Media Coverage
Unregulated Lending Industry Needs Reform
This fall will mark 12 years since I was a victim of police brutality. The incident not only left me emotionally and physically scarred, but also exposed me to the vagaries of a booming industry that preys on the injured and indebted: lawsuit lending.
CONSUMERS FOR FAIR LEGAL FUNDING COALITION HAILS HISTORIC GOLDEN STATE PASSAGE OF LAWSUIT LENDING REFORM BILL
SACRAMENTO, CA, April 26, 2023 — Consumers for Fair Legal Funding – California (CFLF-CA), a diverse group of business, social justice, advocacy, and faith organizations, applauded Anna Caballero (D-14) and her Judiciary Committee colleagues for unanimously voting to pass SB 581—The Predatory Lawsuit Lending Prevention Act and enact commonsense reforms to a currently unregulated industry.
California’s lawsuit lending industry is thriving, but Californians are not
OPINION- An ongoing lawsuit against the wealthy law firm Girardi Keese reveals the dark underbelly of how the lawsuit lending industry targets the most vulnerable Californians.
NEW STATEWIDE COALITION LAUNCHES TO ADVOCATE FOR COMMONSENSE LAWSUIT LENDING REFORM
SACRAMENTO, Calif., March 8, 2023 — A diverse group of organizations, nonprofits, advocates, and business interests from across the state today announced the launch of Consumers for Fair Legal Funding – California (CFLF-CA), a coalition that will advocate for reform of the unregulated lawsuit lending industry.
Litigation Funding: A multibillion-dollar industry for investments in lawsuits with little oversight
Ever heard of litigation funding? It's a relatively new, multibillion-dollar industry where investors fund lawsuits. Here's the idea: say someone was wronged by a big corporation but has no money to sue it. A litigation funder will pay for their court battle. In essence: they're betting on the lawsuit the way traders bet on stocks. If it's successful – they make money, sometimes a lot of money; if it fails – the funders get nothing – their investment is lost.
Edelson’s Girardi Keese RICO Suit Transferred to Los Angeles
A federal judge in San Francisco rejected Thursday arguments by Edelson PC that the firm can’t get a fair hearing of its racketeering lawsuit against Girardi Keese in the bankrupt firm’s backyard of Los Angeles.
Judge Jacqueline Scott Corley of the US District Court for the Northern District of California questioned why the lawsuit was even filed in San Francisco. “There’s really no connection to this district,” the judge said.
How Lawsuits Cost You $3,600 a Year
We always knew trial lawyers were filling their pockets, but it’s still a surprise to learn how much they’ve been emptying ours. The total economic cost of the U.S. tort system in 2020 was $443 billion, according to a recent study by the Chamber of Commerce Institute for Legal Reform. That’s 2.1% of GDP, and it works out to $3,621 per household.
U.S. Chamber of Commerce Releases New Report on the National Security Ramifications of Third Party Litigation Funding
A new groundbreaking report released today by the U.S. Chamber of Commerce Institute for Legal Reform (ILR) analyzes how third party litigation funding (TPLF) could…
U.S. Chamber cites foreign enemies in latest call to stem litigation funding
Calling once again for strict limits on third-party litigation funding, the U.S. Chamber of Commerce said in a new report Wednesday that unspecified foreign actors could use investments in U.S. lawsuits to undermine national security.
The business lobby, which has long sought regulation of litigation funders, called for legislative and regulatory changes to heighten disclosure and reporting requirements, citing a lack of transparency.