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Legal & Ethical Issues in Financing a Commercial Lawsuit: Borrowing from Peter to Sue Paul


March 5, 2014, 6-9 pm

New York, New Jersey & California Credit: 3.0 total:1.0 skills & 2.0 ethics.
This live program provides transitional/non-transitional credit to all attorneys.
Illinois Credit: 2.75 total: 1.0 general credits & 1.75 ethics (pending)
Pennsylvania Credit: 2.5 total: 1.0 general credits & 1.5 ethics

Member: $225.00 Nonmember: $335.00

Download Program Agenda & Faculty. Download Registration Form
New York City Bar
42 West 44th St
New York, NY 10036

 

The “American Rule” that each party bears its own court costs has long presented a barrier to complex commercial litigation that only the well-heeled could surmount. The growth of alternative litigation funding, using lending from outside financiers, has started to take hold as a market solution to the age-old problem. Now, complex commercial cases involving blue chip companies, even entire portfolios of litigated claims, may well be financed by and collateralized to a commercial lender. This new means of financing commercial litigation raises new issues. How does the lender obtain and perfect a secured interest in the litigated claim under UCC Article 9, and establish priority over other creditors? How can the lien be enforced? Can the secured interest be sold or transferred? Do litigation finance agreements violate the rule against “maintenance and champerty?” Can the lender obtain information without jeopardizing the client’s claims of privilege? This program will examine these issues and recent decisions, statutes and rules impacting commercial litigation financing, including practical and financial aspects arising from collateralization of litigation claims. The course includes an ethics credit as well. In accordance with the CLE Board’s revised Regulations and Guidelines, if you attended this program in the past you may not be permitted to apply the CLE credit for this program to fulfill you current CLE requirements.
Who Should Attend: Litigators, commercial practitioners involved in securitizing assets that may include litigated claims and banking lawyers.
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