A working group has been formed to develop model contracts for litigation funders. Chaired by Elana Rey of London-based firm, Brown Rudnick, the working group also includes funders Omni Bridgeway, LCM, Augusta Ventures, Therium, and several insurers and asset recovery professionals.
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A working group has been formed to develop model contracts for litigation funders. Chaired by Elana Rey of London-based firm, Brown Rudnick, the working group also includes funders Omni Bridgeway, LCM, Augusta Ventures, Therium, and several insurers and asset recovery professionals.
Global Legal Post details that the intention of the working group is to generate litigation funding documents that can be used as models in European and UK markets. This plan is similar to one enacted by the Loan Market Association, which recently developed documents for debt finance transactions. The group’s goals are viewed as a largely positive step by the legal community at large.
The working group will also accept input from institutional claimants, which would reduce the possibility of developing standard terms that automatically favor funders or insurers. Most see the adoption of common wording as helpful in establishing litigation funding as credible.
