In his newest blog post, U.S. Chamber Institute for Legal Reform President Harold Kim takes a look at the recent Australian Parliamentary Joint Committee on Corporations and Financial Services issued a report on third party litigation funding (TPLF).
“Regulators and lawmakers in Australia would be wise to heed the advice of the Committee’s report,” Harold Kim wrote. “The country has experienced major growth in the amount of class action litigation in recent years. This report offers a look under the hood of that growth and offers solutions to ensure a fair system for all involved, from class members to defendants.”
The Committee’s report offers 31 recommendations to help rein in runaway litigation funding.
“The lessons from this report could have far-reaching implications. TPLF is a global industry. Its tentacles have already gripped major actions in the U.S., and the fallout of one of its most notorious cases was felt in both South and North America,” Harold Kim wrote. “A recent decision from the UK Supreme Court could open the floodgates to questionable litigation there and create the perfect environment for litigation funders looking for paydays.”