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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 This material may not be published, broadcast, rewritten or redistributed.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 73 391 11,120
MORTGAGES 88 481 13,903
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 198 969 24,034
BANKRUPTCIES 54 288 8,432
BUSINESS LICENSES 29 126 3,771
UTILITY CONNECTIONS 67 536 13,457
MARRIAGE LICENSES 17 103 3,031

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