A group of Republican Senators has reintroduced a bill that would mandate disclosure in class action and MDL contexts. The Senators first introduced the Litigation Funding Transparency Act (LFTA) last year, but it went nowhere. Now they are making another push with the same legislation.
ALBANY, N.Y., Feb. 11, 2019 /PRNewswire/ — Legal-Bay, the premier pre-settlement lawsuit funding source, reports that Governor Cuomo assisted in passing a legislation to extend filing deadlines for sexual abuse survivors in the state of New York (A.8401-C/S.8977).
“The more money our clients invest in advertising, the bigger their firms get, and (consequently) they keep returning for more capital.”
– Joshua Collins, Chief Investment Officer of Attorney Capital Funding,
on why his company is currently experiencing such massive growth.
Augusta, the largest litigation and dispute funding institution in the UK – with £150m of capital and a team of 70 in London, today announces its expansion into the Canadian market with the opening of an office in Toronto. This complements Augusta’s existing operations in Sydney and London.
Vannin Capital, the global expert in legal finance, has today announced the appointment of Steven Taylor as a Managing Director in its Sydney office.
Steven joins Vannin from one of the pioneer companies of the global litigation funding industry, where he worked as a Litigation Manager responsible for managing funded claims to a resolution – work which entailed reviewing funding applications and negotiating funding agreements.
CHICAGO, Feb. 1, 2019 /PRNewswire/ — Keller Lenkner LLC today announced that it filed a class action lawsuit on behalf of all purchasers of securities of General Electric Company (“GE” or the “Company”) (NYSE: GE) from October 12, 2018through and including October 29, 2018 (the “Class Period”). The action was filed in the Southern District of New Yorkand is captioned Birnbaum v. General Electric Company, et al., No. 1:19-cv-01013.
SYDNEY (31 January 2019): Leading global litigation and dispute financier IMF Bentham Limited (ASX: IMF) (IMF) announced today it is approaching investment targets for two of its funding vehicles ahead of schedule and has successfully increased the capacity of these vehicles to meet strong market demand for investment funding.
Melbourne/ Jersey, 30 January 2019. Therium Capital Management, a leading global provider of litigation finance, announced today that Louise Hird has been appointed to the firm as an investment manager. Louise joins Therium from the Australian Competition and Consumer Commission (ACCC), where she was a director leading investigations focused on consumer and competition law. Founded in 2009, Therium is one of the largest and most established litigation financing firms in the world. The firm has funded claims valued at $36 billion.
NEW YORK (January 29, 2019) – Litigation funder Validity Finance has made a notable addition to its growing investment team with the arrival of portfolio counsel William C. Marra in New York. The firm also announced a prominent addition to its governance structure, with Allen Fagin, formerly chair of Proskauer Rose LLP, joining Validity’s board of directors. Finally, Validity has retained former New York federal Judge John Gleeson, a partner at Debevoise & Plimpton LLP in New York, as outside counsel to advise on investment opportunities.
Ever since its arrival on the stage in the early 1990s in Australia, litigation funding has managed to impact the broader legal climate in which it participates (in early 90s Australis, that was the insolvency market, today in Australia, the UK and America, that is nearly every legal sector). Take class actions, for example. Litigation funding has been proven to increase the rate of settlements in class actions by 21%. Professor Vince Morabito of Monash University compiled data leading up to July 2017, which showed that funded parties in class actions are 69% likely to settle, whereas unfunded parties are only 48% likely to settle.
JERSEY CITY, N.J., Jan. 28, 2019 /PRNewswire/ — Legal-Bay LLC, the pre settlement funding company, is poised to offer 24-hour approvals for victims of personal injury and car and truck accidents. During this time of year, accidents spike due to icy road conditions and reckless driving. Car, semi truck, and other motor vehicle accidents including public bus transportation are prevalent at this time of year, especially when weather conditions are taken into consideration.
LONDON, SINGAPORE, HONG KONG, PHILADELPHIA 30 January 2019, Woodsford Litigation Funding, the global provider of litigation financing solutions for businesses, individuals and law firms, has announced that Hong Kong based Simon Powell has joined its Investment Advisory Panel.
