Lawsuit Loans a Growing Trend

Canadian officials have seen a rise in litigation financing, especially in personal injury cases.

The Globe and Mail reports a major reason is because credit card companies are denying people large lines of credit to finance these types of cases.

The newspaper profiled one man who after being turned down by his credit card company after an accident, decided to go the litigation finance route. His initial investment of $50,000 paid off in the form of a $500,000 settlement. 

10 Percent Health Care Rate Increases Must be Justified

By Jack Simony

The Obama administration will require health insurance companies to justify any rate increase of 10 percent or more next year year, The New York Times reported.

Federal and state officials will determine if those increases are reasonable or not, according to the article.


The increase will “help rein in the kind of excessive and unreasonable rate increases that have made insurance unaffordable for many families," Kathleen Sebelius, the secretary of health and human services said.

-By Jack Simony

Phillies Get Cliff Lee

By Jack Simony

The Philadelphia Phillies got Cliff Lee - the Yankees most talked about winter plan.

Who do you think they should go for next?

- By Jack Simony

The Passing of Elizabeth Edwards

By Jack Simony

I'm very saddened by the passing of Elizabeth Edwards, a woman who displayed tremendous grace, strength and resilience throughout her life and her battle with cancer.

Professionally, she set a great example for those who work toward improving the lives of all Americans.

My sincere condolences to the Edwards family

-By Jack Simony

Most Fiscally Responsible People Are in Northeast

By Jack Simony

A new study says New York, New Jersey and New Hampshire are home to the country's most fiscally responsible residents, USA Today reported.

After asking 28,000 people questions on five topical financial issues, the Investor Education Foundation of the Financial Industry Regulatory Authority produced a state-by-state look at financial capabilites.

"If there has been a silver lining to the recession, it has refocused consumers' attention on their own personal financial habits, and this will be a wonderful tool," Gail Cunningham of the National Foundation for Credit Counseling, told the newspaper. "It may be another wake-up call."

See where your state ranked.

-By Jack Simony

Derek Jeter Never Wanted to Leave the Yankees Even During Contentious Talks

By Jack Simony

Strategically placed between Yankees Manager Joe Girardi and General Manager Brian Cashman, Derek Jeter told the press today he didn't like the hostile talks between his agent and the team, adding he knew he was never going to negotiate with another club.


“I had never planned on going anywhere, I didn’t want to go to any other teams. I didn’t want to hear from other teams," Jeter said at the Yankees' spring training complex in Tampa, Fla.

What did bother the slugger was how the dispute got played out in the press and not behind closed doors, The New York Times reported.

“The negotiations were supposed to be private,” said Jeter, who inked a three-year, $51 million contract with additional options.
 

- By Jack Simony

Maryland Doctor Face Lawsuits Over Cardiac Stents

By Jack Simony

Hundreds of patients are suing a Baltimore cardiologist and St. Joseph Medical Center in Towson, Maryland, claiming the doctor inserted stents in patients who did not need them, The New York Times reported.

According to the newspaper, the patients allege Dr. Mark Midei benefited from high reimbursements from Medicare and private insurance. The Senate Finance Committee has been investigating Midei since February after The Baltimore Sun did a story on the doctor.

- By Jack Simony

National Banks Lean on Feds During Crisis

By Jack Simony

Large U.S. banks such as Goldman Sachs and Citigroup repeatedly asked the Federal reserve for help during their financial crisis, according to recently released documents, Reuters reported.

Morgan Stanley, Merrill Lunch and Citigroup, all now part of Bank of America, were the biggest recipients when it came to the Fed's emergency lending programs.

"It appears the investment banks clearly needed the money," Lawrence Glazer, managing director at Mayflower Advisors in Boston, told Reuters. 
-By Jack Simony

Central Bank in Europe Will Keep Up Lending During Crisis

By Jack Simony

The European Central Bank will extend it's extraordinary support to banks for an additional three months to relieve some of the pressures in financial markets there, the New York Times reported Thursday.

