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This Article shifts the lens away from the robust ongoing analysis of the
civil procedure, access to justice, and legal ethics implications of litigation
finance to analyze, for the first time, how this burgeoning sector intersects
with the securities law regime. When LFCs list their securities on public
capital markets, they submit to a complex system of securities law and
regulation–a regime oriented to two central objectives: the protection of
investors and the preservation of market integrity.
When LFCs go public, they encounter a conundrum resulting from the
intrinsic opacity of litigation finance assets. Fundamentally, LFCs are in the
business of advancing funds to litigants and their lawyers to finance the
pursuit of litigation, in exchange for a return pegged to the proceeds of that
litigation. From the perspective of the LFC, a litigation finance asset can be
considered a derivative contract where the underlying asset is a lawsuit.
While there is arguably some room for classificatory discretion on the part
of LFC accountants, most publicly traded LFCs take the (probably correct)
position that the relevant accounting rules mandate that litigation finance
assets be classified as “financial assets.” This position, in turn, requires the use
of so-called “fair value accounting” practices. Where the LFC cannot look to
any direct market prices nor even any indirect proxy market prices, it must
“mark” (or record the fair value of) its assets according to its own internal
valuation models. These internal valuation models unavoidably entail some
quantum of brute discretion on the part of company management and their
accountants. Just as importantly, under applicable accounting rules these “fair
value” adjustments, which initially appear as balance sheet phenomena, flow
directly through to the income statement.
As such, LFCs wield significant discretion in recording and reporting their
assets’ value and operating income. Indeed, LFCs possess significantly more
discretion than even other financial companies since adopting fair value
accounting would require that all of their assets, lacking as they do any direct
or indirect reference market prices, must be marked to internal valuation
models. For perspective, it is common for publicly traded LFCs to have more
than half of their reported income consist of subjective, discretionary fair value
adjustments to their assets, frequently without the asset having yet realized any
actual income from settlements or court judgments.
According to the normal logic of the securities laws in the U.S. and
elsewhere, the solution to an accounting opacity problem would be enhanced
disclosure concerning the assets and the models used to value them.
Investors in a publicly traded LFC might like to know about the company’s
specific valuations for particular assets, the company’s assessment of the
likelihood of success on the merits for some of its larger assets, the litigants’
settlement negotiating leverage for those same assets, and so forth. However,
51
LFCs not only possess uniquely opaque balance sheets, but they also are
litigation – ___________
fee – ___________
ongoing – ___________
financial – ___________
assets’ – ___________
operating – ___________
company’s – ___________
evidentiary – ___________
desired – ___________
protected – ___________
cash – ___________
uniquely handicapped when it comes to producing clarifying, corrective
disclosure to remedy that opacity.
This handicap results from concerns over the possible waiver of
evidentiary protections flowing from the attorney-client privilege and the
work-product doctrine. All of these desired disclosures are informed directly
or indirectly by discussions, decisions, and consultations between the funded
litigant and its attorneys, occasionally with the involvement of the LFC
itself. To be sure, all public companies embroiled in material litigation face
difficult trade-offs when balancing the competing directives of the securities
laws (which usually demand greater disclosure) and the legal ethics rules
and their evidence law adjuncts (which usually demand circumspection, if
not outright silence).
The problem is particularly acute in the LFC context because virtually
everything that is operationally relevant to an LFC revolves around active
litigation–nearly every expected cash flow will originate from an active
lawsuit. The risk here is that even a partial disclosure of privileged, protected
information might open the door to court-ordered unveiling of materials that
will materially prejudice and undermine the financed lawsuit–and the cash
flows the LFC expects from it. As a result, concerns over privilege waiver
cast a shadow over LFC disclosures, and this shadow chills efforts to speak
frankly about LFC assets, even at the aggregate portfolio level.
From: Weber R.F., The Securities Law Disclosure Conundrum for Publicly
Traded Litigation Finance Companies, 56 U. MICH. J. L. REFORM 699. 2023.
