Lots of people are short on cash these days — and plaintiffs lawyers are no exception. Increasingly, they’re turning to litigation finance firms to fund costly class actions.
“There’s less access to traditional credit, so more people are pursuing legal funding,” says Gary Chodes, chief executive officer of Oasis Legal Finance, LLC, a Northbrook, Illinois – based litigation finance firm. Applications for Oasis loans have jumped in the past year, Chodes says. In August 2008, the firm received 5,200 requests for funding; in August 2009, 6,100 requests.
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