Some investors were disappointed by the move, because they hopped for a stronger display of resolve to rally faith behind the euro.

- By Jack Simony

Do You Really Need All Those Supplements?

By Jack Simony

A new report says diet supplements, like adding extra vitamin D, to your health routine, may not be as good for you as you think, the New York Times reported.

“For most people, taking extra calcium and vitamin D supplements is not indicated,”  Dr. Clifford J. Rosen, a member of the panel and a bone expert at the Maine Medical Center Research Institute, told the newspaper.

- By Jack Simony

Europe Worries Debt Crisis Is Ready to Spread

By Jack Simony

European officials are warning any new rescue plans aimed at stopping Europe's debt crisis may need to include Portugal and Ireland, the New York Times reported.

For either of the countries to be included, they would have to make a formal request for assistance. Ireland has insisted it has enough money till at least spring, and Portugal, too, says they don't need the help, but European officials think otherwise.


“If Ireland were to ask for aid, then you’d have to look at what’s going on in Portugal as well,”one official told the Times.

- By Jack Simony

Multidistrict Litigation Possible in DePuy Hip Replacement Recall Lawsuits

By Jack Simony

A judicial panel on multidistrict litigation will meet next week at Duke University Law School  to hear arguments on whether MDL should be followed  for the DePuy hip replacement recall lawsuits, according to a report on Webnewswire.com.

In August, DePuy Orthopaedics recalled 93,000 if their ASR XL Acetabular Systems and ASR Hip Resurfacing Systems, because a study from the National Joint Registry showed 1 in 8 ASR recipients had problems with in 5 years if getting them.

In some cases a second hip surgery was required.

Those suing the company allege the devices wre defective and not tested correctly.

- By Jack Simony

U.S. Solicitor General Wants Supreme Court to Reject Reglan Lawsuit Appeal

By Jack Simony

The U.S. Solicitor General wants to the U.S. Supreme Court to reject an appeal by drug companies in a generic Reglan lawsuit filed over a claim about failing to adequately warn about a rare movement order associated with the drug, AboutLawsuits reported. 

“The court of appeals correctly held that respondent’s failure-to-warn claims are not categorically preempted, because a generic manufacturer, can (and indeed, must) inform FDA of new information about risks that may require a change in the labeling of its drug,” the Solicitor General stated, according to the website.

- By Jack Simony

Law Departments Shift Money, Work In-House, Survey Says

By Jack Simony

More corporate businesses are taking their legal matters into their own hands and moving the legal teams in-house instead of hiring other companies, CorpCounsel.com reported.

In a recent study, released by Altman Weil's Chief Legal Officer Survey,  63 percent of the officers questioned said they had increased their internal budgets from 2009 to 2010, and 29 percent said they would decrease their use of outside firms in the coming year.

- By Jack Simony

Toyota Plaintiffs Add Counts Under Japanese Securities Law

By Jack Simony

Toyota shareholders filed a consolidated complaint using Japanese securities laws against the company and several of its officers and directors claiming the company issued misleading and false statements in conference calls with investors, The National Law Journal reported.

The complaint was filed in federal court in Los Angles on Tuesday.

The new complaint can expand the shareholders class beyond what a U.S. courts already ruled.

- By Jack Simony

Apotex Hit With $442 Million Judgment in Bloof Thinner Plavix Patent Suit

By Jack Simony

A Manhattan federal district court judge ordered Apotex to pay $442,209,362 in damages, plus interest in a patent infringement case that was first filed in 2002 by Sanofi-Aventis and Bristol-Myers Squibb, The American Lawyer reported.

Blood thinner Plavix is the world's second-biggest selling drug. According to Bloomberg, the infringement sales took place in August 2006 for a three-week period.

- By Jack Simony

Plaintiffs' Steering Committee Named in Case Against Toyota

By Jack Simony

A Texas judge approved a committee of five lawyers to be on a plaintiffs' steering committee that will manage almost two dozen state court cases alleging sudden acceleration against Toyota, Law.com reported.

