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Unregulated NY lawsuit lending industry is causing ‘crisis’ in real estate world: Building, real estate groups

Posted on AllSides March 21st, 2024
From The Right

An unregulated, multi-billion dollar New York industry that encourages questionable lawsuits is causing a “crisis” in the real estate world, two powerful building and construction groups charge. The Associated Builders and Contractors (ABC-NYS) and Real Estate Board of New York (REBNY) are calling for reforms to “third-party litigation lending,” which promises quick cash advances to potential plaintiffs — money that doesn’t need to be paid back if they lose. “What it’s created is a general liability crisis,” Brian Sampson, president of ABC-NYS told The Post Wednesday. ABC-NYS and REBNY are...

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