claimsjournal.com

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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.
Adam Grossman of science-based data analytics firm Praedicat counts eighteen US cases of climate litigation against energy companies since 2017, and with better science to support claims and a shift towards smaller plaintiffs (cities and counties vs. states), litigation funders are jumping in to provide resources. Adam also predicts another wave of cases developing in the not-too-distant future in which meatpackers, trucking companies and makers of diesel engines could soon be added to the list of defendants.

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