Update 20150530: More on the Gawker lawsuite in the NY Times.
“As hedge funds put more resources into litigation financing, they’re commodifying the practice as an investment vehicle and minimizing risk by relying less on legal instincts about a specific case and more on data. “At the intersection of litigation and finance, you get people from both litigation and finance involved, neither understanding the other side,” says Toby Unwin, chief innovation officer at the big data firm Premonition. He’s trying to bridge that gap, helping lead his companies efforts to turn litigation financing into a science, by combing through court records that live in disparate databases, analyzing the success rates of specific lawyers and attempting to package and sell that information to investors.:
“At the other end of the spectrum is Mighty, a company clearly inspired by Kickstarter, which takes a crowdsourced approach to litigation financing, offering a platform where individual investors (mostly other attorneys, according to company founder Joshua Schwadron) can pick and choose among potential cases in an online marketplace. Schwadron writes passionately about his company providing ‘power to the plaintiff,’ who might be otherwise unable to afford justice. He also dangles the prospects of 30 percent annual returns on investment; but, in a marketplace like this, it’s easy to see people choosing to back lawsuits because a case pulled at their heartstrings, or simply on a whim.”
Peter Thiel Isn’t the First Rich Person to Invest in a Lawsuit, by Josh Fruhlinger, Mel Magazine, May 25, 2016
Coming to a courtroom’s jammed schedule near you in the near future. I suppose this was inevitable, and in a sick way, natural. If it’s something you can make off, someone somewhere will make money off it somehow.
It’s really too bad I can’t quote from the Ntl Memo w/out getting charged by the word or a C&D (really, and fuck you Ntl Memo, you’re off the RSS reader) because Mike Tokars had a nice article there on Paul Ryan fixing a vote on LGBT discrimination by businesses with federal contracts. Tokars point was that as long as Trump is getting away with anything and everything, he’s inspiring the same kind of behavior in, well, Paul Ryan, at least. And this doesn’t cheer my sad musings on how the hell are we going to recover as a country from the Trump candidacy? God knows I was trying to ignore this election, but it’s become a nightmare I’m apparently not going to be allowed to wake up from.
Yes, I know it’s been a long time since I’ve blogged here, but I thought I’d better get my chops back up in case the good Lord does not have mercy on the United States and something unspeakable happens in November. I hope the Minute Men bloggers won’t have to swing back into action, but it’s always best to hope for the best while preparing for the worst. Or something.
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