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This article originally appeared in the American Bar Association s Consumer Financial Services Committee Newsletter, November 2020.
In August of 2020, the American Bar Association (ABA) House of Delegates issued Best Practices for Third-Party Litigation Funding (the Report ).[1] Litigation funding, in any of its various forms, is largely unregulated by statute in most states. Accordingly, litigation funding companies with a national presence must navigate a shifting mosaic of common law, regulator guidance, and bar association opinions in order to operate. Amidst this legal uncertainty, self-policing is necessary to avoid regulatory scrutiny and to dissuade legislators from enacting overly onerous statutory limitations. The Report provides a valuable resource for self-policing of the industry.