FL H1179

Creates the "Litigation Investment Safeguards and Transparency Act," establishing a new regulatory framework for litigation financing agreements in Florida under Part II of Chapter 69, F.S., effective July 1, 2024

Requires parties and attorneys who enter into litigation financing agreements to disclose the agreement's existence and provide copies to all opposing parties, the court, and known indemnifiers within 30 days of commencement of the action or execution of the agreement, whichever is earlier

Prohibits litigation financiers from directing litigation strategy, settlement decisions, or counsel selection; receiving a larger share of proceeds than the plaintiffs collectively recover after fees and costs; paying referral fees to attorneys or health care practitioners; or assigning or securitizing financing agreements

Mandates disclosure to all parties, the court, the Department of Financial Services, and the Attorney General of any foreign person, foreign principal, or sovereign wealth fund involvement in litigation financing, including those receiving contingent payments, providing funds, or obtaining proprietary or national security information

Litigation financiers must indemnify plaintiffs and their counsel against adverse costs, fees, damages, or sanctions ordered in the financed proceeding, except those resulting from intentional misconduct; agreements violating the act are void, and violations of prohibited conduct or indemnification requirements are actionable under the Florida Deceptive and Unfair Trade Practices Act