Finding a distinction between loans and contingency “advances,” a state judge has dismissed a lawsuit by three attorneys alleging that a litigation funding business committed criminal usury when it charged them 40 percent interest on payments.
The three lawyers and their firms were advanced more than $1 million by Quick Cash and its affiliates pursuant to agreements in which the attorneys assigned to Quick Cash some of the legal fees they would receive if and when cases settled. Such arrangements are gaining traction among lawyers as litigation costs soar.
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