Litigation funder backs cases over NJ law shielding info on judges, officials
By Nate Raymond
Oct 11 (Reuters) -A data-deletion firm that has sued over 100 businesses accusing themof running afoul of a New Jersey law designed to shield the release of addresses and other personal information of judges, police and prosecutors is being backed by a third-party litigation funder, according to court papers.
Atlas Data Privacy, a software firm that has been assigned claims by over 19,000 people eligible for protection under the law, disclosed it expected to soon deploy funding provided by Parabellum Capital in a Thursdayfiling in New Jersey federal court.
The New York-based litigation funder, which has over $1 billion in assets under management, spun out of Credit Suisse in 2012 and provides third-party funding to litigants in commercial disputes in exchange for a share of any recovery.
In January, it said it closed on its third private fund with total investor commitments of $754 million.
Often funding arrangements between plaintiffs and third-party litigation funders go undisclosed. But New Jersey's federal court in 2021 adopted a unique rule requiring litigants to detail when they have such funding.
Atlas said that it was receiving non-resource financing that would be "collateralized by litigation proceeds." It did not provide details on the financial terms of the arrangement.
Parabellum CEO Howard Shams had no immediate comment. Atlas' lawyers at PEM Law, Boies Schiller Flexner and Morgan & Morgan did not respond to requests for comment.
The disclosure came a week after various companies sued by Atlas went before U.S. District Judge Harvey Bartle in Camden to argue that its lawsuits should be dismissed on the grounds that the New Jersey law knownas Daniel's Law violated the companies' free speech rights under the U.S. Constitution's First Amendment.
The measure was signed into law in 2020 by Democratic Governor Phil Murphy in response to the fatal shooting of the 20-year-old son of U.S. District Judge Esther Salas at her New Jersey home by a disgruntled lawyer.
The law, which has since been expanded, allows current and former judges, law enforcement, prosecutors, and other officials to request that private entities not disclose their home addresses or unpublished home phone numbers.
Companies that do not comply with an official's request to not disclose their information can be sued for damages.
A similar federal law named after Salas' son, the Daniel Anderl Judicial Security and Privacy Act, was enacted by Congress in late 2022 and protects judges by shielding their personal information online.
Atlas launched a wave of lawsuits earlier this year on behalf of individuals covered by the law against real estate businesses, marketing companies, data brokers and credit reporting agencies. Defendants include CoStar Group, Oracle Corp, Zillow and Thomson Reuters, Reuters' parent company.
Thomson Reuters in a statement said it was aware of the litigation funding but was focused on addressing the merits of the case. It said Daniel's Law "attempts to serve a laudable goal" but in its current form violates the First Amendment.
Individuals who assigned claims to Atlas to pursue in court stand to receive 65% of any judgment it recovers, according to a court filing filed on Thursday. It has contingency-fee arrangements with its law firms, according to another filing.
The case is Atlas Data Privacy Corp v. LightBox Parent LP, et al, U.S. District Court for the District of New Jersey, No. 22-4105.
For Atlas Data Privacy Corp: Rajiv Parikh of PEM Law, Mark Mao of Boies Schiller Flexner and John Yanchunis of Morgan & Morgan
For LightBox, et al: Kevin McDonough of Latham & Watkins
For New Jersey: Daniel Vannella of the New Jersey Office of the Attorney General
Read more:
New Jersey defends privacy law shielding judges, prosecutors
US judicial panel to examine litigation finance disclosure
Litigation funders howl as N.J. adopts disclosure requirement
Reporting by Nate Raymond in Boston
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
