Responses continue to come in on the Australian draft exposure bill

Responses continue to come in on the Australian draft exposure bill relating to litigation funding and the regulation of the Australian class action industry. The International Litigation Finance Association argues that the tight seven-day consultation period for this bill confirms that those who are pushing for these regulations do not want to engage in any meaningful consultation and their objective is to cut off funding of Australian class actions and create procedural hurdles, red tape and costs that make all class actions harder, longer, and costlier to run against large institutions. Read the ILFA statement.

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As capital floods into litigation funding, the sector has entered a new phase. Rather than sitting back and waiting for cases, funders often now play an integral role in the instigation of litigation – particularly collective actions. A push towards freely available, standardised documents will help hedge funds and other players enter the field, while a secondary market for funding investments is finding its feet.

Funder News

ILFA appoints Gary Barnett as Executive Director and General Counsel

The International Legal Finance Association (ILFA) has appointed Gary Barnett as Executive Director and General Counsel. Launched 12 months ago, ILFA is the first-ever global association devoted to the growing commercial legal finance industry. Previously at the U.S. Department of Justice (DOJ), Barnett served in various roles since 2017, most recently as Senior Counselor to the Attorney General in the Office of the Attorney General. Barnett also served as the DOJ’s Acting Director in the Office of Victims of Crime and Acting Chief of Staff to the Attorney General. Prior to joining the DOJ, he was the Staff Director and Chief Counsel to the U.S. Senate Judiciary Committee’s Subcommittee on Privacy, Technology and the Law. Barnett received his J.D. from Georgetown University Law Center and his B.A. in History and Economics from Boston University.

Funder News

ILFA comments on potential reforms

Leslie Perrin, in his capacity as chairman of the International Legal Finance Association, has provided comments to UNCITRAL’s working group in relation to the draft provisions on the regulation of third-party funding in Investor-State Dispute Settlement. Among other things, ILFA notes that in preparing the proposals, the Secretariat has not meaningfully engaged with the funding market generally and has not cited data in support of the various assumptions underpinning the draft provisions.

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