Litigation Funding Transparency Act of 2021

“1716. Third-party litigation funding disclosure

“(a) In general—In any class action, class counsel shall—

“(1) disclose in writing to the court and all other named parties to the class action the identity of any commercial enterprise, other than a class member or class counsel of record, that has a right to receive payment that is contingent on the receipt of monetary relief in the class action by settlement, judgment, or otherwise; and

“(2) produce for inspection and copying, except as otherwise stipulated or ordered by the court, any agreement creating the contingent right.

“(b) Timing—The disclosure required by subsection (a) shall be made not later than the later of—

“(1) 10 days after execution of any agreement described in subsection (a)(2); or

“(2) the time of service of the action.”

“(g)

“(1) In any coordinated or consolidated pretrial proceedings conducted pursuant to this section, counsel for a party asserting a claim whose civil action is assigned to or directly filed in the proceedings shall—

“(A) disclose in writing to the court and all other parties the identity of any commercial enterprise, other than the named parties or counsel, that has a right to receive payment that is contingent on the receipt of monetary relief in the civil action by settlement, judgment, or otherwise; and

“(B) produce for inspection and copying, except as otherwise stipulated or ordered by the court, any agreement creating the contingent right.

“(2) The disclosure required by paragraph (1) shall be made not later than the later of—

“(A) 10 days after execution of any agreement described in paragraph (1)(B); or

“(B) the time the civil action becomes subject to this section.”