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What is a Nuclear Verdict?
What is tort inflation?
Third party litigation funding (TPLF) is a multibillion-dollar global industry where hedge funds and other financiers invest in lawsuits in exchange for a percentage of any settlement or judgment. TPLF is a growing threat to the national economy, the federal judiciary, the U.S. business community, and even national security.
Third Party Litigation Funding: A Growing Threat to the U.S. Economy
The civil justice system was designed to handle disputes in a fair and timely manner. Unfortunately, the system is clogged with lawsuits driven by plaintiffs’ attorneys who see big payouts.
It can take years for plaintiffs with legitimate claims to get justice, and they often receive less compensation because of excessive attorneys’ fees and other expenses. For defendants, the large expenses and legal fees associated with litigation mean that it can be easier and, unfortunately, less expensive to settle than fight even frivolous claims in court.
The civil justice system is important and should benefit consumers, not lawyers.
Learn more about civil justice here.
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Abuse of the Civil Justice System
They can include divorces, child support, class action lawsuits, employment rights, property claims, contract disputes, and personal injury, among others.
Civil lawsuits help individuals hold others accountable for wrongdoing in the form of damages. They do not involve prosecution or potential jail time, unlike criminal cases.
Learn more about civil justice here.
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What Types of Lawsuits are Handled Within the Civil Justice System?
It allows a person or entity (the plaintiff) to sue another person or entity (the defendant) over alleged harm or wrongdoing.
If the court rules for the plaintiff, they are typically awarded damages or another form of compensation from the defendant.
Case Example: Gwyneth Paltrow (the defendant) was involved in a civil lawsuit after a doctor (the plaintiff) accused her of crashing into him during a 2016 ski trip, causing him harm. The jury ultimately ruled in Paltrow’s favor.
Learn more about civil justice here.
Do You Know What the Civil Justice System Is?
Unfair and Deceptive Acts and Practices laws (UDAPs) are vital for safeguarding consumers but are increasingly being employed by state attorneys general and private litigants to advance broader policy goals, causing economic uncertainty, restricting consumer access to desirable products, and infringing upon due process and federalism principles. ILR’s research examines the history and function of UDAPs, highlighting their recent use in regulating businesses, pursuing political agendas, and penalizing lawful activities. It suggests state-level legislative measures to counter this trend, preserving UDAPs as consumer protection tools without compromising legal and constitutional rights or undermining consumer welfare.
WATCH: French Fries to Fossil Fuels: The Misplaced Reliance on UDAPs to Pursue Policy Agendas
On Wednesday, May 13th, the Institute for Legal Reform’s (ILR) Executive Vice President John Abegg joined Gary Salamido, President and CEO of the North Carolina Chamber of Commerce, and Ashli Watts, President and CEO of the Kentucky Chamber to explore the current and anticipated sources of COVID-19 liability at the state level.
Check out the Upcoming Events page for future ILR Briefly Live Events.
Watch the Recording of ILR Briefly Live Event: COVID-19 State Liability Issues and Solutions
On April 29, 2020, ILR President Harold Kim spoke with Akin Gump’s Bob Huffman and John Beisner of Skadden Arps in the second ILR Briefly Live Event. Check out the video above to hear the group discuss current and anticipated sources of COVID-19 liability at the federal level, third party litigation funder activity, and commonsense legislative and administrative solutions.
Stay tuned for more ILR Briefly Live Events in the coming weeks on a variety of important topics.
Watch the Recording of ILR Briefly Live Event: COVID-19 Federal Liability Issues and Solutions
Ever wonder who’s funding those lawsuits over everyday household products and prescription drugs? Check out this video from Faces of Lawsuit Abuse.
Faces of Lawsuit Abuse: Who’s Funding Those Lawsuits?
On April 1, 2020, ILR President Harold Kim spoke with Andy Pincus of Mayer Brown and Kevin LaCroix of D&O Diary in the first ILR Briefly Live Event. Check out the video above to hear the group discuss the latest trends in securities litigation, including M&A filings, plaintiffs’ bar abuses, and potential lawsuits from the COVID-19 pandemic.
Stay tuned for more ILR Briefly Live Events in the coming weeks on a variety of important topics.
ILR Briefly: Securities Litigation Live Event
Press Event: ILR’s Chief Operating Officer Harold Kim and Florida Governor Ron DeSantis
On September 17, 2019, the Institute for Legal Reform (ILR) released the 2019 Lawsuit Climate Survey: Ranking the States report at a press event hosted with the Florida Chamber of Commerce. Harold Kim, Chief Operating Officer of ILR, Florida Governor Ron DeSantis, and state legislative leaders discussed how a state’s legal environment impacts important decisions about where to locate or do business.
2019 Lawsuit Climate Survey: Press Video
A Discussion with Harold Kim and AG Chris Carr
On July 11, 2019 the U.S. Chamber of Commerce hosted a summit for all things related to data privacy, including the policy issues surrounding consumer data and the businesses that use it. Harold Kim, Chief Operating Officer of ILR, and Georgia’s Attorney General Chris Carr sat down to discuss how the states fit into the data security and privacy debate occurring across the globe.