These 20 cases in Texas are separate from the more than 200 suits already coordinated in federal multidistrict litigation in California, and are coordinated as part of a state multidistrict litigation.

- By Jack Simony

Menopause Drug Prempro Raises Death, Breast Cancer Risk, Report Says

By Jack Simony

A new report in The Journal of American Medical Association says the new menopause drug Prempo increases a woman's risk of beast cancer and makes them more likely to die of breast cancer, according to a report in USA Today.

The drug is said to calm hot flashes, and has a combination of the hormones estrogen and progestin, both used by 15 percent to 20 percent of postmenopausal women in the US.

The study was conducted by Rowan Chlebowski, of the Lost Angeles Biomedical Research Institute, as part of a government-sponsored project known as the Women's Health Initiative.

- By Jack Simony

Law Language Key in Vaccine Case Before Supreme Court

By Jack Simony

The meaning of the word "unavoidable" was at the center of recent Supreme Court that in the end barred some, but not all, lawsuits against vaccine manufactures, The New York Times reported.

The court was visiting a 1986 law that Congress used to try to create that would compensate people injured by vaccines while also barring some.

The case was brought by the parents of a girl who received a D.T.P. vaccine as an infant in 1992, and now suffers intense seizures and has developmental problems.

- By Jack Simony

Medtronic Will Pay $268 Million to Settle Defibrillator Suits

By Jack Simony

Medtronic will pay $268 million to end the Meditronic Sprint Fidelis defribillation suits following a 2007 recall of the devices, Law.com reported.

The company's decision comes as the related suits are pending in Minneapolis federal multidistrict litigation and other courts throughout the company.

"The settlement is a compromise of disputed claims, and the parties have not admitted any liability or the validity of any defense in the litigation," said the company in a statement.

- By Jack Simony

Supreme Court Turns Down Speech Ejections Appeal

By Jack Simony

The two people who were thrown out of a 2005 speech given by George W. Bush were denied an appeal by the Supreme Court, The New York Times reported.

Justice Ruth Badner Ginsburg wrote on behalf of the court that she could not "see how reasonable public officials, or any staff or volunteers under their direction, could have viewed the bumper sticker as a permissible reason for depriving Weise and Young of access to the event.”

The incident happened while Bush was speaking about social security during a public event at a Denver museum. Leslie Weise and Alex Young say they were excluded from the speech because they arrived in a car with the bumper sticker that said, "No More Blood for Oil," and claim their First Amendment rights were violated.

- By Jack Simony

Hedge Funds Have Stand-Out Month in September

By Jack Simony

Hedge Funds Review reports September was a great month for hedge funds. In fact, all indexes are reporting the strongest performance in a very long time, according to the report.

According to Eurekahedge, there was a 2.16 percent return for hedge funds in October.

Read the full report on the Hedge Funds Review website.

- By Jack Simony

Forbes' List of the World's 100 Most Powerful Woman

By Jack Simony

Once again Forbes has come out with a new list. This time it's of the Most Powerful Women.

they include CEOs, entrepreneurs, heads of states, bankers, creative influencers and first ladies.

Check out the list on Fobes' website.

- By Jack Simony

From The New York Times Op-Ed Page: We Haven't Hit Bottom Yet

By Jack Simony

In a recent article, New York Times op-ed columnist Bob Herbert talks about the country's political upheaval and its connection to the economic uncertainty going on at the same time.

Read his column here.

- By Jack Simony

Congrats to the New York Yankees as They Try for Another World Series Win

By Jack Simony

Congratulations to the New York Yankees who are on their way to the post season!

We will be closely watching the games, as they go for another World Series win.

- By Jack Simony

4th Annual Hedge Fund General Counsel Summit in New York City

By Jack Simony

Corporate Counsel magazine's 4th Annual Hedge Fund General Counsel Summit will be held Oct. 4 at the Harvard Club of New York City.

The event will touch on impending changes and guidance on how firms can stay compliant with all the changing rules and regulations, while also attracting investor capital.

