36 Cardozo L. Rev. 861 (2014-2015)
Harmonizing Third-Party Litigation Funding Regulation

handle is hein.journals/cdozo36 and id is 935 raw text is: 









HARMONIZING THIRD-PARTY LITIGATION FUNDING
                               REGULATION


                               Victoria A. Shannont




     Third-party litigation funding is no longer a new phenomenon, but rather
     is a mainstay in global commerce and dispute resolution. Yet many
     observers still consider the third-party litigation funding industry as a wild
     west due to a lack of regulation in many countries. Some of the countries
     that have regulations suffer from a lack of uniformity and an array of
     conflicting laws at the sub-national level (i.e., the laws of states, provinces,
     territories, etc.). For example, the United States has a confusing patchwork
     of state laws on third-party litigation funding. This Article proposes



   t Victoria Shannon, Assistant Professor of Law, Washington and Lee University School of
Law; J.D., Harvard Law School; A.B., Harvard University. Co-author of the book THIRD-PARTY
FUNDING IN INTERNATIONAL ARBITRATION (2012) (with Lisa Bench Nieuwveld), and member of
the Third-Party Funding Task Force. The author would like to thank Maya Steinitz, Anthony
Sebok, A. Benjamin Spencer, Nora Engstrom, Manuel Gomez, Brian Fitzpatrick, Selvyn Seidel,
Lisa Fairfax, Josh Karton, Rebecca Morrow, Susan Franck, Lyman Johnson, Joan Shaughnessy,
Joan Heminway, Mark Drumbl, Kenneth Mack, David Wilkins, Robert Bordone, Carole
Goldberg, Josefa Sicard-Mirabal, Ralph Sutton, Charlie Gollow, Eric Schuller, Phil Nichols, Kish
Parella, Ron Bettour, Dick Piers, Roger Transgrud, Alan Morrison, Diane Amann, Paul Stephan,
Ralf Michaels, Marcus Wagner, Andrew Verstein, Vicki Waye, Arthur Wilmarth, Jill Fisch, Thea
Johnson, Robin Juni, Sam Halabi, Lawrence Hamermesh, Julie Maupin, Blake Morant, Andy
Spaulding, Catherine Rogers, Sean Murphy, Susan Karamanian, Jay Butler, Jonathan Cardi,
Gregory Gilchrist, Elizabeth Trujillo, Jason Yackee, Yesha Yadav, David Zaring, Charles Yablon,
Greg Shaffer, Shana Tabak, Jeff Dunoff, Jennifer Taub, Sonia Rolland, Charles Mooney, Julian
Arato, Sidney Shapiro, Susan Yin, George Walker, David Gantz, Wulf Kaal, Peter Spiro, Suzanne
Katzenstein, Maria Panezi, Joel Trachtman, Andrew Bell, Kristen Eichensehr, Adam Chilton, and
Rob Blitt. The author would also like to thank the commentators and participants at the following
events for their thoughtful and incredibly helpful comments on drafts of this Article: the
Washington and Lee University School of Law Works-in-Progress Roundtable for Third-Party
Funding Scholars; the American Society of International Law (ASIL) International Economic Law
Interest Group, Junior Scholars Research Forum; the George Washington University Law School
International and Comparative Law Colloquium; the George Washington University Law School
Center for Law, Economics and Finance (C-LEAF) Junior Faculty Workshop; the Wake Forest
University Law School Junior Faculty Exchange Workshop; the Junior International Law Scholars
Association (JILSA) Annual Workshop; and the joint ASIL Southeast and University of Virginia
School of Law Junior Papers Conference. The author would also like to thank her exceptional
research assistant, K. Stewart Day, for his assistance with this Article. The author expresses her
sincerest gratitude to Bret Ruber, Emily Chen, Marisa Seiss, Melissa Ibrahim, and the student
editing team at the Cardozo Law Review for their superb editing work. The author can be reached
at shannonv@wlu.edu.

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