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I was reminiscing the other day about how I missed my favorite, snarky website Gawker when I saw that the District of New Jersey has proposed an amendment to the local rules (Local Rule 7.1.1) that would require disclosure of third-party litigation funding. Under the proposed new rule, all parties would be required to file statements setting forth information about any non-party person or entity that is “providing funding for some or all of the attorneys’ fees and expenses for the litigation of a non-recourse basis” in exchange for either “a contingent financial interest based upon” the litigation’s results or a “non-monetary result that is not in the nature of a personal or bank loan, or insurance.”
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The United States District Court for the District of New Jersey has announced proposed amendments to its Local Civil Rules, including a new rule – Civ. Rule 7.1.1 – regarding “Disclosure of Third-Party Litigation Funding.”
As we previously observed on this blog earlier this year, the exact dollar amount that third-party investors infuse into U.S. lawsuits each year is unknown, but conservative estimates begin at approximately $2.3 billion. Currently, the District of New Jersey’s Local Civil Rules are silent as to litigation funding, but the District is focused on the importance of understanding the parameters of outside litigation funding and a mechanism for requiring disclosure.
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The District of New Jersey recently amended its local civil rules relating to sealing procedures and confidentiality orders, which are more commonly referred to as protective orders in other jurisdictions. Specifically, Chief Judge Freda L. Wolfson entered an Order, effective March 24, 2021, amending Local Civil Rule 5.3, Local Patent Rule 2.2, and Appendix S to the Local Civil Rules, which sets forth the District’s form Confidentiality Order.
First, the Court’s March 24, 2021 Order amended Local Civil Rule 5.3, which governs the procedures for sealing confidential documents that are filed with the Court or for restricting public access to judicial proceedings. The Order includes the following key changes to Local Civil Rule 5.3: