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Litigation Funding
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Other forms of litigation funding may include using the equity on your home or borrowing from family members. Always remember to research all the ways you can receive money you are entitled to. For example, for a work related injury claim, you may qualify for workers' compensation benefits. You may ... be able to receive some form of funding from social security benefits or medical plans that you have taken out. There may be money you are unaware of, but entitled to, that can go towards the cost of your litigation.
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In Campbells Cash and Carry Pty Limited v Fostif Pty Ltd, the first decision by Australia's highest court on litigation funding, the Court held 5:2 that litigation funding was not an abuse of process or contrary to public policy. The majority was composed of Justices Gummow, Hayne and Crennan (in a joint judgment), Chief Justice Gleeson and Justice Kirby.
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LawCash has taken a leading role in the litigation funding industry. LawCash is an original founder of the American Legal Finance Association (ALFA). ALFA is a national trade association which sets high standards and best practices for the litigation funding industry.
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[T]he fee structure is slightly different: currency brokers typically take a fixed fee at the outset whereas a litigation fund will agree to a fixed share of the eventual winnings. But these two contracts are fundamentally the same because at their core they both involve one business paying another business to offset a degree of risk.
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The discussion paper then deals with not-for-profit litigation funding, noting that schemes such as Law Aid in Victoria ... improve access to justice. The discussion paper asks what measures should be taken to encourage more organisations to provide not-for-profit funding. It also queries whether any other similar schemes operate and, if so, how they work and how effective they are.
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[One] option when obtaining your litigation funding is to apply for a personal loan. If you have a good credit history, you may be able to find a low interest unsecured loan. You should check that the interest rates are not higher than those of lawsuit loans or advances on your credit card.
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Litigation Funding