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July 23, 2018

Lawsuit Lenders Continue to Try to Recover Now-Invalidated Loans

Lawsuit lenders in the $1 billion National Football League (NFL) concussion settlement continue to try to recover their loans to former players after they were twice invalidated by the judge, Law360 reports.

Thrivest Specialty Funding is appealing Judge Anita Brody’s decision that blocked their attempt to recover the $500,000 it loaned to a class member to the Third Circuit. After disputes between lending firms and the lead class counsel last Fall, Judge Brody ruled all loans “void, invalid and of no force and effect,” and said she “has little sympathy for a third-party funder that will not receive a return on its ‘investment.’” She issued a similar ruling in March after some lenders challenged her initial ruling.

Lawsuit lending has been the subject of great controversy in the NFL settlement since September 2017. An ILR blog from last week documents the lengthy fights between lenders, lawyers, and the court.

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