The U.S. litigation funding industry is basking in a string of favorable developments this week, including a major legislative reprieve in Washington and courtroom victories for its most prominent player, Burford Capital.
In the latest edition of Billable Hours, our colleague David Thomas reports that U.S. Senate's parliamentarian struck a hefty proposed tax on litigation financiers from the massive pending budget bill before Senate Republicans approved the legislation on Tuesday. Democrats had objected to the litigation funding measure, Sen. Jeff Merkley, the ranking member on the Senate Budget committee, said in a statement last week.
The move was praised by litigation funders and their backers, who warned the tax would chill investment and undermine access to justice.
Burford, meanwhile, is another step closer to collecting its massive share of a $16.1 billion court judgment against Argentina, after the South American country seized a majority stake in oil and gas company YPF in 2012.
U.S. District Judge Loretta Preska on Monday ordered Argentina to give up its 51% stake in YPF to partially satisfy a $14.39 billion award to Petersen Energia Inversora and a $1.71 billion award to Eton Park Capital Management, both of whom were minority investors in YPF.
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