Investing in litigation is a gimmick from my next novel, Makers
, coming next fall from Tor and HarperCollins UK -- the idea is that you can get rich by bankrolling people who have grievances against giant corporations in exchange for a piece of the award or settlement (this is something that plaintiff-side lawyers effectively do when they do work on contingency). I based it on a crusading lawyer I know who raised money from a philanthropist this way, but as far as I knew, that was the only case of it at the time.
No more: investing in litigation is now a sound business strategy, says the NYT:
Mr. Fields is chief executive of Juridica Capital Management. which runs a fund that invests in one side of a lawsuit in exchange for a share of any winnings.
Investing in Lawsuits, for a Share of the Awards
"It's always a good time to invest in litigation," Mr. Fields said, though he added that the weak economy helped. "When the recession started to bite, the phones started ringing off the hook. Last year, we looked at 122 cases and we made 17 investments." A small but growing number of investors are exploring this idea, helping companies avoid some of the risks and costs of litigation in exchange for part of any money paid out when the case is settled or resolved by a court. After all, it can be costly to hire lawyers, who may charge close to $1,000 an hour at the most elite firms.
Credit Suisse has a unit devoted to this kind of investing. Juris Capital, a Chicago firm backed by two hedge funds, also does it. Several other hedge funds do, too.
Studio North was commissioned to refit an old elevator shaft in a converted warehouse loft in Calgary; they built a tall, narrow library with climbable shelves whose hand- and foot-holds retract into the shelving.
Libretaxi is an open source project that lets anyone become a rideshare driver in less than a minute; it has more than 20,000 users worldwide, and is maintained by Roman Pushkin, who started the project in December 2016 and is now planning to quit his job and work on it full time.
Mister Alphabet is an action-figure designed to cleverly bend and contort into every letter of the Latin alphabet; the website is long on trademark warnings and arty Instagram photos, but short on details, like, “Is this an object of commerce?” and “If so, where does one buy it?” (via Kottke)
You know the drill. You go to the dentist and they ask you how often you floss. You lie through your teeth and say, “every day!” (Bonus points if you have some cilantro or chives stuck in your gums from lunch). You don’t want to keep up the charade any longer, but rubbing that tiny strand […]
The Raspberry Pi Foundation has done outstanding work packing a fully capable desktop computer into a package the size of a deck cards—especially one that only costs $35. But if you already have a working laptop, why should you care? Oh, how much you have to learn. Besides operating well as a compact digital media hub, […]
Custom coffee vessels are the perfect piece of office flair, but it’s just a matter of time before your VOTE FOR PEDRO mug will start to lose its relevant wit. Why not have a new one every day, with whatever silly nonsense you want sticking off the sides? You can save big on your novelty […]