Sponsors and exhibitors include: Bloomberg Laws, Arent Fox and WilmerHale.

For more information on the summit visit their website.
 
- By Jack Simony

European Hedge Fund Law Could Effect Commercial Real Estate

By Jack Simony

Commercial real estate owners in Europe could be forced to make billions in unexpected cash payments under a new planned law that would treat them like hedge funds, Bloomberg reported.

The European Union thinks the new regulations would lower economic risk, but that is not sitting well with property owners.

“There is a perfectly genuine risk at this point that the commission will win the day and, not only real estate funds, but also European real estate investment trusts will be caught," Peter Cosmetatos, finance director at the British Property Federation, told Bloomberg.

- By Jack Simony

Jack Simony, Founder of the Whitehaven Financial Group, to be Honored With Human Rights Advocates International Defender Award

By Jack Simony

NEW YORK, Sept. 22 -- Jack Simony, founder of the Whitehaven Financial Group, a litigation finance firm based in New York City, will be awarded this year's "Defender Award" by Human Rights Advocates International (HRAI), a United Nations non-governmental organization.

The organization, which is dedicated to promoting and protecting human rights in the United States and abroad, grants the award annually to an individual who has managed, through their efforts, to effect positive change in the lives of those in need.

"Jack Simony, despite his youth, is one of the founding fathers of litigation finance," said HRAI Chairman Gerard I. Nierenberg. "He found a unique way to help those in need while also meeting the needs of Wall Street, creating the classic win-win scenario we look for. We are pleased to offer the 2010 'Defender Award' to Jack for his obvious caring for those less fortunate than he and for his creativity in finding financial solutions that work."

Since founding the Whitehaven Financial Group in 2001, Simony's innovative approach has helped countless individuals who have found themselves trapped in "litigation limbo" when their traumatic injuries impacted their ability to provide for themselves and their families.


"Typically, an injured tort victim in the United States can wait several years until his or her case for justice is heard by the courts, and given the extent of their injuries, this wait may be almost unmanageable," said Simony. "We at Whitehaven are proud to have helped people, in their darkest hours, to stay in their homes, pay for necessary medical care, and provide for their families while awaiting their day in court."

HRAI will present the "Defender Award" to Simony at an honorary dinner on Thursday, December 9th at the St. Regis Hotel, New York City.

About Jack Simony
Mr. Simony is currently a portfolio manager at Centurion Credit Management, a New York-based hedge fund. He co-founded the Whitehaven Group, a litigation financing firm, and served as its CEO, overseeing the strategic direction, vision and implementation of Whitehaven's litigation funding goals. He also oversaw the company's control systems and capital structure, raising credit facilities in excess of $300 million and investing the funds into thousands of legal claims and lawsuits.

- By Jack Simony

New York Yankees Pay Tribute to the Late George Steinbrenner

By Jack Simony

New York Yankees late owner George Steinbrenner was honored Monday with a larger than life monument in the stadium's historic Monument Park.

The event brought together current and former players and managers, including famed skipper, Joe Torre.

At 5 feet by 7 feet, the monument is, not surprisingly, larger than all the monuments in the park.

- By Jack Simony

New Hedge Fund, Branch Hill Capital, Launches

By Jack Simony

A new hedge fund, Branch Hill Capital, has been launched by Ron Beller and Manal Mehta, the New York Times reported, citing a report in the Financial News.

The fund started in June, and is up 15 percent according to the report.

The two started the fund with $40 million of their own capital, and are trying to raise $250 million from outside investors, the report said.

- By Jack Simony

USA Fencing Board of Directors Approves More Tournaments

By Jack Simony

Three more Super Youth Circuit tournaments were approved by the USA Fencing Board of Directors because they wanted to increase the competitive opportunities available to young fencers, according to a release on their website.

Each event allow athletes a chance to earn national points.

Those wishing to host one of the new tournaments must submit bids by Oct. 15, 2010 through email to christine.simmons@usfencing.org or by mail.

