The U.S. Chamber of Commerce is launching a critique against those who borrow or lend money to pay for lawsuits, releasing a paper today on litigation financing written by three lawyers from Skadden Arps Slate Meagher & Flom.
Not to be outdone, the nation’s largest group of trial lawyers released a competing report today that highlights examples where they say companies knowingly put consumers’ health or lives at risk.
The dueling reports are likely to intensify the fight between the two major lobbying groups, which are competing for an edge among members of Congress. The plaintiffs’ bar is pushing several pieces of legislation that would expand opportunities for litigation; one top priority is to allow state torts against medical device manufacturers, while another is to prohibit mandatory arbitration provisions in consumer contracts and some other agreements.
The Chamber today is hosting its annual Legal Reform Summit in Washington. It features a keynoted address by former Florida Gov. Jeb Bush, a Republican.
Click here (PDF) for the Chamber’s report, “Selling Lawsuits, Buying Trouble,” by Skadden partners John Beisner and Jessica Miller and counsel Gary Rubin. Click here (PDF) for the report from the American Association for Justice, titled “They Knew and Failed To.”
The National Law Journal reported in 2007 on the growing number of cash-strapped plaintiffs who were then borrowing money to get by during litigation. This month, The AmLaw Daily reported on a new, $130 million British fund that plans to invest in U.S. commercial litigation and international arbitration.