In an interview with the National Law Journal, U.S. Chamber Institute for Legal Reform (ILR) President Lisa A. Rickard said other states should follow Wisconsin’s lead by requiring third party litigation funding disclosure.
Rickard said the “precedent-setting” law will help increase transparency around litigation funding, since it makes Wisconsin the first state to require disclosure in its courts by law. She said now that one state has passed a law, it’s “our hope that other states will follow suit.”
As state-level regulation moves, the possibility for federal regulation has also picked up steam. The Advisory Committee on Civil Rules will discuss an ILR-filed petition later this month that could require similar disclosure at the federal level.