Testimony on Third Party Financing of Lawsuits

10 Pages Posted: 17 May 2018 Last revised: 5 Oct 2018

See all articles by Maya Steinitz

Maya Steinitz

University of Iowa - College of Law; University of California, Berkeley - Berkeley Center on Comparative Equality & Anti-Discrimination Law

Date Written: May 14, 2018

Abstract

In this written testimony, Professor Steinitz addresses bills pending in the New York State Senate and Assembly relating to consumer litigation finance. Among other things, she suggests (1) establishing a “Minimum Payment” for plaintiffs, instead of (or in addition to) flat rates or interest caps; and (2) defining the scope of application by applying an “Unsophisticated Plaintiff” test rather than by focusing on the financing amount. She also addresses other matters implicated by the bills such as whether lawyers should be permitted to provide financial advice, prohibition of prepayment penalties, registration requirements, and right of rescission in the context of consumer litigation finance.

Keywords: litigation finance, third party litigation funding, consumer protection, tort litigation, access to justice, predatory lending, contingency fees, champerty

Suggested Citation

Steinitz, Maya, Testimony on Third Party Financing of Lawsuits (May 14, 2018). U Iowa Legal Studies Research Paper No. 2018-11, Available at SSRN: https://ssrn.com/abstract=3178963 or http://dx.doi.org/10.2139/ssrn.3178963

Maya Steinitz (Contact Author)

University of Iowa - College of Law ( email )

Melrose and Byington
Iowa City, IA 52242
United States

University of California, Berkeley - Berkeley Center on Comparative Equality & Anti-Discrimination Law

Boalt Hall
Berkeley, CA 94720-7200
United States

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