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Litigation Funding: Case
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Last week, in the case of Rancman v. Interim Settlement Funding Corp., the Ohio Supreme Court invalidated a contract relating to litigation funding. The contract memorialized a woman's sale, to a well-established litigation investment group of a portion of her interest in her personal injury claim, for $7000.
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It is relatively easy to apply for litigation funding in a personal injury case; there are numerous resources where such request forms can be filled out. However, the patient must have exhausted all other options for obtaining money. This status is not that simple to achieve, since many families have no idea where to look for help in the first place. It is hoped their legal/medical team includes a social worker or advocate, who will have already listed the organizations (and their contacts) that might assist.
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There are many litigation funding companies that offer funding options to their clients. This type of litigation funding is most commonly known as a lawsuit loan. With this type of loan, you will be able to borrow enough money to reach the conclusion of your case, when the verdict is finally announced or a settlement is reached.
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Upon approval, litigation funding institutions purchase a slight portion of the anticipated recovery from personal injury lawsuits. Depending on the case and the anticipated recovery amount, victims can receive thousands of dollars years before the legal system arrives at a settlement or verdict.
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This type of litigation funding loan offers non-recourse financing. This means that if the jury finds for the defendant or the case is dismissed, you are not liable for any fees. Fees associated with this type of litigation funding are high, and you should consult with your lawyer and make sure you know the full extent of the fees before signing a contract.
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The recent cases ... demonstrate that litigation funders are taking a more proactive role in pursuing potential class actions. It seems that the funders are taking up the running to locate claims and plaintiffs. It will be interesting to see how far the courts allow funders to go in this regard as it would appear to raise the potential for abuse of the court’s process.
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