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Is Litigation Funding on the Rise in Canada?

Drew Hasselback of the Financial Post reports that litigation funding firms are emerging in Canada.

IMF Bentham Ltd. has already opened an office in Toronto, and the creation of a new firm, Balmoral Wood, is in the works. Third party funding was only recently allowed in Canada with the introduction of class action lawsuits, and laws against “champerty and maintenance” that protected against a third party having a financial stake in a lawsuit have been pushed to the wayside in some provinces to create access to justice. The landscape has continued to evolve with a 2015 ruling which allowed a single plaintiff to use litigation funding.

Read the full story here.

U.S. Chamber Institute for Legal Reform research – Painting an Unsettling Landscape: Canadian Class Actions 2011 – 2014.

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Third Party Litigation Funding “from Taboo to Transparency”

A recent article by Yves Faguy in the Canadian Bar Association’s magazine highlights the need for transparency in the litigation funding industry. The article shows the growth of the industry and the increasing prominence of litigation funding on a global stage citing the use of funding in major cases in the UK, Germany, and US.

Hong Kong’s Call for Litigation Funding Disclosure Leads the Way for Global Reforms

By: Scevole de Cazotte
Last month, the Hong Kong Law Reform Commission (LRC) released a Report on Third Party Funding for Arbitration which calls for “light touch” regulation and disclosure of third party funding in arbitration. While this is an important first step and may lead the way to global recognition of the need for meaningful oversight in the litigation funding industry, “light touch” regulation will not suffice. The Hong Kong Legislative Council should strongly consider adopting litigation funding rules that ensure proper enforcement.

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