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April 19, 2016

Reuters’ Frankel Looks at ‘Dubious Business of Investing in Mass Torts’

Reuters’ Alison Frankel takes a critical look at the world of third party litigation finance, noting a fraud complaint filed last week by the SEC against litigation financier, Prometheus Law.

This firm “took in about $11.7 million from more than 250 small investors, many of them retirees, promising to double, triple or even quadruple the money they put into Prometheus’ ‘legal marketing’ program for mass torts,” writes Frankel, who notes that Prometheus’ “business plan had fallen apart by 2014.”

“I am sure that personal injury cases, even in mass torts featuring tens of thousands of suits, are not a commodity,” concludes Frankel. 

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