Bill > HB240

This bill modifies existing Louisiana law concerning third-party litigation financing, which is when an outside entity provides funds to a party in a lawsuit in exchange for a portion of any settlement or judgment. The bill clarifies that a litigation financer, the entity providing the funds, cannot receive more money than the plaintiffs or claimants collectively recover after attorney fees and costs are paid. It also mandates that attorneys involved in such financing must disclose the existence of the financing contract or agreement to their clients and provide a copy within thirty days of being hired or entering the agreement, whichever comes first. The bill also states that the existence of these financing agreements can be discovered during legal proceedings, and it clarifies that these provisions do not apply to nonprofit legal organizations funded by private donors that represent clients for free (pro bono), nor do they require these organizations to reveal their donors.

Justice

https://www.legis.la.gov/legis/BillInfo.aspx?s=26rs&b=HB240&sbi=y