summary
Introduced
01/04/2024
01/04/2024
In Committee
01/10/2024
01/10/2024
Crossed Over
Passed
Dead
03/08/2024
03/08/2024
Introduced Session
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 new regulations for litigation financing in Florida. Key provisions include:
- Defining terms like "litigation financing agreement," "foreign person," and "sovereign wealth fund."
- Allowing courts to consider potential conflicts of interest from litigation financing agreements in class actions and consolidated cases.
- Prohibiting litigation financiers from directing litigation decisions or receiving a larger share of proceeds than plaintiffs.
- Requiring disclosure of litigation financing agreements to parties, courts, and government entities.
- Requiring litigation financiers to indemnify plaintiffs and their counsel against adverse costs, fees, and sanctions.
- Stating that violation of the Act's provisions constitutes a deceptive and unfair trade practice.
- Applying the disclosure requirements to pending cases as of the effective date of July 1, 2024.
Committee Categories
Budget and Finance
Sponsors (1)
Other Sponsors (1)
Fiscal Policy (Senate)
Last Action
Died on Calendar (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/2024/1276 |
| BillText | https://www.flsenate.gov/Session/Bill/2024/1276/BillText/c1/HTML |
| Analysis - Fiscal Policy (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1276/Analyses/2024s01276.fp.PDF |
| Replaced by Committee Substitute | https://www.flsenate.gov/Session/Bill/2024/1276/Amendment/658474/HTML |
| Withdrawn | https://www.flsenate.gov/Session/Bill/2024/1276/Amendment/336640/HTML |
| Analysis - Fiscal Policy (Pre-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1276/Analyses/2024s01276.pre.fp.PDF |
| Analysis - Judiciary (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1276/Analyses/2024s01276.ju.PDF |
| Analysis - Judiciary (Pre-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1276/Analyses/2024s01276.pre.ju.PDF |
| BillText | https://www.flsenate.gov/Session/Bill/2024/1276/BillText/Filed/HTML |
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