Funders Take Aim At UN Treaty Arbitration Reform Efforts
By Caroline Simson (August 5, 2021, 10:36 PM EDT) -- The legal financing industry is pushing back against efforts by a United Nations working group to prohibit or restrict third party funding in investor-state arbitration, saying that concerns over its legitimacy in recent reform proposals are contradicted by the evidence.
The International Legal Finance Association argued in a July 30 letter to the United Nations Commission on International Trade Law that its Working Group III, which is currently considering investor-state dispute settlement reform, has failed to meaningfully engage with the funding market.
In fact, the working group's latest proposals "appear to be heavily influenced" by academic papers and various non-governmental organizations...
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