Thursday, June 16, 2011

NYC bar issues opinion on litigation lending industry -- UPDATED

Back in November of last year and then again in January of this year, I reported on a series of articles on the entities that lend money to litigants in exchange for an assignment of an amount of the potential proceeds of the litigants' legal action.  Then, later that month, I reported that the Illinois legislature rejected a proposal to regulate litigation financing companies.

Now, the New York City Bar has issued a opinion on ethical issues raised by the use of litigation lending services.  The opinion is available here. The New York Law Journal has an article on it here.  Finally, the ABA Journal has a short summary here.

The Wall Street Journal law blog has more on the story here.

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