John Biesner (of Skadden Arps) and the US Chamber of Commerce should be cheering today. Why? Because a litigation funding firm is backing a securities class action against Slater & Gordon, the publicly traded plaintiff’s firm which recently announced massive losses, apparently from lousy due diligence before purchasing a UK firm. The newest story is in a March 3, 2016 article at Global Legal Post.
Some of the irony here is that Mr. Biesner and the US Chamber of Commerce have been whining for years about litigation funding. The whining is amusing because litigation funding plainly was inevitable to see many years ago, and many US businesses love to use litigation funding, as described in a press release by Gerchen Keller, a very large Chicago based litigation funder. See this mini-review of some of my many posts on litigation funding. It will be interesting to see if there is any public cheering by any of the spin groups that are part of the many branches of the US Chamber of Commerce.
P.S. Here’s a small news blurb from today by the ILR arm of the Chamber. All it did was pick up the same article I saw. No cheering.