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- Title
Consumer Litigation Funding and Medical Malpractice Litigation: Examining the Effect of Rancman v. Interim Settlement Funding Corporation.
- Authors
Xiao, Jean
- Abstract
Consumer litigation funding, a growing industry in the United States, is an alternative credit source for cash-strapped tort plaintiffs. Financiers give plaintiffs nonrecourse loans that are premised on lawsuit outcomes. This article is the first to empirically examine the effect of consumer litigation funding. Specifically, I explore the impact of nonrecourse loans on medical malpractice litigation outcomes by exploiting the variation in timing and geography from two Ohio policy changes: the Ohio Supreme Court's 2003 ban of funding in Rancman v. Interim Settlement Funding Corporation and the state's subsequent legislative legalization of funding in 2008. Using closed-claim data from the National Practitioner Data Bank, I find evidence that the availability of funding increases claim payment and claim duration.
- Subjects
THIRD party litigation funding; MEDICAL malpractice; NONRECOURSE debt; LEGAL claims; ACTIONS &; defenses (Administrative law); INTERIM Settlement Funding Corp.
- Publication
Journal of Empirical Legal Studies, 2017, Vol 14, Issue 4, p886
- ISSN
1740-1453
- Publication type
Article
- DOI
10.1111/jels.12167