its U.S. investment team with four new hires drawn from both elite law firms and the litigation finance industry, signaling continued expansion despite recent earnings headwinds.

As reported by The American Lawyer, the litigation funding giant has added two vice presidents and two directors to its New York office. The new hires bring experience from Quinn Emanuel, Mayer Brown, Davis Polk, and Omni Bridgeway, reflecting Burford's strategy of recruiting professionals with both courtroom credentials and legal finance expertise.

The additions come at a time of aggressive growth for Burford. The firm recently reported a 39 percent surge in new business commitments for 2025 and has been expanding its global footprint, including opening its first office in South Korea earlier this month. The company's executive officers also invested more than $4.3 million in company shares in early March, underscoring internal confidence in Burford's trajectory.

By drawing talent from both Big Law and a direct competitor in Omni Bridgeway, the hires suggest that the competition for experienced litigation finance professionals is intensifying as the industry matures. For law firms, the moves are another reminder that litigation funding companies continue to attract seasoned litigators away from traditional practice.

The appointments further strengthen what is already the largest investment team in the litigation finance sector, positioning Burford to capitalize on growing demand for legal finance solutions across commercial disputes, intellectual property, and cross-border litigation.

Australia's High Court has ruled in favor of a Sydney-based fashion designer in a trademark dispute against pop star Katy Perry, in a case funded by Litigation Capital Management.

As reported by Sharecast, the High Court's majority decision reinstated designer Katie Perry's trademark infringement claim after a complex legal journey. The Federal Court had initially found that the singer infringed the designer's trademark, but the Full Federal Court later overturned that ruling and ordered the cancellation of the designer's mark. The High Court has now allowed the appeal, sending the case back to the Full Court to resolve outstanding issues including earlier costs and damages quantification.

Litigation Capital Management committed AUD 3.3 million in shareholder capital to the case beginning in 2019, funding the dispute directly from its balance sheet rather than through external financing. CEO Patrick Moloney said the outcome exemplified "disputes finance enabling a claimant to bring a claim which they would otherwise not have the resources to fund."

The ruling represents a significant win for LCM and a high-profile validation of the litigation funding model in the Australian market. LCM shares rose nearly 9 percent on the news, reflecting investor confidence in the favorable outcome.

The case now returns to the Full Court, where the quantification of damages could determine the ultimate financial return on LCM's seven-year investment in the dispute.

One of the most closely watched trials in recent memory now has a confirmed litigation funder behind it, adding a new dimension to a case some observers are calling a potential "Big Tobacco moment" for the technology industry.

As reported by Bloomberg Law, the Social Media Victims Law Center, a lead firm in litigation alleging that social media platforms have caused widespread addiction among young users, has secured backing from Flashlight Capital. Public records indicate the funding arrangement dates back to June 2024.

The case carries enormous financial stakes. Billions of dollars in potential liability are on the table for major technology companies, with testimony from Meta CEO Mark Zuckerberg regarding the company's youth-oriented strategies forming a centerpiece of the proceedings. The involvement of a litigation funder underscores the scale and complexity of the claims, which span multiple jurisdictions and plaintiffs.

For the litigation finance industry, the case represents a high-profile test of how third-party funding can support sprawling, resource-intensive consumer protection litigation. The outcome could shape both the future of platform liability and the appetite of funders to back similarly ambitious cases against deep-pocketed defendants.

The trial is being closely monitored across the legal and technology sectors as a potential bellwether for how courts evaluate the role social media companies play in youth mental health outcomes.

A new white paper argues that artificial intelligence and mission-aligned investment capital could help close a justice gap that currently affects roughly 5.1 billion people worldwide.

As reported by Edenreach, the female-founded justice fintech company's report identifies three primary barriers preventing vulnerable populations from accessing legal assistance: economic hardship and geographic distance, the complexity of legal matters requiring expert knowledge, and systemic discrimination targeting marginalized communities. These obstacles are compounded by shrinking legal aid budgets and insufficient resources for pro bono and nonprofit legal organizations.

