In the News Today – December 9, 2016
TPLF Funders May Finally “Assess the Risks They Face” As Epic Legal Battle Draws Toward Conclusion: The quarter-century-old case between Lebanese-owned AJA and Cigna Insurance (now Chubb) contained many twists and turns including “Garrett Kelleher, an Irish property developer providing some $3m in litigation funding, for which he received a 45% stake in the venture.” In 2011, Federal Judge Paul Diamond deemed Kelleher’s behavior in the case “an affront to American courts” and called for a hearing to determine damages payable to Chubb. Chubb’s lawyers say the case is a milestone in litigation finance as “it shows that third-party funders can be identified and, in frivolous cases, held liable for costs over and above their original investment.” (Economist)
