Professor Shannon Presents at Freshfields on Attorney Ethics for Third Party Funding of International Arbitration
On October 8, 2014 Professor Shannon presented a lunchtime talk on the topic “Attorney Ethics for Third Party Funding in International Arbitration” at the Washington, D.C. office of Freshfields, a premier global law firm that specializes in international commercial arbitration and investment treaty arbitration.
Attorneys in the firm’s New York office attended her talk via videoconference. Professor Shannon gave advice on how to handle the ethical issues that may arise in both international commercial arbitration and investment treaty arbitration when an attorney represents a funded client or when an arbitrator hears a case involving one or more funded parties.
On Monday, August 4, 2014 Washington and Lee Law professor Victoria Shannon presented two papers at the annual meeting of the Southeastern Association of Law Schools (SEALS).
As Washington and Lee’s delegate to the SEALS New Scholars Program, Prof. Shannon presented a draft of her forthcoming article proposing revisions to the Federal Rules of Civil Procedure to address the participation of third-party litigation funders.
As a participant in the discussion group entitled “Corporate Compliance After the Crisis,” she presented a short discussion paper in which she explored whether third-party funding transactions are derivatives and whether third-party funders should therefore be regulated under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Read more of Professor Shannon’s work here.
Washington and Lee law professor Victoria Shannon was interviewed earlier this summer by Legal Funding Central, a litigation funding broker for their blog LFC360. The blog features writings about legal funding through news, informational guides, and resources.
Professor Shannon was interviewed as an expert on the topic of legal funding laws in the United States and abroad. The article appeared on LFC360 on July 31, 2014: Victoria Shannon Discusses The State of the Legal Funding Industry at Home and in International Arbitration.
Congratulations to Washington and Lee law professor Victoria Shannon! Professor Shannon’s forthcoming work Harmonizing Third-Party Litigation Funding Regulation is named among the top ten papers in the SSRN Negotiation & Dispute Resolution eJournal. The paper will appear in the Cardozo Law Review in the coming academic year.
From the abstract:
Third-party litigation funding is no longer a new phenomenon, but rather is a mainstay in global commerce and dispute resolution. Yet, many observers still consider the third-party litigation funding industry as a “wild west” due to a lack of regulation in many countries. Some of the countries that do have regulations suffer from a lack of uniformity, particularly countries with sub-national political divisions (e.g., states, provinces, territories, etc.) that have conflicting laws. The United States is an example of a country that has a confusing patchwork of laws on third-party litigation funding. This article proposes harmonizing the regulatory framework for third-party litigation funding in the United States by: (1) identifying the three categories of interactions – transactional, procedural, and ethical – that make up third-party litigation funding; (2) proposing areas for regulation within those three categories; and (3) linking those regulations together through cross-references to create a harmonized regulatory framework. This approach will weave a regulatory “safety net” of minimum standards for behaviors and interactions of the players in third-party litigation funding arrangements to ensure the integrity of the dispute resolution system.
Prof. Shannon Presents at the Institute for Transnational Arbitration (ITA) Annual Workshop and Joins the ITA Academic Council
On Thursday, June 19, 2014, Professor Victoria Shannon served as a panelist on a panel about third-party funding at the 26th Annual Workshop of the Institute for Transnational Arbitration (ITA) in Dallas, TX. The workshop, entitled “Modern Enforcement of Arbitral Awards: ‘Show Me the Money,’” is widely recognized as the leading conference in the field.
Professor Shannon has also accepted an invitation to join the prestigious ITA Academic Council, made up of the top academics in the field of international arbitration from around the globe.
Professor Shannon Presents on Third-Party Litigation Funding at Wake Forest University School of Law
On Thursday, February 27, 2014 Professor Victoria Shannon presented a paper entitled The Three Regulatory Facets of Third-Party Litigation Funding at Wake Forest University School of Law as part of the Junior Faculty Exchange Program. Professor Shannon’s paper identifies the three systems that make up third-party litigation funding – the transactional, procedural, and ethical systems – and suggests a cross-referenced regulatory regime within and across those three facets as a reasonable approach to regulating the industry holistically.
On February 12-13, 2014, Professor Victoria Shannon participated in the first meeting of the Third-Party Funding Task Force, jointly organized by the International Council for Commercial Arbitration (ICCA) and Queen Mary, University of London. The meeting was held on the campus of Queen Mary School of Law in London.
The Third Party Funding Task Force will systematically study and make recommendations regarding the procedures, ethics, and related policy issues relating to third-party funding in international arbitration. The Task Force is comprised of representatives drawn from among all relevant stakeholders and interested members of ICCA. Its work will be presented in a series of White Papers and a number of public colloquia to be hosted at Queen Mary’s Centre for Commercial Law Studies in London.
The second meeting of the Task Force will be held in conjunction with the ICCA Biennial Congress in Miami, Florida on April 6-9, 2014.
Information about the work of the Task Force and a list of its members is available here.