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9th Circ. Asks NY Justices If Litigation Funding Deal Is A Loan

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > 9th Circ. Asks NY Justices If Litigation Funding Deal Is A Loan

9th Circ. Asks NY Justices If Litigation Funding Deal Is A Loan

Law360 (June 11, 2020, 7:02 PM EDT) — The Ninth Circuit asked New York’s highest court on Thursday to weigh in on whether a certain set of litigation funding agreements constitutes a loan under Empire State usury laws, saying the answer to the question is key to resolving a California lawyer’s suit against a legal funder.

The three-judge panel said it needed more clarity on how it should interpret the agreements between New York-based Fast Trak Investment Co. LLC and the Law Offices of Richard Sax, a firm based in Santa Rosa, California.

Citing “the novelty of the issue and the impact its resolution may have in a rapidly…

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