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- Title
Federal Regulation of Third-Party Litigation Finance.
- Authors
Popp, Austin T.
- Abstract
Third-party litigation finance has become a powerful and influential industry that will continue to play a significant role in shaping the legal landscape for years to come. The opportunities--and challenges--introduced by this burgeoning industry are legion, and with them has come a swath of disparate state regulations. These regimes have failed to balance important consumer- and commercial-lending protections with facilitation of the growth of an industry that is essential to increasing access to the courtroom. In response, this Note contends that a federal agency, the Consumer Financial Protection Bureau, should be delegated the authority to promulgate regulations (1) capping interest rates at a percentage in line with fair commercial practices, (2) expressly prohibiting financier control over litigation decisions, and (3) limiting the information that financiers can request from their clients. Additionally, this Note proposes amending the Federal Rules of Civil Procedure to mandate disclosure of litigation-finance agreements in all cases.
- Subjects
UNITED States; THIRD party litigation funding; FEDERAL regulation; CONSUMER lending; STATE regulation; COMMERCIAL loans; UNITED States. Consumer Financial Protection Bureau; INTEREST rates; CIVIL procedure; LOAN laws
- Publication
Vanderbilt Law Review, 2019, Vol 72, Issue 2, p727
- ISSN
0042-2533
- Publication type
Article