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News and analysis dedicated to the consumer legal funding sector including mass torts, regulatory issues, case developments, funding activities, and more.

Consumer

352 Articles
Consumer

Let’s Set The Record Straight: Consumer Legal Funding is Not Litigation Finance

By John Freund |
The following piece was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC). Consumer Legal Funding, in its various forms, is pretty mundane. It covers living expenses, such as rent, food, clothes and keeping the lights on. It might even enable a family to provide Christmas or birthday gifts for their children. In every case, its sole purpose is to help individuals and families alleviate the cash-flow problems that arise in the wake of an accident or other tragic circumstances, while the individuals and families are seeking compensation for their situation. It has nothing to do with financing of the litigation.
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Announcements Consumer

Legal-Bay Legal Funding Announces Dedication to Legal Malpractice Case Funding

By John Freund |
Legal-Bay LLC, The Lawsuit Pre-Settlement Funding Company, announced today that they have expanded their branch dedicated to various types of Legal Malpractice Cases. As an industry leader in legal funding and lawsuit funding with various types of lawsuits, Legal-Bay is one of the go-to funders in the legal malpractice arena. This is due to the lawsuit settlement funding company’s expertise and success in helping both law firms and clients obtain the resources they need to fight and win their cases.
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Announcements Consumer

Mill City Ventures III, Ltd. Extends Further Credit to Mustang Litigation Funding

By John Freund |
Mill City Ventures III, Ltd. (“Mill City”) (NASDAQ:MCVT), a specialty short-term finance and non-bank lender, announced today that it extended an additional $1 million of short-term loan principal to Mustang Funding LLC d/b/a Mustang Litigation Funding (“Mustang”) and refinanced and extended earlier provided short-term loan principal.
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Announcements Consumer

The American Legal Finance Association Objects to U.S. District Judge’s Case Management Order Regarding Litigation Funding

By John Freund |

The American Legal Finance Association (ALFA) objects on behalf of its 30 members to the Case Management Order No. 61 issued by U.S. District Judge M. Casey Rodgers on August 29, 2023 in the 3M Combat Arms Earplug Product Litigation. The Order prohibits claimants in the Litigation from obtaining consumer legal funding without court approval and does not cite any applicable factual basis or legal precedent for such an order. The Order was issued without providing any due process to ALFA members whose funding contracts are in demand by claimants.

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Announcements Consumer

THE AMERICAN LEGAL FINANCE ASSOCIATION COMMENDS MINNESOTA SUPREME COURT DECISION ON CONSUMER LITIGATION FUNDING

By John Freund |

The Minnesota Supreme Court took a significant step to ensuring equal access to justice with their decision in Maslowski vs. Prospect Funding Partners LLC. yesterday, overturning the trial court and Court of Appeals holding and ruling unanimously that Consumer Litigation Funding is not subject to usury law as there is no absolute requirement to repay. In their decision, reversing the trial court and Court of Appeals, the Minnesota Supreme Court ruled that the repurchase rate in Prospect’s agreement was not subject to Minnesota’s usury statute. The American Legal Finance Association (ALFA) filed the only amicus curiae brief in this case on behalf of the interest of their members.

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Announcements Consumer

Legal-Bay Pre-Settlement Funding Reports Johnson & Johnson’s Latest Attempt at Bankruptcy has Failed

By John Freund |
Legal-Bay, The Pre Settlement Funding Company, announced today that Johnson & Johnson’s efforts to put a hold on the numerous lawsuits they are facing by filing bankruptcy have failed. Judge Kaplan ruled that the filing did not meet the requirements to qualify as a “good-faith” bankruptcy attempt, and was merely a way to seek protections against the billions of dollars the pharmaceutical giant will be expected to pay out in damages.
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Announcements Consumer

Legal-Bay Pre Settlement Funding Company Reports Increase in Lawsuit Funding Requests During Back to School Season

By John Freund |
Legal-Bay, the Pre-Settlement Funding Company, announced an uptick in applications for settlement funding now that back-to-school season has begun. Now that summer is over and kids are heading back to school, many parents of college-aged children are faced with the added costs of tuition payments, textbooks, and travel expenses to-and-from campus, not to mention meals and housing once they get there.
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Announcements Consumer

Pegasus Secures Warehouse Facility with a Leading Bank

By John Freund |
Pegasus Legal Capital, LLC (“Pegasus”) (mylawfunds.com), one of the preeminent pre-settlement legal funding companies in the U.S., announced today that it has recently closed a senior debt transaction with East West Bank. This marks another significant capital market transaction for the company and proceeds from the transaction will enable Pegasus to continue its growth across the United States.
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Announcements Consumer

Legal-Bay Pre Settlement Funding Company Reports Syracuse Diocese to Pay $100 Million Settlement to Victims of Childhood Sexual Abuse

By John Freund |
Legal-Bay, the Pre-Settlement Funding Company, reports that the Roman Catholic Diocese of Syracuse, New York has just announced a $100 million settlement for sexual abuse plaintiffs. With approximately 400 claimants, settlements average out to $250,000 per case, but some plaintiffs will receive more or less than that amount based on the severity of the abuse incurred.
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Announcements Consumer

Legal-Bay Pre-Settlement Funding to Add Mesothelioma Cases for Funding Along with Talc After Large $18MM Verdict

By John Freund |
Legal-Bay, The Pre Settlement Funding Company, announced today that they are now adding mesothelioma victims to their list of Johnson & Johnson talc plaintiffs. The pharmaceutical company just lost their most recent court case, resulting in a landmark $18 million verdict. Both J&J and plaintiffs/lawyers await the next steps in what has been a painfully slow process.
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Announcements Consumer

Golden Pear Upsizes Corporate Note to $67.2 Million

By John Freund |
Golden Pear Funding (Golden Pear), a national leader in pre-settlement legal funding, announced the upsizing to $67.2 million of its existing corporate notes. The incremental capital raise was assigned a BBB rating by a nationally recognized statistical ratings organization (NRSRO) and follows the Company’s successful corporate note issuance announced in January 2022. Proceeds from the upsize will be used to repay subordinated debt and support additional growth of the business.
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Announcements Consumer

Upcoming Webinar on Litigation Funding

By John Freund |
One of the more important issues today concerning litigation in America is funding. Whether it be high verdicts, claim value drivers, or fraudulent claims, we are all affected. Vince Gerbino founding partner of Bruno, Gerbino, Soriano and Aitken, will moderate the webinar’s distinguished panel that will provide insight into this important concern from a broad range of perspectives.
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Consumer Investor's Corner Slingshot Capital

What is a better investment, Commercial or Consumer Legal Funding? (2 of 2)

By John Freund |
Executive Summary
  • Consumer legal funding is a much more consistent and predictable asset class
  • Headline risks, while real in the earlier days of the industry’s evolution, are now consistent with more mature consumer finance asset classes
  • Consumer legal funding has a strong ESG component through the social benefits provided to the segment of society that relies on it the most
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Consumer Investor's Corner Slingshot Capital Special Features

What is a better investment, Commercial or Consumer Legal Funding? (1 of2)

By John Freund |
Executive Summary
  • Consumer legal funding is a much more consistent and predictable asset class
  • Headline risks, while real in the earlier days of the industry’s evolution, are now consistent with more mature consumer finance asset classes
  • Consumer legal funding has a strong ESG component through the social benefits provided to the segment of society that relies on it the most
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Announcements Consumer

Legal-Bay Pre-Settlement Funding Announces California’s Possible $3 Billion Payout for Sexual Abuse Victims

By John Freund |
Legal-Bay, The Pre Settlement Funding Company, announced today that Los Angeles County is preparing to spend a sizable chunk of their proposed annual budget to resolve the thousands of sexual abuse claims that plaintiffs say they suffered within the walls of state-run institutions. The county’s juvenile halls have been the focus for many of the allegations, where a multitude of plaintiffs claim they were verbally, physically, and sexually abused while living within the facilities as minors.
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Announcements Consumer

KBRA Assigns Preliminary Ratings to US Claims LFS Securitization 2023-A

By John Freund |
KBRA assigns preliminary ratings to three classes of notes issued by US Claims LFS Securitization, Series 2023-A (LFS 2023A), a litigation finance ABS. LFS 2023A represents the ninth ABS collateralized by litigation finance receivables to be sponsored by US Claims Holdings, LLC (US Claims or the Company). US Claims, originally established in 1996 and acquired in 2014 by Blackstone Tactical Opportunities as a subsidiary of Majestic Financial Holdings, LLC, is a leading provider of non-recourse advances to plaintiffs and attorneys with pending legal settlements across a variety of case types. Through its strategy of keeping “Litigation Funding Simplified”, the Company has funded over $800 million of litigation finance since 2010. The Company has 100 full-time employees across its headquarters in Delray Beach, FL and support offices in Clearwater, FL and Moorestown, NJ.
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