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December 5, 2017

“The Trial Bar’s Tax Break”

U.S. District Judge Anita Brody of the Eastern District of Pennsylvania said third party funders and lawsuit lenders who “failed to perform proper due diligence” are “prohibited from now reaping the benefit” of their loans, reports The Legal Intelligencer.

Judge Brody said there is “anti-assignment language” written into the settlement that makes any loan “void, invalid and of no force and effect.” She added “the court has little sympathy for a third-party funder that will not receive a return on its ‘investment.’”

Implementation of the $1 billion settlement has recently been riddled with litigation funding and lawsuit lending scandals. At the end of November, a lawyer for the class asked the court to block what he called “predatory” loan agreements, but failed to disclose his own ties to a bank that also offered loans to class members.

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