Validity Finance has launched a new non-profit litigation finance program for individuals exonerated of serious crimes while they pursue civil claims for wrongful convictions. Validity will provide up to $100K to exonerees at its cost of capital, with repayment contingent on success of civil claims. The company has agreed to provide funding to two exonerees to date.
Exonerees that receive Validity’s funding – which provides much-needed financial support – have no obligation to repay the financing if they fail to recover on their claims. First recipient Charles Johnson of Chicago was wrongfully imprisoned for 20 years for a double homicide of which he was later found innocent.
Validity has a short list of conditions for its Exoneree Program, including:
- Individuals have been incarcerated longer than five years
- Lawyers representing claimants have a proven track record of success
- A financial advisor creates an expense budget for the duration of the litigation
- The relevant city, state or county indemnifies employees for at least $5 million