Kirby Griffis speaks at Atlantic Legal Foundation Board of Directors and Advisory Council Dinner
June 8, 2011
New York, New York
Hollingsworth LLP partner Kirby T. Griffis was the after-dinner speaker at the Atlantic Legal Foundation's Board and Council meeting in the Gordon Reading Room of the Harvard Club of New York City on Wednesday, June 8.
His presentation was entitled "Follow the Money: Third-Party Investors Bankroll Your Foes." Corporate defendants used to worry about how all the money the plaintiffs' bar won in the tobacco litigation would be used against them. Now, the opposition has a new source of funding: Wall Street. Hedge funds, subsidiaries of banks, and wealth-planning firms for very high-net-worth individuals, among others, are loaning millions of dollars to the same kinds of plaintiffs' firms that corporate defendants face every day. Among the relevant issues addressed by Mr. Griffis were the growth of this industry, the ongoing regulatory fight over it, and the ethical problems posed by such funding.