Litigation funding, or the use of third parties to finance the cost of lawsuits, continues to expand, but it’s still a fledgling industry facing some vocal critics.
Litigation funders are typically investment firms that give lawyers or their clients, usually on the plaintiffs’ side, loans to fund legal cases. As the practice has spread, funders and their companies have become more specialized, including funding sophisticated business disputes. In one prominent case, New York plaintiffs attorney Steven Donziger used litigation funding during his case against Chevron Corp. to collect a judgment of up to $9.5 billion against the company for rain forest pollution in Ecuador. He lost the case in March, and Chevron now has two suits in Gibralter against Donziger’s funders, Woodsford Litigation Funding and online gaming billionaire Russell DeLeon, to collect fees.
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