NEW YORK (January 29, 2019) – Leading commercial litigation funder Bentham IMF has hired Sidley Austin LLP partner, Dana MacGrath, and Kirkland & Ellis LLP partner, Sarah Tsou, as investment managers and legal counsel responsible for sourcing and evaluating arbitration and commercial litigation matters that meet Bentham’s investment criteria. The company has also hired Chief of Staff, Tina Young, from Deloitte Consulting LLP. This marks the second round of hiring at the company since it launched its most recent fund in November 2018.
SAN FRANCISCO, Jan. 24, 2019 /PRNewswire/ — RPX Corporation today announced that it secured licensing rights for 10 companies to 595 semiconductor-related patents owned by Godo Kaisha IP Bridge 1 (IP Bridge).
LONDON, PHILADELPHIA, HONG KONG 23 January 2019, Woodsford Litigation Funding, the global provider of litigation financing solutions for businesses, individuals and law firms, has announced further expansion of its international executive team and IAP.
It’s no secret that over the last several years, Wall Street has been pouring money into the litigation space – whether indirectly by capitalizing litigation funders, or directly via their own investments into the space. However the recent revelation of Baupost Group’s $1 billion purchase of legal claims against utility company PG&E illustrates both the scope and scale of the hedge fund world’s interest in the legal sector.
JERSEY CITY, N.J., Jan. 14, 2019 /PRNewswire/ — Legal-Bay, the premier Pre Settlement Funding Company, announced today that they are preparing for huge growth in their personal injury and surgical funding departments. Legal-Bay is one of the leading lawsuit funding companies in the industry who also offers a very fast approval process.
Sparkle Capital are pleased to announce their new funding product, Flexible Disbursement Funding. The product fills a gap in the funding market, providing the flexibility claimants need to cover a range of disbursements. The product will join their current range, alongside 1&20 and Fixed Interest Release Funding.
Litigation Capital Management Limited (AIM:LIT) (LCM), a leading international provider of litigation financing solutions, today announces that it has entered into an agreement to provide litigation finance in relation to proceedings which are currently being undertaken in Australasia. These proceedings relate to a commercial dispute regarding the division of significant global assets, which are currently owned by a partnership.
CRESSKILL, N.J., Jan. 10, 2019 /PRNewswire/ — RD Legal, a leading investment management firm focused on post-settlement litigation finance, said today that it has named Amy B. Hirsch to the additional role of Portfolio Manager for the firm’s strategies. Ms. Hirsch joined RD Legal in 2016 as Co-Chief Investment Officer and Chief Operating Officer.
LUXEMBOURG and SAN FRANCISCO, Jan. 10, 2019 /PRNewswire/ — Sisvel International S.A. (“Sisvel”) and RPX Corporation (“RPX”) today announced that they have entered into a multi-faceted agreement that provides a license to a subset of RPX clients covering more than 500 patents that make up the Sisvel Wi-Fi Joint Licensing Program. The Sisvel Wi-Fi Joint Licensing program is a solution designed to license standard essential patents (SEPs) for Wi-Fi enabled devices under fair, reasonable, and non-discriminatory terms and conditions (FRAND). In addition to the assets in the Sisvel Wi-Fi Licensing Program, Sisvel has also licensed the subset of RPX members to approximately 200 non-essential Wi-Fi assets, owned by Sisvel’s subsidiary, Hera Wireless S.A.
NEW YORK–(BUSINESS WIRE)–Jan 9, 2019–YieldStreet, a digital wealth management platform that is working to change the way that wealth is created, has become the first multi-asset platform to cross over $560MM invested since inception.
SYDNEY, 9th January 2019: Litigation Capital Management (“LCM”), a leading international provider of litigation financing solutions, today announces the appointment of Philip Lomax as an Investment Manager in the company’s Sydney office. This continues LCM’s recent expansion following the launch of offices in London and Singapore in November 2018.
