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May 31, 2016

National Media Spotlight on Third Party Litigation Funding

Last week’s news that a tech mogul reportedly helped fund Hulk Hogan’s lawsuit against Gawker Media has resulted in a national spotlight on the third party litigation funding industry. As such, the national media has turned to the U.S. Chamber Institute for Legal Reform (ILR) for comment on this growing industry: 
 

  • “This case does put a spotlight on the problem of litigation financing being in cases where no one knows it’s there,” said Bryan Quigley, a senior vice president at ILR, a longtime foe of litigation funding. “You can’t fully litigate a case if you have no idea how deep the pockets are on the other side.” “In addition to helping defendants decide what kind of settlements to offer or how fiercely to litigate, Mr. Quigley said transparency would help judges decide if a settlement they are being asked to approve is fair by taking into account a plaintiff’s ability to carry on the fight financially.” (Wall Street Journal)
  • “Third-party funding poses a major threat to the integrity of the legal system by shifting the focus from justice for the litigants to profits for the investor,” the U.S. Chamber of Commerce, which opposes the practice entirely, said in a 2013 article. (NBCNews.com)
  • “Litigation financing is really dangerous,” says Bryan Quigley from ILR, the civil justice arm of the U.S. Chamber of Commerce, an advocate for American businesses. “There’s no doubt it’s going to create more litigation in general.” (Wired)
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