Our decade long experience in funding complex class actions gives us a unique level of sophistication in funding anticipated legal fees, without tedious and unnecessary questions and delay to our class counsel client. Please see below for more elaborate discussion on our class action funding expertise.
Over the last 10 years we have developed an expertise in funding class action and complex litigations. During this period we have funded well over $100 million dollars to class action attorneys. Many of these attorneys are in California, New York and Illinois, however, the matters we have funded have been litigated in many states including California, New York, Illinois, Arizona, Texas, New Mexico, Hawaii, Minnesota, Missouri, Virginia, District of Columbia and others.
We fund a broad range of class action attorneys, including those handling wage and hour matters, securities fraud, bank fraud, construction defect, ADA non-compliance claims and many others.
Attorneys ourselves, we understand the risks involved in funding class actions and have become very adept at analyzing these matters. This experience and knowledge inure to the benefit of attorneys seeking funding on anticipated fees. Funding is often completed the day we receive the request or on the next business day.
For our class action post settlement funding transactions, we are willing to fund if there is a binding Memorandum of Understanding (MOU) signed by counsel for all parties even when subject to completion of a formal settlement agreement. We will also fund a draft settlement agreement with emails from counsel confirming all substantive matters have been resolved. A fully executed settlement agreement with or without a petition for Preliminary Approval would certainly qualify as a settlement for funding purposes as would a Preliminary or Final Approval order.
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When reviewing any of the foregoing settlement documents, we focus on key elements. The definitions are important especially regarding lead counsel, effective date and settlement amount. Similarly, in the body of the settlement agreement, we look to see if any of the language raises concerns with regard to the following matters: defendant’s ability to pay, the distribution of funds, the class administrator agreed upon, the language regarding counsel’s fee and defendant’s agreement not to contest same, provisions that may allow one or both parties to void the agreement, and other matters specific to the settlement.
In addition, we will compare counsel’s requested fee with lodestar and consider any multipliers applied. We look at the jurisdiction where the matter is pending, the court, the history of the judge on the case (especially regarding counsel fees) and the court docket to have a sense of the history of the case.
Finally, we review the counsel’s retainer and any fee share or fee split agreements.
At RapidFunds®, we understand the difficulties of being a class action attorney. Arriving at settlement can take years. Once settled, there is a new set of risks to be navigated. Preparing the formal settlement agreement and arriving at language everyone can be comfortable with takes time. Depending upon the requirements of the Judge, Preliminary Approval may require more than one filing to satisfy the Court. Gathering the necessary information and providing it to the Settlement Administrator often results in further delays. The risk of one or more objections being filed is ever present and if one is filed, that may create more delay. Finally, there is no assurance that the Court in its Final Approval Order will grant fees and costs as requested.
We know there will be delays and issues that may arise while getting to Final Approval and eventual payment. We have learned over the years how to evaluate the risk and, due to our vast experience, we have become confident in our knowledge and ability regarding class action funding. This confidence, in turn, translates to swift and efficient service to our class action attorney clients. Our years of experience have given us a level of comfort with these matters which means we will not deplete your time with tedious inquiries, questions and unnecessary concerns.
Years in Business
Serving Plaintiffs’ Lawyers Nationwide – By Lawyers For Lawyers
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