Ohio governor signs bill prohibiting foreign litigation funding
Ohio Gov. Mike DeWine speaks at a campaign stop Nov. 4, 2022, in Moraine, Ohio. (Photo by Drew Angerer/Getty Images)
Ohio Gov. Mike DeWine on Tuesday signed into law a sweeping bill that bans foreign litigation funders from doing business in the state.
The move sparked outrage from the litigation finance industry and praise from the U.S. Chamber of Commerce.
The legislation prohibits entities and investors “not domiciled in the United States” from engaging in litigation funding. It will prevent finance and asset management companies such as Burford Capital and Parabellum Capital from doing business in the state because they’re headquartered abroad or have investors who are, according to a story by Law360.
The new law also requires commercial and consumer funders to register with the state and disclose funding agreements to the state attorney general after cases resolve.
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