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Senate committee advances bill requiring disclosure of litigation funders after sharp debate
Summary
The Senate Commerce Committee released S4374 as amended, a bill that would require party litigation funding agreements to be disclosed to courts and opposing parties; supporters called it transparency, opponents warned it would choke funding for plaintiffs and invite burdensome discovery.
The New Jersey State Senate Commerce Committee released Senate Bill 4374 on a motion to amend following two hours of testimony and back-and-forth between business groups and plaintiff attorneys.
The measure would require disclosure of party litigation funding agreements and impose duties and reporting obligations on litigation funders; committee members described the bill as aimed at transparency in an expanding industry.
The bill’s proponents argued that outside investors and private-equity funders are reshaping litigation and can influence which claims are brought, how they are pursued and when they are settled. Aviva Wean, assistant general counsel at Johnson & Johnson, told the committee, "It is a basic transparency bill that requires disclosure to…
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