Available at: https://repository.law.umich.edu/mjlr/vol56/iss3/3
1. Write the word from the text to complete the phrases (e.g. essential –
essential role).
2. Choose the correct preposition.
a) For the past decade and a half, litigation finance companies (LFCs)
have altered the landscape for/of the civil justice system in common law
jurisdictions.
b) When LFCs list their securities in/on public capital markets, they
submit to a complex system of securities law and regulation–a regime
52
oriented to two central objectives: the protection of investors and the
preservation of market integrity.
c) When LFCs go public, they encounter a conundrum resulting to/from
the intrinsic opacity of litigation finance assets.
d) From the perspective of/on the LFC, a litigation finance asset can be
considered a derivative contract where the underlying asset is a lawsuit.
e) As such, LFCs wield significant discretion in/on recording and
reporting their assets’ value and operating income.
f) According to the normal logic of the securities laws in the U.S. and
elsewhere, the solution for/to an accounting opacity problem would be
enhanced disclosure concerning the assets and the models used to value them.
3. Complete the summary of the text. Fill in each gap with one word.
The article examines a peculiar _______ dilemma–implicating securities
law, legal ethics, and evidence law–that arises when litigation finance
companies (LFCs) become public companies.
Special _______is paid to the problem that LFCs provide funding to
litigants and law firms for prosecuting lawsuits in exchange for a share of
the lawsuit recoveries. But their assets, which are just _______to proceeds
from lawsuits, are notoriously opaque.
It is stressed that when LFCs go public, this opacity frustrates
_______investors’ legitimate expectations to be able to understand the
company’s accounts and operations. The author explains that the problem is
exacerbated by the applicable accounting rules, which outsource the task of
valuing the assets to the LFCs themselves, vesting them with significant
discretion to build their ______financial statements.
In conclusion, the author emphasizes that the resulting lack of clarity
about basic valuation matters _______the two main objectives of securities
law: investor protection and market integrity.
4. Do the following statements agree with the information in the text?
a) For the past decade and a half, nothing has altered the civil justice
system in common law jurisdictions for litigation finance companies (LFCs).
b) Litigation finance will increasingly shape the institutional
arrangements of dispute resolution practices as well as the broader financial
and labor economics and ethical regulation of the legal profession.
c) When LFCs list their securities on public capital markets, they submit
to a complex system of securities law and regulation–a regime oriented to
two central objectives: the protection of investors and the preservation of
market integrity.
d) When LFCs go public litigation finance assets become transparent.
53
f) According to the normal logic of the securities laws in the U.S. and
elsewhere, the solution to an accounting opacity problem would be enhanced
disclosure concerning the assets and the models used to value them.
5. Translate the excerpt into Russian.
NFT for Eternity
On March 5, 2021, about five years after tweeting his first tweet on
Twitter, former Twitter CEO Jack Dorsey put the tweet up for sale as an
NFT, a non-fungible token. The tweet, which stated: “just setting up my
twttr”, was offered on a platform called “Valuables” and was sold for about
USD 2.9 Million to Mr. Sina Estavi. The buyer compared the tweet to the
“Mona Lisa” and believed it was a wise investment.
Shortly afterwards, on March 25, a New York Times column on NFTs
written by Kevin Roose was converted into an NFT4 and auctioned on a
marketplace named Foundation,5 with all proceeds going to the New York
Times Neediest Cases Fund. The profile of the auction’s winner that bought
the NFT containing the column “was linked to a Twitter profile belonging to
a Dubai-based music production company, and to an Instagram account
identified as that of Farzin Fardin Fard”. It is however not clear if the winner
is Mr. Fard or some other individual or multiple people. The winner bought
the column for the sum of USD 560,000 and added it to his NFT collection.
Non-fungible tokens (NFTs) are unique tokens stored on a digital ledger
– the blockchain. They are meant to represent unique, non-interchangeable
digital assets, as there is only one token with that exact data. Moreover, the
information attached to the token cannot be altered as on a regular database.
