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New Zealand Announces TPLF And Class Action Inquiry

New Zealand announced its Law Commission will be looking into the growth of third party litigation funding, becoming the latest country to examine the practice.

A previous review of litigation funding by the Law Commission stalled last year. However, several high-profile class action lawsuits have jumpstarted the review process once again, which will also include an examination of class action litigation in general.

New Zealand becomes the latest country to review third party litigation funding and its implications. The practice is prevalent in the United States, where lawmakers have introduced legislation to regulate funding, and the country’s court administrators are currently considering a rule that would require funding arrangements to be disclosed. At the European Union level, third party litigation funding is part of the debate over a proposal for a directive on collective actions, which currently includes some safeguards for funding, such as disclosure. Law commissions in Australia and Canada have also undertaken reviews of litigation funding.

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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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