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May 18, 2017

Role of Litigation Funder Publicly Acknowledged in Whistle-Blower Suit

Earlier this week, a federal whistle-blower lawsuit was filed in the Central District of California against Snap Inc. The  case is “financed by Pravati Capital in what may be the first case where the role of a litigation funding company is acknowledged publicly,” writes Bloomberg BNA.

Under the deal between Pravati and the plaintiffs’ attorney, the law firm will receive funding “in slices” and then the funder “will get paid from the proceeds from [the] contingency” according to the funding agreement. The funding “can be used for all purposes” said the plaintiffs’ attorney.

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