“The Lawsuit Reform Alliance of New York is fighting Sean Coffey’s new venture to fund high-stakes litigation cases in exchange for a percentage of the lawsuits’ winnings.
“This is lawsuit loan-sharking, plain and simple,” said Tom Stebbins, executive director of the alliance. He added that “alternative litigation funding” skirts the state’s consumer protection laws and will drive up the number of frivolous lawsuits.
Mr. Coffey, a class-action specialist and Democratic attorney general candidate in 2010, did not return calls for comment. His investment management firm has yet to fund a case.”
Read more from Crain’s New York