News & Blog
European Parliament JURI Committee to Consider EU Regulation of TPLF
The European Parliament is taking the first steps towards government oversight of third party litigation funding. On June 28, Member of the European Parliament Axel Voss introduced a legislative own-initiative report in the Legal Affairs (JURI) Committee on responsible private funding of litigation, also known as TPLF.
N.J. Federal Courts Will Now Require Disclosure of Litigation Funding
There is a Chinese Proverb that says, “never do anything that you want to remain a secret.” Now, thanks to a new rule amendment adopted by the U.S. District Court for the District of New Jersey, this proverb also applies to litigation funders in federal court in the Garden State. New Jersey’s decision is a significant victory in the fight to bring transparency to a multibillion industry that operates in the shadows.
Australia to Address Low and Disproportionate Returns for Class Action Claimants
The Australian Federal Treasurer and Attorney General have announced a government consultation—which allows stakeholders to submit comments to the government—on third party litigation funding and class actions to address the low and disproportionate returns for class action claimants.
Litigation Funding Market in the UK Reaches £2 billion
For the first time ever, the value of court cases and capital held by the top UK litigation funders has reached £2 billion, reports City AM. The litigation funding market in the UK has quadrupled since 2015. This data is based on research by British law firm RPC.
Third-Party Funding Threatens Flood of Litigation
Hedge funds and other speculators are eying the EU market hungrily as it loosens rules for lawsuits brought on behalf of thousands or even millions of people, says Institute for Legal Reform Senior Vice President Scévole de Cazotte in the latest issue of AmCham Croatia’s magazine.
Australian Government Says Greater Oversight of Litigation Funding Industry Needed
The Australian Parliamentary Joint Committee on Corporations and Financial Services released a report this week calling for more stringent oversight of the country’s “highly unique” litigation funding industry. The report is a watershed moment for civil justice in Australia, the birthplace of third party litigation funding (TPLF), and for the litigation funding industry in general, as the use of TPLF is increasing worldwide.
Australian Business Association Calls For Reform Amid Skyrocketing Insurance Premiums
The Australian Industry Group (Ai Group), a national association of businesses, called for class action reforms while insurance premiums skyrocket, according to Insurance News AU.
Australia Takes Major Step in TPLF Regulation
Australian Treasurer Josh Frydenberg is set to announce new regulations and rules for third party litigation funding, according to the Australian Financial Review. Litigation funders will be classified under the country’s Corporations Act, and the government will require all funders to hold an Australian Financial Services Licence in order to operate.