The report proposes a "justice finance" model that treats legal cases aligned with United Nations Sustainable Development Goals as investable impact assets. This framework aims to combine measurable financial returns with accountability for governance failures, drawing from a largely untapped $3.33 trillion global market of capital that seeks both social outcomes and competitive returns.

On the technology side, the report cites research from the British Institute of International and Comparative Law showing that AI-powered tools — including real-time translation, simplified legal explanations, and automated resource matching — can significantly expand the reach of legal professionals to underserved populations.

For the litigation finance industry, the report represents a growing effort to position legal funding not just as a commercial opportunity but as a vehicle for social impact, potentially attracting a new class of ESG-focused investors to the sector.

An unusual political coalition has emerged in opposition to proposed legislation that would regulate or tax litigation funders, revealing deep divisions even among close allies of the Trump administration.

As reported by Bloomberg Law, the split pits MAGA-aligned figures, progressive Democrats, and trial lawyers against the U.S. Chamber of Commerce and corporate-backed Republicans. Senator Thom Tillis of North Carolina has proposed taxing litigation funder profits, while Representative Darrell Issa of California introduced disclosure requirements for civil cases. Both efforts have drawn pushback from unexpected quarters.

Laura Loomer, a Trump-aligned commentator, publicly criticized the Tillis bill as empowering "woke corporations," while America First Legal, the organization founded by Stephen Miller, warned that disclosure mandates could create privacy threats. Conservative nonprofits have argued that funder transparency requirements could reveal donors on politically sensitive issues including religious liberty and abortion. On the other side of the aisle, Representative Jamie Raskin, a progressive Democrat, found himself aligned with the Alliance Defending Freedom in opposing the proposals.

The article also highlights financial interests that may be shaping the debate. Donald Trump Jr. has invested in patent litigation companies, and Federalist Society co-chairman Leonard Leo has connections to Vallecito Capital, which backs conservative legal cases.

Both the Tillis tax proposal and the Issa disclosure bill have stalled in Congress, with momentum fading after the initial pushback from this bipartisan — and often ideologically contradictory — coalition.

Burford Capital's top executives have put more than $4.3 million of their own compensation into company stock, signaling confidence in the litigation funder's long-term value at a time when its shares trade below what leadership considers intrinsic worth.

As reported by TipRanks, CEO Christopher Bogart and Chief Investment Officer Jonathan Molot led the purchases on March 5, each acquiring approximately 229,000 ordinary shares through the company's Deferred Compensation Plan. CFO Jordan Licht and Chief Development Officer Travis Lenkner also participated. In a statement, Bogart said the stock trades "at a steep discount to its intrinsic value," noting that he and Molot have redeployed more than $35 million in cash compensation into Burford shares since 2019, bringing their combined ownership to roughly 8.5 percent.

The purchases coincide with the board's authorization of a $5 million share repurchase program announced on February 25, designed to support the company's future obligations under the Deferred Compensation Plan. The buyback is capped at approximately 21.9 million ordinary shares under existing shareholder authority and will be executed through open market transactions.

Separately, the board's compensation committee granted new restricted share units to executive officers on March 5 under Burford's 2025 Omnibus Incentive Compensation Plan. The RSUs vest in five equal annual installments through March 2031, with select retirement-eligible executives receiving immediate vesting.

Third-party litigation funding has become a durable and sophisticated feature of U.S. patent disputes, fundamentally reshaping how cases are filed, litigated, and settled.

As reported by Financier Worldwide, R. David Donoghue of Holland & Knight examines how the growing presence of litigation funders in patent cases is altering the strategic landscape for both plaintiffs and defendants. The article notes a sustained, multi-year trend toward larger capital pools, more sophisticated funders, and broader reliance on portfolio-based enforcement structures, particularly in high-filing districts like Delaware and Eastern and Western Texas.

Funded plaintiffs, Donoghue writes, tend to bring more carefully vetted cases. Funders conduct rigorous pre-filing due diligence that often exceeds Rule 11 standards, meaning defendants are less likely to encounter speculative claims and more likely to face adversaries with defensible damages models and clear recovery paths. Non-recourse capital also gives funded plaintiffs extended staying power, enabling multitrack strategies that reduce the effectiveness of traditional cost-based litigation leverage.