For more information contact the USA Fencing Board.

- By Jack Simony

Jack Simony, Founder of the Whitehaven Financial Group, To Be Honored With Human Rights Advocates International Defender Award

Jack Simony, founder of the Whitehaven Financial Group, a litigation finance firm based in New York City, will be awarded this year’s “Defender Award” by Human Rights Advocates International (HRAI), a United Nations non-governmental organization.

The organization, which is dedicated to promoting and protecting international human rights in the United States and abroad, grants the award annually to an individual who has managed, through their efforts, to effect positive change in the lives of those in need.

“Jack Simony, despite his youth, is one of the founding fathers of litigation finance,” said HRAI Chairman Gerard I. Nierenberg. “He found a unique way to help those in need while also meeting the needs of Wall Street, creating the classic win-win scenario we look for. We are pleased to offer the 2010 ‘Defender Award’ to Jack for his obvious caring for those less fortunate than he and for his creativity in finding financial solutions that work.”

Since founding the Whitehaven Financial Group in 2001, Simony’s innovative approach has helped countless individuals who have found themselves trapped in “litigation limbo” when legal fees impacted their ability to meet their financial needs. 

“Typically, an injured tort victim in the United States can wait three years until their case for justice is heard by the courts, and given the extent of their injuries, this wait may be almost unmanageable,” said Simony. “Whitehaven’s litigation fundings have enabled countless people to meet their basic financial needs while awaiting their day in court.”

HRAI will present the “Defender Award” to Simony at an honorary dinner  at the St. Regis Hotel, New York City.

Jack Simony to Speak at Calgary Fraudnet Conference

By Jack Simony

Jack Simony will join Martin Kenney.  in speaking at the next FraudNet gathering in Calgary.

Simony's will present on the subject of litigation finance with an emphasis on how to finance the recovery of fraud on behalf of victims who no longer have the financial wherewithal to maintain the litigation themselves.

The event takes place October 1-2.

- By Jack Simony

Jack Simony Supports the SBA Heroism Awards and George Steinbrenner

By Jack Simony

Jack Simony will be attending the Sergeants Benevolent Association’s Heroism Awards next month.

In addition to honoring the spouses of those offices (should be officers.)  who died in the line of duty, the event will also honor the late New York Yankees owner, George M. Steinbrenner.

“I am pleased to join the Steinbrenner family in celebrating the life of the man who set the standard for the way an owner and team should care about their fans, and the city they represent,” Jack Simony was quoted. “Supporting the widows and orphans of NYPD heroes who gave their lives to protect the lives of all New Yorkers is always a special privilege, however on the eve of the tenth anniversary of 9/11 this event takes on a special meaning."

- By Jack Simony

Jack Simony to Be Honored With Human Rights Award

By Jack Simony

Jack Simony will be receiving the Human Right’s International, Inc.’s annual Defender Award.

“It is an honor be given this prestigious award,” Simony said. "Human rights issues are dear to my heart and something I have been involved with for a very long time."

Simony is the founder of the Whitehaven Financial Group, a litigation finance firm.

Additional details on the awards ceremony and information on how to purchase tickets to the event will be available soon.

- By Jack Simony

More Young People Interested in Fencing

By Jack Simony

A recent article in the San Jose Mercury News says fencing is the new sport of choice for young people.

The Pacific Fencing Club in Alameda, California has been open since 1984 and has seen the shift in age first hand, owner Harold Hayes told the newspaper.

Fencing is a great sport for younger people to get involved with. It’s gets them off the couches and learning a skill-based sport that can improve their concentration and ability to read their competitor – something they will use every day whether they are a businessman or a writer.

"When I was in college and decided to go out for fencing instead of football, many people were surprised at my choice, given my natural build and love of the game," Jack Simony said. "But, overtime fencing has proven to be one of the most rewarding sports I've ever engaged in and I'm delighted I have been able to stay competitive and aggressive at any age."

- By Jack Simony