Tag Archives: ARC
California Bar Issues Formal Opinion on Third-Party Litigation Funding
This article was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
On October 1, 2020 the California Bar Association published Formal Opinion NO. 2020-204 on Third-Party Litigation Funding.
Alliance for Responsible Consumer Legal Funding (ARC) Updates its Best Practices
On August 3, 2020 the American Bar Association House of Delegates passed resolution 111A by a vote of 366-10, regarding the “Best Practices for Third-Party Litigation Funding”. The Best Practices addressed Consumer Legal Funding, Commercial Litigation Finance and Attorney Funding.
ABA Adopts Guidance in Third-Party Litigation Funding
This article was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
On August 3, 2020, The American Bar Association (ABA) House of Delegates, by a vote of 366-10, voted to adopt the resolution for “Best Practices for Third-Party Litigation Funding”. This established a slew of national guidelines that law firms, consumers and legal funding companies should follow.
Victory for Consumer Legal Funding in Recent Minnesota Case
The common law doctrine that bans champerty has been around since the middle ages. This dark age law prohibiting funding for legal cases by outside parties (who then receive a share of a winning award) is still in place in some parts of the world. But Minnesota is no longer one of those places—earlier this week, the Minnesota Supreme Court abolished the champerty doctrine.
Utah Legislators Are an Example of How it is Done Right
This article was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
In today’s “us vs. them” political environment, it is refreshing to see exceptions in the state of Utah. I saw one example of people working together in the political environment during Utah’s most recent legislative session.
Put a Ring on it
The following is a contribution from Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
What is the best way to reduce the amount of companies offering Consumer Legal Funding?
Simple: Put a RATE on it!
In Beyonce’s “Single Ladies (Put a Ring on it),” the lyrics read: “If you like it then you shoulda put a ring on it.” The US Chamber and Insurance Industry are singing a similar tune when it comes to Consumer Legal Funding. However in their song, the lyrics read: “Put a RATE on it.”
What Does it Mean to Live Paycheck to Paycheck?
The following was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
According to Investopedia: “Paycheck to paycheck is an expression used to describe an individual who would be unable to meet financial obligations if unemployed because his or her salary is predominantly devoted to expenses. Persons subsisting paycheck to paycheck have limited or no savings and are at greater financial risk if suddenly unemployed than individuals who have amassed a cushion of savings.”
Montani semper liberi — “Mountaineers are Always Free”
This article was contributed by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding.
Montani semper liberi; “Mountaineers are Always Free” is the motto of the State of West Virginia, but apparently the motto only applies to a select group of Mountaineers. The Legislature of West Virginia passed – and the Governor signed into law – Senate Bill 360 which sets out to regulate Consumer Legal Funding in the state. Unfortunately, SB 360 is a set of meaningless regulations, given that the legislation implements rate restrictions on the Consumer Legal Funding Industry which restrict the product from even being offered to the citizens of the state. So in essence, SB 360 bans the product altogether.
Looking Ahead in 2019
The following post was written by Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC).
As the 2019 Legislative Session begins, we want to take a look at what is the best way to regulate Consumer Legal Funding. Over the past few years, the states have introduced several pieces of legislation with the aim of regulating Consumer Legal Funding. Rather than simply introduce capricious regulations, legislators should familiarize themselves both with the product, and the consumers who need it, before making rash decisions that will impact their constituents for life.