A law firm set to earn more than $100 million for its work on opioids cases is packaging its fees and selling it to investors as a security.
Napoli Shkolnik PLLC is pooling its portion of approximately $1.3 billion in settlements with major opioid manufacturers and pharmacies, including McKesson, Janssen, CVS and Walgreens, according to a Securities and Exchange Commission filing. The firm declined to comment.
The move is the latest sign of the growing intermingling of law firms and investors. Securitization is an increasingly common tool in litigation finance, a $15.2 billion industry in which outside funders back lawsuits ...