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Litigation Funding: Plaintiffs
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In addition to plaintiff cash advances, the litigation funding market has evolved over the past year. The newest services funding companies offer clients are commercial advances and law firm loans. Oasis Legal Finance has started a new division of their company, Oasis Capital Corporation, to handle this growing niche in the litigation finance industry.
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A lawsuit cash advance can help you recover damages owed to you by providing litigation funding. Plaintiffs that have been wronged deserve to have their case heard and a lawsuit advance can help to make this financially feasible for individuals. Legal Advances offers a lawsuit advance known as a non-recourse advance; the cash advance company invests their money in your case for a portion of the settlement that you receive, only if you win your case.
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In brief: The practice of third-party litigation funding, whereby litigation funding companies agree to pay plaintiffs' costs in return for a share of the proceeds if the case is successful, has provoked considerable debate in Australia. A discussion paper released recently by the Standing Committee of Attorneys-General highlights some of the issues and concerns raised by third-party litigation funding and seeks comment on whether, and if so how, third-party litigation funding should be regulated. Partner Peter O'Donahoo(view CV) and Lawyer Susie Downie report.
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It seems that litigation funding is here to stay, with the court only prepared to intervene if the funding arrangement is an abuse of the court’s process. Arguably, in the context of class actions there is a greater potential for abuse. This is because, out of necessity, the day-to-day control and decision making of such litigation does not rest with the individual plaintiffs, but with the solicitors and funder.
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