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Litigation can be expensive and risky. Third-party litigation funding has emerged as a novel way to mitigate the costs and risks involved in pursuing or defending a claim. Such arrangements have the potential to increase access to justice, or “level the playing field.” However, there are criticisms that third-party funding could increase the amount of litigation and promote the profiting from others' harm. In response to questions about third-party litigation financing and its impact on the U.S. legal system, in June 2009, the UCLA-RAND Center for Law and Public Policy convened a conference to assess the regulatory implications of this approach, its effect on dispute resolution, and likely trends in the development of the practice as it becomes more widespread. Each conference session featured presentations by a series of expert panelists, who described the litigation finance landscape, the roles of insurers and contingency-fee lawyers, predicted challenges to novel funding relationships, and the regulatory issues inherent in third-party litigation funding. The conference concluded with a roundtable discussion guided by audience questions and featuring general recommendations as the U.S. legal system considers the advantages and disadvantages of litigation financing.

Table of Contents

  • Chapter One

    Introduction

  • Chapter Two

    Opening Remarks and Framing the Central Issues

  • Chapter Three

    Session One: The Current Landscape-Funding Claims in the United States

  • Chapter Four

    Session Two: Litigation Markets, Participants, and the Structure of Claim Investments

  • Chapter Five

    Session Three: Rules, Regulations, and Ethical Considerations of Third-Party Funding

  • Chapter Six

    Roundtable Discussion Summary

  • Chapter Seven

    Concluding Remarks

  • Appendix A

    Conference Materials

  • Appendix B

    Presenter Materials

This conference was convened by the UCLA-RAND Center for Law and Public Policy. The conference and these proceedings were made possible by the generous support of Juridica Capital Management Limited, Burford Advisors LLC, Patton Boggs LLC, Oxbridge Financial Group LLC, IM Litigation Funding, and supporters of the UCLA-RAND Center for Law and Public Policy.

This report is part of the RAND Corporation conference proceeding series. RAND conference proceedings present a collection of papers delivered at a conference or a summary of the conference.

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