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"Litigation Bonds" Are A Risky Investment
Available to investors are so-called "Litigation Bonds", issued by plaintiffs' lawyers settling tobacco litigation cases. For example, Deutsche Banc Alex. Brown paid $308 million to purchase $1 billion worth of settlement legal fees, and is selling bonds to investors who ultimately will collect those fees, if all goes as planned.
However, numerous risks - mostly political - make these bonds a risky investment. The Letter to the Wall Street Journal argues that Congress, the courts or President Bush may interfere with this payday.
Source: Wall Street Journal (Letter), March 14, 2001
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