Hulk Hogan, Peter Thiel, and the Future of ‘Revenge’ Lawsuits
Litigation funding used to be for investors. After the case against Gawker, it may be for vengeance, too.
Billionaire Thiel Bankrolls Hogan's Gawker Lawsuit
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In the old days, lawyers spent their own money to sue in the hope of victory and a third of the client's award. Then came litigation finance, in which law firms with limited funds turn to investors, getting cash up front in exchange for a piece of the pie if the case is won.
Now comes Terry Bollea, better known as wrestling superstar Hulk Hogan, and his successful lawsuit against Gawker Media LLC. PayPal co-founder Peter Thiel helped bankroll Bollea's lawsuit against the online-media company, a person with knowledge of the matter told Bloomberg News. (Thiel's involvement was first reported on Tuesday by Forbes, and he did not immediately return a request for comment.)