Soros-Backed Climate Lawsuit Group Looks To Give Investors Huge Paydays
Jake Smith on July 12, 2023
George Soros is bankrolling a group that funds climate lawsuits and pays millions to investors for successful cases, according to Bloomberg Law.
Aristata Capital, an investment group that funds lawsuits focused on “driving social and environmental change,” pays millions to investors if a case the group funds is won in court, Bloomberg reported. The Soros Economic Development Fund is one of the biggest supporters of Aristata Capital, backing the investment group with over $6 million in funding.
In total, Aristata has raised over $67 million in its first round of funding, according to Bloomberg. “Access to justice and leveling the playing field and fairness are absolutely at the core of what we are trying to do,” Robert Ryan, Aristata’s chief executive officer, said to Bloomberg. “Being impact-focused so far has been a real advantage and has been a real differentiator as we’ve been out working alongside and in competition with other mainstream litigation firms. We’re a new offering, which makes us interesting.”
Aristata’s business model of litigation funding is a $13 billion industry in which investors back money into lawsuits in exchange for a percentage of the award if the case is won. Funding for lawsuits can range from roughly $25 million up to more than $250 million, according to Bloomberg.
Despite claiming to “avoid cases that are overtly political in nature,” Ryan said he was happy to have Soros – who routinely funds left-wing initiatives – bankrolling Aristata, and said that Soros’s fund aligns with Aristata’s mission, according to Bloomberg.
Aristata Capital did not immediately respond to a request for comment.
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