NFIB has issued an action alert to its member small businesses in Ohio concerning House Bill 105 and Senate Bill 10. These bills aim to address the issue of third-party litigation funding within the state.
Predatory lawsuits have become a significant concern for small businesses, as third-party lenders engage in speculative legal actions with hopes of large financial returns. These lawsuits often target small businesses, aware that many lack the resources for lengthy and costly trials. The involvement of anonymous third-party backers in financing litigation poses a risk to small businesses throughout Ohio.
The Ohio General Assembly has introduced legislation designed to bring transparency to third-party litigation financing. House Bill 105 and Senate Bill 10 are intended to ensure clarity regarding who funds lawsuits against small businesses and who benefits from their outcomes.
NFIB is urging Ohio’s small business community to contact their legislators in support of House Bill 105 and Senate Bill 10. According to NFIB, “This legislation will help level the playing field and protect small businesses from being unfairly targeted by deep-pocketed third-party lenders.”
NFIB encourages stakeholders to reach out to lawmakers and advocate for this legislative effort.
