Judge Eileen Bransten issued a recent decision in New York County Supreme court, weighing in on the long-standing and, as yet, unsettled question of how alternative litigation financing (ALF) should be treated in NY state. In Litigation Funding LLC v. Jeffrey Lessoff, No. 650757/2012. The defendants in the case argued that a cash advance secured by interests in contingent fees in specific cases would be an ethical violation of 5.4(a). In her decision, Judge Bransten speaks favorably of the ALF industry,...
Last week I was at a conference at DePaul University on Tort Law and Social Policy: A Brave New World: The Changing Face of Litigation and the Law Firm Finance.
The conference was centered on Alternative Litigation Funding [ALF] - also known as Third Party Litigation Funding or Financing, Third Party Funding or Financing.
ALF is when parties, unrelated to a lawsuit, provide funds to a claim holder to help fund the party’s pursuit of a potential or pending lawsuit and there is no recourse...
