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VOL. 129 | NO. 128 | Wednesday, July 02, 2014

Lawsuit Financing Company to Leave Tennessee

AP

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NASHVILLE (AP) – A new Tennessee law targeting the practice of financing the costs of lawsuits is leading an Illinois company to leave the state.

Oasis Legal Finance, one of the country's largest consumer legal funding services, announced it is leaving the Tennessee market as the law goes into effect Tuesday.

The bill sponsored by Sen. Jack Johnson of Franklin and fellow Republican Curtis Jonson of Clarksville was signed into law by Gov. Bill Haslam in April. The Senate bill passed 27-2, while the House approved its version 52-36 – just two votes more than minimum needed to clear the chamber.

The funding is issued to consumers while they await a settlement in their cases. Oasis CEO Ralph Shayne said the law represents a victory for the insurance industry over consumers seeking fair settlements.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 109 433 13,330
MORTGAGES 114 591 17,349
FORECLOSURE NOTICES 11 93 3,391
BUILDING PERMITS 0 366 30,930
BANKRUPTCIES 76 352 12,695
BUSINESS LICENSES 21 108 4,597
UTILITY CONNECTIONS 77 564 19,457
MARRIAGE LICENSES 29 151 4,060

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