Third party litigation funding (TPLF) has been in the news recently, yet most people don’t know it is a multi-billion-dollar industry that allows hedge funds and other financiers to secretly invest in lawsuits in exchange for a percentage of any settlement or judgment. ILR has advocated for disclosure and transparency of funding agreements so all parties in a lawsuit know who is funding and controlling the litigation.
In this episode of Cause For Action, Page Faulk, ILR’s senior vice president for legal reform initiatives, has an in-depth discussion with Skadden, Arps, Slate, Meagher & Flom Partner, John Beisner, on why transparency is needed, whether foreign governments could be investing in U.S. lawsuits against American companies, and what a recent lawsuit against one of the biggest litigation funders reveals about the industry.