The New York Court of Appeals, New York’s highest court, upheld in
Justinian Capital SPC v. WestLB AG the trial court’s summary judgment in defendant’s favor, holding that the lawsuit violated the State’s champerty statute. This is the first time in over a century that the Court found a suit to be champertous, meaning illegally funded by a third party that would also share the potential benefit if the funded party were to prevail. The noteworthy aspect of the Court’s holding is its expansive definition of champerty, which extends beyond fraudulent suits or suits that would not have been filed but for the third party’s funding. However, the decision confirms that the New York law does not apply to those investing over $500,000.
Read full article at Reuters.com
Summarized by James Wright
COOK COUNTY RECORD – Oct.18 – Ex-employees have sued Oasis Financial company. The litigation finance company funds money to individuals. Oasis is claimed to overwork their employees overtime pay, and also enforced employment agreements preventing former employees to work with competitors for as long as two years.
According to the lawsuit, Oasis required employees (Tyler Beauchamp and Trevor Scott) to work 10+ hour days, five days a week. They were and “discouraged from taking lunch breaks.” The lawsuit also alleges that the company did not pay to compensate for the added work hours, and paid no overtime.
Damages assessed to Oasis includes twice the amount of unpaid overtime hourly wages, statutory damages, punitive damages and attorney fees.
By Jonathan Bilyk
See full article at CookCountyRecord
Summarized by Walter Langkowski