NEW YORK, Jan. 2, 2019 /PRNewswire/ — Cadence, the leading investment platform for digital debt securities, has successfully funded and issued the first-ever tokenized fixed income product. This inaugural issuance is in partnership with a marketplace lender extending working capital to e-commerce merchants.
The following post was written by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
As the 2019 Legislative Session begins, we want to take a look at what is the best way to regulate Consumer Legal Funding. Over the past few years, the states have introduced several pieces of legislation with the aim of regulating Consumer Legal Funding. Rather than simply introduce capricious regulations, legislators should familiarize themselves both with the product, and the consumers who need it, before making rash decisions that will impact their constituents for life.
The following is a contributed article by Steven D. Schroeder, Esq., General Counsel/Sr. Vice President at Inheritance Funding Company, Inc. since 2004.
There have been a few recent articles written on the topic of Probate Advances.[i] Probate Advances are available because a handful of companies are willing to assume a risk and provide funding in return for a partial assignment of a beneficiary’s interest in an Estate, and to a lesser extent Trust Proceedings. One critic has conflated Assignments to Loans without a fair analysis of the many differences between the two legal maxims.[ii] This 4-part series expands upon those differences and provides a legal and practical perspective as to why Probate Advances are a useful option for so many.
The following is Part 4 of our 4-Part series on Probate Funding by Steven D. Schroeder, Esq., General Counsel/Sr. Vice President at Inheritance Funding Company, Inc. since 2004. Parts 1, 2 & 3 can be found here, here and here.
What are the Risks in Probate Funding?
Similar to California Probate Code 11604, (formerly Cal. Probate Code 1021.1), the Legislature, in enacting Probate Code 11604.5, has specifically indicated that Assignments relative to Probate Advances will not be set aside unless it is clear that the consideration paid is “grossly unreasonable”, at the time the transaction was executed. In fact, the Probate Court can presume the validity of an Assignment, in the absence of any objection raised or evidence submitted to the contrary. See Lynch v. Cox. (1978) 83 Cal. App. 3rd 296, 147 Cal. Rptr. 861.
The following is Part 3 of our 4-Part series on Probate Funding by Steven D. Schroeder, Esq., General Counsel/Sr. Vice President at Inheritance Funding Company, Inc. since 2004. You can find Parts 1 & 2 here and here.
Probate Assignments are Adequately Regulated in California
In California, it is the exclusive jurisdiction of the Probate Court to determine entitlement for distribution, Cal. Probate Code §§11700-11705. Probate Courts may also apply equitable principles in fashioning remedies and granting relief in proceedings otherwise within its jurisdiction. Estate of Kraus (2010) 184 Cal. App 4th 103, 114, 108 Cal. Rptr. 3d 760, 768. Thus, even without a specific statute addressing assignments, Probate Courts in California, as well as other jurisdictions, have conducted oversight over the propriety of Assignments in Probate. See In Re: Michels’s Estate 63 P. 2d 333, 334 (Cal. Dist. Ct. App. 1936).
The following is Part 2 of our 4-Part series on Probate Funding by Steven D. Schroeder, Esq., General Counsel/Sr. Vice President at Inheritance Funding Company, Inc. since 2004. Part 1 can be found here.
Comparing Assignments with Loans: Apples Are Not Oranges
As previously stated, there has been some recent criticism of the companies engaged in Probate funding.[1] An Article entitled: “Probate Lending” started and ended with the premise that Probate Assignments are in fact disguised loans and should be regulated as such. Despite the predetermined conclusion by one author, in fact, the law treats Assignments and Loans quite differently and those distinctions are significant.[2]
The following is a contributed article by Steven D. Schroeder, Esq., General Counsel/Sr. Vice President at Inheritance Funding Company, Inc. since 2004.
There have been a few recent articles written on the topic of Probate Advances.[i] Probate Advances are available because a handful of companies are willing to assume a risk and provide funding in return for a partial assignment of a beneficiary’s interest in an Estate, and to a lesser extent Trust Proceedings. One critic has conflated Assignments to Loans without a fair analysis of the many differences between the two legal maxims.[ii] This 4-part series expands upon those differences and provides a legal and practical perspective as to why Probate Advances are a useful option for so many.
