Happy Friday! What do an 18th century gambling law and litigation funders have in common?
This week, I wrote about a series of lawsuits that have been filed against a prediction market platform.
Kalshi, an exchange that trades on the outcome of future events, has gotten a lot of press recently. It came under scrutiny from state gambling regulators when it began offering sports betting contracts earlier this year. It also counts Donald Trump Jr. as a strategic adviser.
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The company is being sued in at least 6 states under an 18th century gambling law, the Statute of Anne, that lets losing third parties sue winners for the values of losses plus fees.
The suits were all filed by Delaware LLCs and it turns out Florida-based funder Veridis Management and its CEO are apparently behind them.
What I’m reading
Speaking of betting, my colleague Ben Miller wrote a story about how senators from both parties are calling on the CFTC to rein in companies that offer sports betting as a type of event contract.
The US Chamber of Commerce wrote a letter to the House of Representatives in support of legislation, introduced in April by Rep. Bill Cline (R-Va), that mandates disclosure of a foreign person, state or sovereign wealth fund that has a financial interest in the outcome of a civil action.
According to the Law Society Gazette, the Minister for Justice in Ireland said he has concerns about the introduction of litigation funding in the country. Irish law currently prohibits the funding of cases by outside parties but the Law Reform Commission, an independent body that conducts research with a view to reform law, is looking at the issue and is expected to publish a report by the end of the year.
Litigation Capital Management announced that a London High Court ruled against a party in a commercial claim they funded. LCM contributed £9.9 million to the case and valued the investment at £26.5 million.
Lawyers from Quinn Emanuel in the UK are asking for donations from the public to help fight a legal case, according to Roll on Friday. They’ve launched a crowd funded effort to raise £15,000 to help obtain an injunction against a litigant bombarding them with “abusive, and often sexually explicit” emails.
Commentary & Opinion
Litigation Funding’s Influence on Cases Warrants Disclosure Rule
Federal courts should mandate disclosure of third-party litigation funding contracts as a matter of fairness.
If Big Law Works on Trump’s Tariffs, Congress Should Pay For It
Even if Big Law’s work for the Commerce Department on tariff and other deals is somehow technically legal, legislators are right to be worried about its implications for congressional authority.
Path to Partnership: Here’s What You Need to Do to Stay on Track
Partnership isn’t about waiting for a promotion. It’s about showing, through actions and measurable results, that a lawyer already thinks and acts like an owner.
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