Time For Sunshine On 3rd-Party Litigation Funding

Law360 (July 23, 2018, 5:32 PM EDT) -- On July 1, Wisconsin became the first state in the nation to require parties in lawsuits to disclose the use of an increasingly common and sometimes troubling aspect of the legal system: third-party litigation financing which is contingent on the outcome of cases.

Wisconsin’s action aligns with six U.S. courts of appeals and roughly 25 percent of U.S. district courts that have local rules requiring disclosure of litigation funders, according to a survey of federal courts conducted earlier this year.[1] U.S. Senate Judiciary Committee chairman Charles Grassley, R-Iowa, introduced legislation this spring that is intended to provide uniform disclosure requirements for...

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