Courts are responding with increased scrutiny. Judges are more frequently requiring disclosure of funder identities, financial interests, and control rights. Discovery into funding arrangements may be permitted when relevant to questions of bias, standing, or valuation.

For defense teams, Donoghue recommends early identification of claim weaknesses, targeted disclosure motions, rigorous damages discipline, and data-driven settlement proposals calibrated to litigation milestones rather than nuisance value. The article underscores that while funding does not necessarily increase frivolous filings, it does extend the duration and intensity of patent disputes.

A veteran litigator turned legal finance professional is challenging what she calls the biggest misconception about the industry: that litigation funding is only for companies that cannot afford their legal bills.

As reported by Burford Capital, Director Stephanie Southwick — who spent more than 15 years as a first-chair commercial and intellectual property litigator before joining the firm seven years ago — argues that the real question for potential clients is not whether they can pay, but whether litigation spending represents the best use of capital. Even financially strong organizations, she says, benefit from preserving operational funds and converting legal expenses into monetizable assets.

Southwick emphasizes that trust and alignment between funder and client are essential for a successful funding arrangement, describing the ideal relationship as a strategic partnership rather than a purely transactional one. She also highlights the value of legal finance for startups, noting that it provides non-dilutive capital that allows founders to pursue meritorious claims without reducing runway or diluting equity.

For companies considering litigation financing, Southwick advises disciplined damages analysis and realistic budgeting from the outset. Early involvement of financing partners, she says, helps calibrate the structure and economics of an arrangement before litigation costs begin to accumulate.

Louisiana's insurance regulator is taking aim at third-party litigation funding marketing campaigns it says mislead consumers through deceptive digital advertising tactics.

As reported by Beinsure Media, the Louisiana Department of Insurance has partnered with the National Insurance Crime Bureau and 4WARN, a digital intelligence firm, to identify and combat TPLF-related paid search advertising that intercepts policyholders seeking claims assistance. Regulators allege that some campaigns create confusion about whether communications originate from insurers themselves.

The partnership follows a joint NICB and 4WARN report finding that TPLF organizations spent approximately $380 million on paid online search advertising between June 2024 and June 2025. According to regulators, some third-party marketers steer claimants toward litigation before they have an opportunity to contact their insurers directly, extending dispute timelines and increasing costs within the claims ecosystem.

The Louisiana Department of Insurance is advising policyholders to use verified sources, including the department's official website and mobile app, and to verify search result links before clicking.

The initiative marks the first coordinated regulatory effort specifically targeting TPLF digital marketing tactics, signaling a potential new front in the ongoing debate over litigation funding regulation at the state level.

The Certum Group is accepting applications for its Litigation Finance Fellowship, now in its third year. The program offers law and business students a four-week, hands-on immersion in the business of litigation finance, with fellows earning a $3,000 stipend.

As reported by Above the Law, the fellowship provides participants with direct exposure to the complete lifecycle of litigation risk assessment, pricing, and transfer. Fellows analyze case funding requests, model case resolution scenarios, attend client development meetings, and prepare marketing materials alongside Certum's legal, insurance, and finance professionals.

The program is directed by William Marra, who leads Certum's litigation finance strategy, serves on the board of the International Legal Finance Association, and is in his fourth year teaching litigation finance as a lecturer in law at Penn Carey Law School. Marra noted that litigation finance and insurance are rapidly transforming the legal landscape and that understanding finance has become essential for modern legal professionals.

The fellowship is based in New York City, with remote participation available. Certum expects to select one to three fellows depending on the applicant pool. Past fellows have come from institutions including Penn Carey Law and Columbia Business School. Applications are due March 31, 2026, and require a resume, law school transcript, and a 250-word statement of interest.

Burford Capital, the world's largest litigation funder, has formally entered South Korea's litigation finance market by establishing its first office in the country. The expansion targets Asia's fourth-largest economy amid rising cross-border disputes involving Korean companies and escalating legal expenses.

