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The Home Justice Appropriations Subcommittee deferred a vote on laws to crack down $13.5 billion third-party financier trade.
Subcommittee Vice Chairman David Smith introduced {that a} vote on HB 1179 was being deferred at invoice co-sponsor and Home Judiciary Committee Chairman Tommy Gregory’s request. No additional clarification was provided.
HB 1179 had been added to the Home Justice Appropriations Subcommittee’s Monday agenda hours after it had cleared its first committee of reference, the Home Civil Justice Subcommittee by a 10-7 vote.
In the meantime, the Senate companion measure (SB 1276) will probably be heard by the Senate Prison Justice Committee on Tuesday.
The payments are a prime precedence for the Florida Justice Reform Institute and the American Tort Reform Basis, which repeatedly referenced third-party litigation financing in its 2023-24 Judicial Hellhole Report.
The payments would create a brand new part of regulation known as the Litigation Funding Safeguards and Transparency Act and set up definitions for, amongst different issues, “litigation financing,” “overseas individuals” and “overseas principals.”
The proposals would require legal professionals who enter into third-party litigation agreements to reveal that info to their shoppers in addition to the court docket, opposing counsel, and any identified particular person, resembling an insurer, with a preexisting contractual obligation to indemnify or defend a celebration to the motion.
The payments ban litigation financing corporations from receiving a bigger share of the proceeds than the plaintiffs after the fee of legal professional charges and prices. Moreover, litigation financiers couldn’t, below the proposal, make any resolution regarding authorized technique.
If the litigation financing firm has worldwide ties, legal professionals additionally should disclose the identify, tackle and citizenship, nation of incorporation or registration of any overseas particular person, overseas principal or sovereign wealth fund.
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