summary
Introduced
01/03/2024
01/03/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
03/08/2024
03/08/2024
Introduced Session
Potential new amendment
2024 Regular Session
Bill Summary
An act relating to litigation financing; providing a short title; designating ss. 69.011-69.081, F.S., as part I of ch. 69, F.S.; creating part II of ch. 69, F.S., relating to litigation financing; creating s. 69.101, F.S.; providing definitions; creating s. 69.103, F.S.; requiring a court's consideration of potential conflicts of interest which may arise from the existence of a litigation financing agreement in specified circumstances; creating s. 69.105, F.S.; prohibiting specified acts by litigation financiers; creating s. 69.107, F.S.; requiring certain disclosures related to litigation financing agreements and the involvement of foreign persons, foreign principals, or sovereign wealth funds; providing for discovery related to litigation financing agreements; creating s. 69.109, F.S.; requiring the indemnification of specified fees, costs, and sanctions by a litigation financier in specified circumstances; creating s. 69.111, F.S.; providing that a litigation financing agreement is void in specified circumstances; providing for enforcement of specified violations under the Florida Deceptive and Unfair Trade Practices Act; providing severability; providing applicability; providing an effective date.
AI Summary
This bill, titled the "Litigation Investment Safeguards and Transparency Act," creates a new part in Florida's Chapter 69 to regulate litigation financing. The key provisions include: defining terms like "litigation financier" and "litigation financing agreement"; requiring courts to consider potential conflicts of interest arising from litigation financing agreements in class actions and consolidated cases; prohibiting certain conduct by litigation financiers, such as directing the course of a legal proceeding or receiving a larger share of the proceeds than the plaintiffs; mandating disclosures of litigation financing agreements and the involvement of foreign persons, foreign principals, or sovereign wealth funds; requiring litigation financiers to indemnify plaintiffs and their counsel against certain adverse costs, fees, and sanctions; and providing that violations of the new law are enforceable under Florida's Deceptive and Unfair Trade Practices Act. The bill applies to litigation financing agreements entered into on or after July 1, 2024.
Committee Categories
Budget and Finance, Justice
Sponsors (2)
Last Action
Died in Justice Appropriations Subcommittee (on 03/08/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2024/1179 |
| https://www.flsenate.gov/Session/Bill/2024/1179/Amendment/920767/PDF | |
| Analysis - Justice Appropriations Subcommittee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1179/Analyses/h1179c.JUA.PDF |
| Analysis - Justice Appropriations Subcommittee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1179/Analyses/h1179b.JUA.PDF |
| Analysis - Civil Justice Subcommittee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1179/Analyses/h1179a.CJS.PDF |
| Analysis - Civil Justice Subcommittee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1179/Analyses/h1179.CJS.PDF |
| BillText | https://www.flsenate.gov/Session/Bill/2024/1179/BillText/Filed/PDF |
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