While copies of these digital items are available to all, NFTs are tracked on
blockchains to provide the owner with proof of ownership. This possibility
of buying and owning digital assets can be attractive to many individuals.
NFTs are presently at the stage of early adoption and their uses are
expanding. In the future, they could become a fundamental and integral
component of tomorrow’s web. NFTs bear the potential to become the
engine of speech: as tokenized expressions cannot be altered or deleted, they
enable complete freedom of expression, which is not subject to censorship.
However, tokenized speech can also bear significant costs and risks, which
can threaten individual dignity and the public interest. Anyone can tokenize
a defamatory tweet, a shaming tweet, or a tweet that includes personal
identifying information and these tokenized expressions can never be deleted
or removed from the blockchain, risking permanent damage to the
reputations of those involved. Even worse, anyone can tokenize extremist
political views, such as alt-right incitement, which could ultimately result in
violence against minorities, and infringe on the public interest.
54
To date, literature has focused on harmful speech that appears on
1) non-fungible
a) intermediaries
2) wise
b) censorship
3) auction’s
c) of speech
4) containing
d) dignity
5) stored
e) token
6) proof
f) investment
7) engine
g) the column
8) individual
h) of ownership
9) internet
i) winner
10) circumvent
j) on a digital ledger
1) clear
a) change
2) influence
b) violate
3) buy
c) scandalous
4) alter
d) understandable
5) available
e) broaden
6) attractive
f) engage
7) expand
g) impact
8) involve
h) purchase
9) defamatory
i) accessible
10) infringe
j) appealing
dominant digital platforms, but has yet to explore and address the benefits,
challenges and risks of tokenized speech. Such speech cannot be deleted
from the web in the same way traditional internet intermediaries currently
remove content. Thus, the potential influence of NFTs on freedom of
expression remains unclear. This Article strives to fill the gap and contribute
to literature in several ways. It introduces the idea of owning digital assets
by using NFT technology, surveys the main uses of tokenizing digital assets
and the benefits of such practices. It aims to raise awareness of the potential
of tokenized speech to circumvent censorship and to act as the engine of
freedom of expression. Yet it also addresses the challenges and risks posed
by tokenized speech. Finally, it proposes various solutions and remedies for
the abuse of NFT technology, which may have the potential to perpetuate
harmful speech. As we are well aware of the challenges inherent in our
proposals for mitigation, this Article also addresses First Amendment
objections to the proposed solution.
From: Jabotinsky H.Y., Lavi M., NFT for Eternity, 56 U. MICH. J. L. REFORM
827 (2023). Available at: https://repository.law.umich.edu/mjlr/vol56/iss3/5
1. Match these words as they occur together in the text.
2. Match the words close in their meaning.
55
3. Choose the correct preposition.
a) Shortly afterwards, in/on March 25, a New York Times column on
NFTs written by Kevin Roose was converted into an NFT and auctioned on
a marketplace named Foundation, with all proceeds going to the New York
Times Neediest Cases Fund.
b) The buyer compared the tweet to/on the “Mona Lisa” and believed it
was a wise investment.
c) Non-fungible tokens (NFTs) are unique tokens stored in/on a digital
ledger – the blockchain.
d) This possibility of buying and owning digital assets can be attractive
to/for many individuals.
e) NFTs are presently in/at the stage of early adoption and their uses are
expanding.
f) The potential influence of NFTs to/on freedom of expression remains
unclear.
4. Write the summary of the text.
5. Translate the excerpt into Russian.
The Effect of Globalization on the National Criminal Law Systems
(Part 1. Human Rights)
Human rights include a set of fundamental rights for human beings. In
other words, human rights are a set of principled provisions about the
obligations that embrace all people on the basis of human dignity. These
provisions have been widely accepted as international norms and have
essentially emphasized human growth and ascendancy. These rights include
the right to life, liberty and all the necessary elements for the human life.
