NYLJ: Tort-Reform Group Champions Bill to Regulate Certain Litigation Funders

“Despite the legislative session concluding for 2017 late last month, a tort-reform business group is already pushing for a bill that would regulate the third-party consumer litigation funding industry.

The Lawsuit Reform Alliance of New York is spending the next five months pushing lawmakers to regulate firms that advance funds to people who are awaiting legal settlements.’

The lawsuit against RD Legal Funding should be a “wake-up call” to lawmakers in Albany, said Tom Stebbins, the executive director of the Lawsuit Reform Alliance of New York.

“To end the abuse and predatory practices, these lenders should be subject to consumer protection laws just like every other financial institution. Injured New Yorkers cannot continue to be victimized by these legal loan sharks. We hope to see the Legislature come to an agreement on a reasonable interest rate cap and pass a bill in the next session,” Stebbins said in an email.”

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