As reported by KED Global, the move capitalizes on growing international disputes involving Korean corporations and increasing demand for third-party litigation funding. The article highlights prominent Korean commercial litigation cases, including Medytox Inc. v. Hugel Inc. over trade secret allegations involving botulinum toxin technology, as well as multiple patent disputes involving Samsung Electronics and Seoul Semiconductor.

Burford's entry into South Korea signals the continued global expansion of litigation finance into major Asian markets. As Korean companies face mounting legal costs from cross-border commercial disputes, third-party funding offers an increasingly attractive tool for managing litigation risk without straining corporate balance sheets.

The Korean Commercial Arbitration Board serves as a key domestic venue for resolving such disputes, and Burford's presence in the market positions the funder to support both Korean companies and international parties engaged in disputes with Korean counterparts.

KPMG LLP has named Christian Athanasoulas as the inaugural head of KPMG US Legal Services, a newly created position aimed at expanding the Big Four firm's legal offerings in the United States. Athanasoulas, a Boston-based M&A tax practice leader with more than 25 years at the firm, will oversee efforts to integrate legal services with KPMG's broader corporate advisory platform.

As reported by Bloomberg Law, the appointment comes one year after KPMG gained regulatory approval to operate as an alternative business structure in Arizona — making it the first Big Four firm permitted to run a U.S. law firm. The division focuses on work traditionally handled by in-house legal teams, including post-merger contract cleanup, entity dissolution, and vendor consolidation.

The expansion, however, faces growing regulatory pushback. Arizona's Committee on Alternative Business Structures has recommended rule changes that would require ABS firms to serve Arizona clients and provide direct legal services rather than operate as national referral networks. The Arizona State Bar has warned that some entities may be exploiting the framework without meaningfully benefiting Arizona residents.

The development is significant for the legal industry's evolving competitive landscape. KPMG operates globally with more than 3,000 licensed attorneys and has already expanded legal services in the UK and Australia. Traditional law firms view the firm's entry with caution, recognizing that its established corporate client base, substantial resources, and technology investments present a formidable competitive challenge to conventional legal service delivery models.

The U.S. government has intervened in the long-running battle over an $18 billion judgment against Argentina, urging a federal judge not to hold the country in contempt for allegedly failing to produce official communications. The filing adds a significant layer to one of the largest litigation finance-backed disputes in history.

As reported by Bloomberg Law, former shareholders of YPF SA — Argentina's state-owned oil company — are seeking discovery of text messages and emails from Argentine government officials. The shareholders, backed by litigation funder Burford Capital, obtained the landmark judgment in 2023 after a court found that Argentina violated their rights through the 2012 nationalization of YPF.

The discovery effort is central to the shareholders' collection strategy. Plaintiffs argue that the communications could demonstrate that Argentina's state-owned banks and national airline function as "alter egos" of the government — a legal theory that, if successful, would allow them to pierce corporate structures and pursue assets held by those entities to satisfy the judgment.

The U.S. government's decision to back Argentina in the discovery fight underscores the diplomatic sensitivities at play. Sovereign discovery disputes of this scale raise complex questions about foreign government immunity and international comity. For the litigation finance industry, the case remains a closely watched test of whether third-party-funded enforcement actions against sovereign nations can ultimately yield meaningful recoveries on judgments of this magnitude.

The Unified Patent Court's Court of Appeal has issued a landmark ruling that could reshape how patent disputes are funded across Europe. In a decision overturning four million Euros in security for costs orders, the court held that properly structured litigation insurance policies can fully satisfy a defendant's right to costs recovery — eliminating the need for cash deposits or bank guarantees.

As reported by McDermott Will & Schulte, the ruling arose from the case of Syntorr v. Arthrex. McDermott partners Hon.-Prof. Dr. Henrik Holzapfel and Dr. Laura Woll represented Syntorr in the appeal, successfully arguing that the plaintiff's litigation insurance policy contained sufficient protections to address the court's concerns.

