New York’s Clergy Concerned About Consumer Litigation Funding Act

[Gunnar Larson]

Check out my new article:
https://litigationfinancejournal.com/new-yorks-clergy-concerned-about-consumer-litigation-funding-act/

New York’s Clergy Concerned About Consumer Litigation Funding Act

This week, Litigation Finance Journal reported that the New York State
Assembly is debating ‘Bill A.1270-A,’ which is referred to as the Consumer
Litigation Funding Act. Meanwhile, New York City and State Clergy leaders
have co-signed a letter of objection to the Consumer Litigation Funding
Act’s thematic intent(s). However, New York’s clergy leaders signaled
support for mindful regulation of litigation investment agreements.

New York’s clergy leaders’ damnation
<https://empirereportnewyork.com/concerned-clergy-of-new-york-state-and-new-york-city-urge-lawmakers-to-oppose-new-york-assembly-bill-a-1270-a/>
of
the Consumer Litigation Funding Act is further buttressed by Assemblyman
Erik Dilan’s bill A.3315. Mr. Dilan’s approach is to juggle ethics and
transparency to pioneer litigation funding regulatory standards.

Eric Schuller, President of the Alliance for Responsible Consumer Legal
Funding (ARC), had this to say about the proposed bill: “*A1270-A is being
promoted as a good piece of legislation to help protect consumers, when all
it does is harm consumers. It eliminates the product from the state. It
makes it cost prohibitive to operate in New York, and the proponents of the
bill, the Insurance Industry, know that. **They do not want consumers to
have this financial lifeline so that they can get the true value of their
legal claim.”*

The clergy leaders of New York support Dilan’s “fair, ethical and
transparent” legislation. They refer to A1270-A (the Consumer Litigation
Funding Act) as “a wolf in sheep’s clothing,” which, as Mr. Schuller noted,
is designed to eliminate Consumer Legal Funding from the state entirely.
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