Investment manager Gramercy reported a sizable return to investors in a mass tort law firm’s loan refinancing, reflecting a bright spot amid the recent slump in mass tort proceeds.
Mass tort law firm Rueb Stoller Daniel was able to fully refinance its $85 million loan from Gramercy in part because the settled cases covered the loan balance by 135 percent, according to a letter to Gramercy’s investors viewed by Bloomberg Law.
The Connecticut-based litigation funder wrote to its limited partners on April 11 that refinancing the loan secured by a portfolio of contingency fee cases resulted in a full repayment ...
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