Human rights norms create a relationship between the individual and other
areas, especially governments, and create obligations. The nature of human
rights implies that every human being has unquestionable rights because of
his humanity because the category of humanity is different from the moods,
ranks and degrees and distinct social competencies of individuals. In fact,
human rights are those rules and norms that are recognized through
declarations, statements, treaties, and international conventions, and
constitute the basis for the behavior of governments with their citizens.
Indeed, despite the belief in the universality of human rights and the
interdependence of those rights, there is no doubt that, among human rights
norms, there are a number of indivertible and irrevocable rights that can
properly be called «fundamental human rights». One of the threats of the
globalization of cybercrime in criminal law systems is the threat of human
56
rights or security-based regulation against privacy. Article 2 supporting of
human – ___________
principled – ___________
embrace – ___________
widely – ___________
create – ___________
indivertible – ___________
irrevocable – ___________
democratic – ___________
necessary – ___________
independent – ___________
1) include
a) irreversible
2) provision
b) offense
3) obligation
c) domination
4) embrace
d) community
5) emphasize
e) contain
6) ascendancy
f) cover
the privacy, which has not yet been approved by the Islamic Consultative
Assembly, provides: «Privacy is the domain of every person's life that a
person traditionally or with a previous declaration within the framework of
law expects others to not enter or monitor or abuse without his consent or
access information about it. The body, clothing, and objects with persons,
private places and homes, workplaces, personal information and private
communication with others are private».
Indeed, in a democratic society, there must be the ability to create and
preserve different forms of social relations between citizens and different
people. The necessary tools for this category are that people have an
independent life and what is considered to be important is the comfort of
mind and physical relaxation. It is obvious to everyone that, in accordance
with Articles 3, 12 and 22 of the Universal Declaration of Human Rights,
everyone has the right to liberty, security, privacy, and social justice, and no
one should be attacked intractably. As a result of the globalization of crime
in cyberspace and in order to facilitate police activities, criminal laws have
been rigorously enforced in the face of organized crime in cyberspace. Even
in most countries that have an advanced legal system, it has been observed
that the legislator explicitly preferred social interests to individual interests
and limited individual rights and freedoms to other crimes
From: Ahmadi Dastjerdi, Shirin; Sheikholeslami, Abbas; Hojabrosadati,
Haniyeh. The effect of globalization on the national criminal law systems (2018).
Library Philosophy and Practice (e-journal). 2614.
https://digitalcommons.unl.edu/libphilprac/2614
1. Write the word from the text to complete the phrases (e.g. important –
important question).
2. Match the words close in their meaning.
57
7) constitute
g) condition
8) irrevocable
h) responsibility
9) society
i) form
10) crime
j) underline
3. Choose the correct preposition.
a) Human rights include a set of fundamental rights for/to human beings.
b) Human rights are a set of principled provisions about the obligations
that embrace all people in/on the basis of human dignity.
c) Human rights norms create a relationship with/between the individual
and other areas, especially governments, and create obligations.
d) Human rights constitute the basis on/for the behavior of governments
with their citizens.
e) One of the threats in/of the globalization of cybercrime in criminal law
systems is the threat of human rights or security-based regulation against
privacy.
f) In accordance to/with Articles 3, 12 and 22 of the Universal
Declaration of Human Rights, everyone has the right to liberty, security,
privacy, and social justice, and no one should be attacked intractably.
g) As a result in/of the globalization of crime in cyberspace and in order
to facilitate police activities, criminal laws have been rigorously enforced in
the face of organized crime in cyberspace.