The court identified several features that satisfied its requirements for adequate security, including non-voidability provisions, direct rights for the defendant to claim against the insurer, straightforward payment triggers, and placement with an EU-authorized Solvency II insurer. Together, these anti-avoidance endorsements provided the court with confidence that the defendant's interests were adequately protected.

The decision carries significant implications for the litigation finance industry. By establishing that well-structured insurance products can substitute for cash security, the ruling creates a clearer pathway for patent holders — particularly smaller innovators — to pursue claims in the UPC without immobilizing substantial capital. The court's framework effectively balances defendant protection with access to justice, signaling that the UPC is open to modern funding mechanisms in patent enforcement proceedings.

The question of who pays for Nicolas Maduro's legal representation has become a flashpoint in his federal drug trafficking prosecution, after the U.S. government reversed course on allowing Venezuela to fund his defense.

As reported by Yahoo News, the Treasury Department initially granted a sanctions exception on January 9 permitting the Venezuelan government to cover Maduro's legal expenses, only to revoke the authorization hours later without explanation. Defense attorney Barry Pollack — who previously represented WikiLeaks founder Julian Assange — argued that Venezuelan law and custom require the government to pay the expenses of the president and first lady, and that Maduro cannot otherwise afford counsel.

Maduro and his wife, Cilia Flores, were captured by U.S. special forces during a nighttime raid in Caracas on January 3, 2026. Both pleaded not guilty on January 5 to charges including drug trafficking, narco-terrorism, conspiracy, and money laundering. Prosecutors allege Maduro exploited his 13-year presidency to assist drug traffickers.

Judge Alvin Hellerstein, presiding over the case in the Southern District of New York, is now weighing the funding dispute. Flores may still be eligible to receive government-funded legal representation. Delcy Rodriguez currently leads the Venezuelan government following Maduro's capture.

The case raises broader questions about the intersection of international sanctions, sovereign immunity, and the funding of legal defense in high-profile prosecutions with geopolitical dimensions.

The world's largest litigation finance firm posted a mixed set of results for 2025, pairing record new business activity with near-term earnings that fell short of market expectations.

As reported by PR Newswire, Burford Capital announced that new definitive commitments rose 39 percent year-over-year in 2025, while portfolio modeled realizations grew by $700 million to reach $5.2 billion at year-end. The firm also declared a final dividend of $0.0625 per ordinary share, payable June 12, 2026.

However, fourth-quarter earnings disappointed investors. Extended case durations and unrealized fair value adjustments weighed on results, including a $22 million fair value reduction tied to the Sysco proteins antitrust litigation portfolio.

CEO Christopher Bogart characterized the year as one of strong forward momentum despite the near-term volatility. "We had a terrific 2025 for new business," Bogart said. "The quality of the portfolio remains high, and we believe the future is bright in terms of growing the business and the potential for asymmetric upside value for shareholders."

Analysts project Burford will return to profitability in the first quarter of 2026, with estimated earnings per share of $0.29 on approximately $171 million in revenue. The results underscore a persistent tension in litigation finance: the long duration of legal proceedings can produce lumpy, unpredictable earnings even as the underlying business pipeline expands.

A leading UK litigation funding expert has urged Parliament to consider making legal expenses insurance compulsory for all citizens as a means of improving access to justice.

As reported by Legal Futures, Dr. John Sorabji — co-chair of the Civil Justice Council working party on litigation funding and former principal legal adviser to the Lord Chief Justice — told the Justice Select Committee that mandatory LEI coverage deserves serious consideration. He acknowledged the recommendation is a personal view rather than an official CJC position.

Currently, LEI take-up in England stands at just 8 percent and 13 percent in Wales, compared to 95 percent in Sweden and 35 percent in Germany. Justice Select Committee chair Andy Slaughter suggested public reluctance may stem from a perception that LEI is "a rip-off."

Dr. Sorabji also urged the government to introduce retrospective legislation reversing the Supreme Court's PACCAR judgment, which classified litigation funding arrangements as damages-based agreements — a ruling that has significantly disrupted the UK funding market. The testimony comes as Parliament continues to examine structural barriers to civil justice and the role that both insurance and litigation funding play in enabling access to the courts.