SPAC Deal Generates Millions for Lawsuits Against Insurers That Stiffed Medicare

Wall Street’s latest blank-check company promises to be a litigation finance nightmare for property and casualty insurers. MSP Recovery, a Miami-area company that earns revenue by winning lawsuits against insurers, merged with a special purpose acquisition company in July. Earlier this month, MSP and its new partner Lionheart Acquisition Corp. II announced that Virage Capital Management LP, a litigation finance investor, had agreed to pay $3 billion for rights to collect 50% of future awards against insurance companies. More from Claims Journal.