Increased Transparency in Civil Lawsuits: Disclosure of Third-Party Funding.
This new law mandates that parties in civil lawsuits must disclose the identity of any person or entity funding the litigation who stands to gain a contingent payment from the outcome. The goal is to ensure all participants know who is financially invested in the case's result, promoting fairness. This rule applies to all current and future civil actions.
Key points
Requirement to reveal the identity of anyone entitled to payment contingent on the outcome of a civil lawsuit (e.g., external funders or investors).
Parties must provide the court and opposing parties with copies of the financial agreements creating this contingent right.
Standard loans (with reasonable interest rates) and reimbursement of attorney's fees are exempt from this disclosure requirement.
Disclosures must be made promptly and must be supplemented or corrected if the information becomes incomplete or incorrect.
Status:
Expired
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