Reports that Silicon Valley billionaire Peter Thiel bankrolled Hulk Hogan’s privacy suit against gossip news site Gawker took the legal industry by surprise. The details also provide a window into the largely self-regulated and growing world of litigation funding. While the personalities and motives at play in the Gawker case are unique, the lack of transparency isn’t.
Litigation funding has quietly emerged in the U.S. over the past several years as a hybrid of the legal and financial industries. To its boosters, it is a way to give “have nots” with good cases access to justice, and rake in money for shareholders to boot. Others characterize it as a shadowy force fanning the flames in an already litigious society.
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