A litigation funder could be on its way to securing an almost 900% return on a $500,000 loan, following a recent decision by a federal court in Atlanta. This unusual situation arose from a loan agreement so skewed that the borrower, a lawyer, ended up under a conservatorship.
Noble Prestige Lmt., the litigation funder, is currently represented by Edward Lenci. Being a partner at Hinshaw & Culbertson in New York, Lenci now faces the defendants, attorney Paul Horn and law firm lead Craig Galle. The latter assumed the case’s responsibility after conservatorship befell Horn and could face $558,000 in pending fees, pending a district court ruling.
This case brings particular focus to the use of international arbitration tactics as a means to recover litigation costs. As the proceedings intensify, we might witness the potency of the New York Convention, as stated by Lenci.
More details about the case are available on Daily Business Review. It will certainly be a case to watch as legal professionals around the globe could learn from its outcomes and their bearing on matters concerning litigation funding and arbitration.