Legalist raises $50 million for bankruptcy fund

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Facebook loses bid for litigation funder info in trade secrets lawsuit

A US Magistrate Judge has denied Facebook Inc’s request for litigation funding information in a trade secrets lawsuit being pursued by Neural Magic Inc, an artificial intelligence startup. According to the startup’s filing, Facebook and a former employee sought information on the litigation funder’s identity and the nature of the funding agreement. The judge found the requested information irrelevant or “not proportional to the needs of the case.”

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Legalist Accused Of Stealing Legal Database’s Trade Secrets

New York-based Leopard Solutions is claiming litigation finance company Legalist Inc. stole “enormous swaths” of the legal database’s proprietary content through a free trial subscription period to make its own set of data and marketing list.

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Ch. 7 debtor can’t block novel litigation funding deal, says appeals court

A U.S. appeals court last week shut down a Chapter 7 debtor’s challenge to a litigation funding agreement between his trustee and a creditor, finding that the agreement had no financial impact on William Berry Dean III, the debtor. The dispute stems from Dean’s 2019 Chapter 7 bankruptcy in Texas, where the trustee assigned to Dean’s estate struck a deal with one of Dean’s creditors, Reticulum Management LLC, to fund litigation aimed at collecting money that could be used to pay off Dean’s debts. Reticulum agreed to put forward $200,000 in exchange for 30% of any litigation proceeds the trustee managed to collect.

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