Analysis Of Third-Party Litigation Financing Reveals Funders' Litigation Influence

On August 21, 2026, the Tenth Circuit granted the NCAA’s stay request in Wisne v. NCAA, temporarily restoring the NCAA’s age-based eligibility rules pending resolution of the appeal. Three weeks earlier, Judge Sweeney of the District of Colorado had issued a nationwide injunction that permitted athletes in the Class of 2022 to pursue a fifth year of eligibility.

The top ten largest class action settlements in securities cases in the U.S. have recouped tens of billions of dollars in damages.

On the morning of July 4, 2025, catastrophic flooding on the Guadalupe River took 135 lives across the Texas Hill Country. Twenty-eight of them—25 school-aged campers, two young counselors and the camp's co-executive director—were at Camp Mystic, a century-old girls' camp near Hunt.

A federal court in California denied preliminary approval of a $2.3 million data breach settlement affecting over 220,000 individuals, finding seven critical deficiencies in the proposed agreement. The decision highlights the rigorous scrutiny courts apply to class action settlements, particularly regarding claims-made distribution processes, inadequate documentation of settlement value, and unexplained disparate treatment among class members.

A federal court rejected TikTok's attempt to use two prior nationwide class action settlements—totaling over $93 million—to dismiss new privacy claims brought by minors alleging violations of the Children's Online Privacy Protection Act. The ruling hinged on whether the current plaintiffs were demonstrably members of the earlier settlement classes based solely on the pleadings, raising critical questions about the scope and enforceability of broad settlement releases in successive privacy litiga

Concora Credit has agreed to pay $9.375 million to settle a TCPA class action lawsuit over wrong number robocalls, with prominent TCPA attorney Mike Greenwald securing another major victory. The settlement includes over $5 million for approximately 147,000 class members, $3 million in attorney fees, and a commitment to spend at least $1 million on TCPA compliance over three years.

A Fifth Circuit Court of Appeals ruling harshly criticizes a federal district judge for relying on AI-generated content in legal orders, revealing fabricated facts and poor legal analysis. The decision raises critical questions about the use of generative AI in legal practice and whether lawyers who adopt such technology are compromising their ethical obligations of competence, confidentiality, and integrity.

A federal judge in Florida has ruled that cell phone users cannot sue under the TCPA's do-not-call provisions, determining that the FCC exceeded its authority when it extended protections to wireless subscribers in 2003. The decision challenges decades of regulatory interpretation and could fundamentally reshape telecommunications privacy litigation if adopted by other courts.

The New Jersey Supreme Court refused to allow a respondent to benefit from its refusal to pay arbitration fees in Roach v. BM Motoring, LLC, 2017 WL 931430 (NJ March 9, 2017).

The Fifth Circuit's en banc decision in Sterling v. City of Jackson tests whether residents exposed to lead-contaminated municipal drinking water can sue under Section 1983 for substantive due process violations. In a 10-5 ruling, the court held that environmental harms caused by government mismanagement belong to tort law and the political process, not constitutional claims, creating a significant circuit split with implications for how environmental compliance failures by public officials are litigated.

The global CLO equity fund market is experiencing a cautious reopening after a period of tight arbitrage and challenging economics. With U.S. CLO issuance approaching $230 billion in the first half of 2026 and major platforms successfully raising billion-dollar funds, captive and third-party CLO equity fund structures are evolving rapidly as managers deploy sophisticated structuring technologies to provide stable execution capacity and attract institutional capital seeking diversified credit exposure with s

The U.S. Securities and Exchange Commission has proposed significant amendments to modernize interval fund operations and extend multiple share class eligibility to non-traded closed-end funds and business development companies. These changes would eliminate longstanding regulatory barriers by allowing interval funds to defer initial repurchase offers for up to two years, introducing monthly repurchase options, and replacing rigid liquidity requirements with principles-based approaches, while also removing

The CFTC has released its 2026 regulatory priorities agenda under new Chairman Michael Selig, outlining significant proposed changes to commodity pool operator exemptions, large trader reporting requirements, and foreign exchange product classifications. Asset managers participating in commodities and derivatives markets will need to understand how these regulatory modifications may affect their registration obligations, reporting burdens, and treatment of various financial instruments.

Preferred equity is transforming structured finance by enabling sponsors to attract third-party capital below rated debt without diluting residual positions or triggering additional rating requirements. This analysis examines how CFOs, CLOs, NAV facilities, and other securitization vehicles are deploying bespoke preferred structures to widen investor pools while preserving manager incentives. What contractual mechanics, legal considerations, and market dynamics are driving this shift from niche accommodatio

Private equity investment in concierge medicine, aesthetic dermatology and medispas has surged due to cash-pay economics, recurring revenue models and fragmented markets ripe for consolidation. However, navigating state-by-state corporate practice of medicine prohibitions, licensure requirements and evolving GLP-1 regulations requires sophisticated legal structuring to protect valuations and enable successful exits.

Germany's advance lump-sum taxation regime imposes annual deemed investment income on German tax-resident investors in qualifying investment funds, regardless of distributions.

The CFTC has taken coordinated actions to bring perpetual contracts under U.S. regulatory oversight, approving the first bitcoin perpetual contract on a domestic exchange.

Over the past decade, asset managers have sought to expand investor access to private markets assets, such as private credit, real estate, infrastructure and other illiquid assets, within the regulatory framework of the 1940 Act.

The NAIC has proposed significant revisions to statutory accounting principles that would restrict bond treatment for multi-collateral structured credit investments deemed to carry "significant embedded asset-liability management risk." This analysis examines the regulatory concerns driving the proposal, evaluates whether the proposed framework appropriately addresses those concerns, and identifies potential unintended consequences for insurance company investors and the broader structured credit markets.

The European Union's International Procurement Instrument has issued its first implementing measure, targeting Chinese medical device suppliers with total exclusion from EU public procurement contracts valued at €5 million or more. The Lyon Administrative Court's landmark ruling establishes that contracting authorities must conduct genuine diligence into bidders' commercial substance, even when registered in the EU, to determine their true origin and eligibility to participate in tenders.