4. Do the following statements agree with the information in the text?
a) Human rights are provisions that have nothing to do with human
dignity.
b) The nature of human rights implies that every human being has
unquestionable rights because of his humanity as the category of humanity is
different from the moods, ranks and degrees and distinct social competencies
of individuals.
c) Human rights are not the rules and norms that are recognized through
declarations, statements, treaties, and international conventions, they are
developed on the basis of traditions and customs.
d) In a democratic society, there must be the ability to create and
preserve different forms of social relations between citizens and different
people.
e) The Universal Declaration of Human Rights runs that everyone has the
right to liberty, security, privacy, and social justice, and no one should be
attacked intractably.
5. Write the summary of the text.
58
6. Translate the excerpt into Russian.
The Effect of Globalization on the National Criminal Law Systems
(Part 2. The Vulnerability of Governments to Global Crime)
One of the challenges facing governments for globalized crime is their
vulnerability to these crimes. Of course, this vulnerability can be seen in terms
of the conflict between countries' criminal policy in the field of crime at the
judicial level. Also, the vulnerability can be discussed in the implementation
phase. The controversy over the conflict of global crime with criminal policy
can be debated to the fact that criminal policy at the national level is in conflict
with the international level. However, the determination of the policy at the
national level with international law, although these have similarities but is
internationally different. Considering that in international law the views of
particular countries or regions are not in priority.
Today, the restriction of national sovereignty following international
crimes can be regarded as the most important threat to national sovereignty.
The criminal policy at the national level is also rival and controversial with
what the international law sovereignty, and in particular the United Nations,
seeks to clarify the policy of this branch of the law. This issue can also be
considered executively. Globalized crimes require confronting, explaining,
and defining the policy for the fight, and hence executive policies impose
unwanted costs on the framework of societies each year. These costs are
either due to the administration of international criminal treaties that reflect
the commitment of the governments to treaties or the result of multilateral
and international cooperation through the process of globalization. For
example, the costs that must be spent on health, social security and the
welfare of citizens are spent on confronting and prevention of crime.
The 2001 Cybercrime Convention is based on the general principles of
international cooperation that determines members to cooperate in
accordance with the provisions of this season and execution of documents of
international cooperation on criminal subjects, in accordance with agreed
arrangements for the same or bilateral legislation. They also should
cooperate on domestic laws to achieve the widest area of judicial research or
scrutiny of crimes related to computer systems and data or to collect
electronic evidence of the crime.
In terms of legislation, restricting the legislature is also debatable.
However, domestic and international criminalization and the globalization
process are limitations to the rights of countries in the field of national
legislation. In other words, the countries cannot be considered just as a
follower of requirements and limitations of domestic law in the field of
legislative and criminalization in globalized crime. As a brief of this topic, it
can be said that globalized crime does not take into account the sovereignty
59
and the boundaries of the states, which the demands of the rulers have been
1) globalized
a) commitment
2) cross-border
b) threat
3) judicial
c) sovereignty
4) implementation
d) legislation
5) particular
e) costs
6) national
f) crime
7) important
g) view
8) unwanted
h) phase
9) reflect
i) countries
10) in terms of
j) level
1) challenge
a) accomplishment
2) face
b) limitation
3) crime
c) mold
4) implementation
d) reach
5) debate
e) issue
6) restriction
f) well-being
7) commitment
g) encounter
8) welfare
h) offense
9) achieve
i) discuss
10) shape
j) responsibility
1) national
a) long
2) similarity
b) one-sided
3) particular
c) civil
4) bilateral
d) difference
5) domestic
e) international
6) brief
f) special
7) criminal
g) foreign
shaped to follow the desire of the people, and have a cross-border view of
crime and punishment. The boundaries intertwined in the process of
globalization will have such effects and consequences.
From: Ahmadi Dastjerdi, Shirin; Sheikholeslami, Abbas; Hojabrosadati, Hani-
yeh. The effect of globalization on the national criminal law systems (2018). Library
Philosophy and Practice (e-journal). 2614.
https://digitalcommons.unl.edu/libphilprac/2614
1. Match these words as they occur together in the text.
2. Match the words close in their meaning.
3. Match the words opposite in their meaning.
60
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