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Third-Party Litigation Funding in Bankruptcy Cases
Third-party litigation financing is a booming form of finance that seems like a natural fit for bankruptcy-related litigation initiated by Chapter 7 trustees, and official committees of unsecured creditors and debtors. Although the disclosure requirements of the bankruptcy code may give the most secretive funds pause, these issues can be managed and should not be a barrier to most participants. Ultimately, third-party litigation finance will assist in the efficient, comprehensive liquidation of bankruptcy estates and provide the maximum benefit for creditors.
This type of litigation finance is an alternative asset class that has experienced rapid growth in the U.S. in the past decade. Explained in its its simplest form, a third party provides capital to a claimant to cover or supplement the cost of litigating a claim or to hedge against an adverse outcome. The third party purchases a portion of a claimant's recovery, less attorneys' fees and costs. The financing is almost always provided on a non-recourse basis, i.e., the claimant is not liable to the third party if the underlying lawsuit is unsuccessful.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.