Digest

This podcast delves into the complex issue of pre-settlement lawsuit funding companies and their impact on exonerees. Gerard Desmond, wrongfully convicted of murder and exonerated after 29.5 years in prison, found himself in dire financial straits upon release. He was approached by US Claims, a pre-settlement lawsuit funding company, offering a $300,000 advance while he awaited his wrongful incarceration case settlement. Ron Kuby, Desmond's lawyer, discusses the growing market of these companies, highlighting the high interest rates (often exceeding 30%) and the ethical concerns surrounding their practices. While acknowledging the potential benefit for exonerees facing immediate financial hardship, Kuby calls these advances a "necessary evil" due to the lack of alternative support systems. The podcast further explores New York City's efforts to expedite wrongful conviction settlements, aiming to reduce the time exonerees wait for financial justice. However, the conversation emphasizes the need for broader solutions, including dedicated funds and access to low-interest loans, to address the systemic issues contributing to the financial exploitation of exonerees.

Outlines

00:00:00

Wrongful Conviction and Pre-Settlement Funding

Gerard Desmond, wrongfully convicted and exonerated after 29.5 years, was approached by a pre-settlement lawsuit funding company offering a $300,000 advance while he awaited his wrongful incarceration case settlement.

00:08:58

Ethical Implications of Pre-Settlement Funding

Ron Kuby, Desmond's lawyer, discusses the growing market of pre-settlement lawsuit funding companies, highlighting the high interest rates and ethical concerns surrounding their practices.

00:30:06

Efforts to Expedite Wrongful Conviction Settlements

New York City's comptroller has implemented a policy to expedite wrongful conviction settlements, aiming to reduce the time exonerees have to wait for financial justice.

00:40:05

Systemic Issues and Financial Exploitation

The conversation explores the broader implications of the criminal justice system and the financial exploitation of exonerees, raising questions about the role of private equity, nonprofits, and banks in providing financial assistance.

Keywords

Q&A

• What are pre-settlement lawsuit funding companies, and how do they work?

  Pre-settlement lawsuit funding companies provide advances to plaintiffs in lawsuits in exchange for a portion of the settlement proceeds. They typically charge high interest rates, often exceeding 30%, and may require repayment immediately upon settlement.

• Why are these companies entering the market for exonerees?

  Exonerees often face significant financial hardship after their release from prison, with no money, no job, and no support system. These companies see an opportunity to profit from the urgent financial needs of exonerees, who are often desperate for money to rebuild their lives.

• What are the ethical implications of these companies offering advances to exonerees?

  There are ethical concerns about these companies profiting from the misfortune of exonerees, who have already suffered greatly from wrongful incarceration. Some argue that these companies are exploiting vulnerable individuals who are in a desperate situation.

• What steps are being taken to address the financial needs of exonerees?

  New York City has implemented a policy to expedite wrongful conviction settlements, aiming to reduce the time exonerees have to wait for financial justice. However, there is a need for more comprehensive solutions, such as establishing a dedicated fund for exonerees or providing access to low-interest loans.

• What are the broader implications of the criminal justice system and financial exploitation of exonerees?

  The conversation highlights the systemic issues that contribute to the financial hardship of exonerees, including the lack of support services, the high cost of legal representation, and the long wait times for settlements. It raises questions about the role of private equity, nonprofits, and banks in addressing these issues.

Show Notes