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Champerty (confirmed illegal in Ohio) (COURTS, LAWYERS & LITIGATION)

Tue, 01 Jul 2003 14:04:00 GMT

On Tue, 17 Jun 2003 11:52:20 -0400, ptsc <ptsc@lawknowledge.org.nowhere.com> wrote:
Here's a summary from the Supreme Court of Ohio website:http://www.sconet.state.oh.us/communications_office/summaries/2003/0611/012154.asp
. . . .
2001-2154. Rancman v. Interim Settlement Funding Corp., 2003-Ohio-2721.Summit App. No. 20523, 2001-Ohio-1669. Judgment affirmed.
. . . .
Opinion:http://www.sconet.state.oh.us/rod/documents/0/2003/2003-Ohio-2721.doc .Court rules "cash advances" against civil judgments are illegal,void
The Ohio Supreme Court ruled unanimously today that, except asexpressly authorized by legislative enactment or legal ethicsrules, financial agreements in which a third party advances moneyto a civil litigant in exchange for a percentage of the litigant'sprospective damage award are void and unenforceable. . . .
The case involved a contingent financial contract between RobertaRancman . . . and Interim Settlement Funding (ISF), a company whichadvances cash to litigants in exchange for a specified share oftheir ultimate damage settlements or awards.
. . . .

Oh, one of _those_ deals. In Oregon, there's been a bit of
discussion in the Bar Bulletin about the ethics of such an agreement.
The as yet uncontested advice is, stay away.

Daniel Reitman

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