Let’s litigate

Of crypto, sex tapes and JHB politicians [View this email in your browser]( January 19 2022 [Mail & Guardian]( [Mail & Guardian]( [Twitter]( [Facebook]( [Instagram]( [YouTube]( Hi there, A new tech startup plans to become “the stock market of litigation financing” by allowing everyday Americans to bet on civil lawsuits through the purchase (and trade) of associated crypto tokens. In doing so, the company hopes to provide funding to individuals who would otherwise not be able to pursue claims. According to Kyle Roche, a trial lawyer and one of the startup’s founders, Ryval’s goal is to make access to justice more affordable. “What I want to do is make the federal court system more accessible for all,” Roche told Vice News. Here’s how it would work. Regular ’Mericans would bet on the outcome of lawsuits using tradeable crypto tokens. However ill-advised the concept is, it already exists in the Home of the Brave. Otherwise known as litigation financing, it has become increasingly common for a third party to “invest” in a suit and get a potential profit share if their chosen litigant is successful. This third party will pay for the upfront costs, like attorneys fees, in exchange for the potential winnings. The most famous example of this financing is probably the case of Hulk Hogan, a sex tape and $10-million. When Gawker Media outed billionaire investor and Facebook board member Peter Thiel, he got his revenge by secretly driving it out of business. How? By hitting it in the pocket. In March 2016, Thiel financed Hogan’s invasion of privacy lawsuit against Gawker after it released a blue movie of his — featuring his best friend’s wife — without his consent. Gawker was eventually forced to close because of Thiel’s behind-the-scenes funnelling of $10-million into cases against the US publisher. Even Hogan didn’t know Thiel was his backer. Betting on fights isn’t new. Perhaps if we had such a system it would at least have generated a modicum of utility out of yesterday’s kerfuffle at the Johannesburg council meeting. For the second time in as many weeks, the special meeting was disrupted as the council sought to elect its chair of chairs. The details hardly seem important at this point; suffice to say that the ANC and Economic Freedom Fighters were steadfast on holding the vote under secret ballot; a wish that Jo’burg speaker and holder of South Africa’s most inauspicious name, Vasco Da Gama, was not willing to entertain. Cue the fisticuffs. Voting by secret ballot applies only to the election of the speaker, executive mayor and chief whip, whereas the election of the chairperson of committees must be conducted in council, according to the city. ANC councillor Mpho Moerane said the refusal of a secret ballot voting process by Da Gama was going against the wishes of the majority. “The tyranny elements of the DA undermine and bring mockery to the national struggle and seek to deny the residents of Johannesburg service delivery and accountability. To this end, the ANC condemns the actions of the DA with absolute contempt, and their erosion of capacity at the expense of residents,” Moerane said. Attempts to remove an “unruly” Moerane and other councillors who were supposedly misbehaving led to the “attack” on officials and security personnel. Again, the details are unimportant. Not in the context of everything the city has had to endure over the past two years — a period of turbulence and illness that no one should need a refresher on. And yet, here we are. Our elected leaders are squabbling like they have always done; fishing for confrontation instead of sitting down to do the hard work necessary to rebuild this country. By this point we’d like to believe no one outside that realm has a taste for the childish bickering that has characterised our politics for far too long. The data doesn’t lie. Over recent elections — but particularly emphasised last year — support for the ANC is deflating like a whoopee cushion. Loudly. The problem is those [voters aren’t going to anyone else]( they’re merely joining an amorphous group of disaffected stayaways. For most, the reason is simple: there is no one else that inspires their allegiance. At a deeper level we can extend that to a complete distrust of the system. After seeing how the “system” behaved yesterday, that’s hardly a surprise. If you’re in Johannesburg, navigating potholes in poorly lit streets, non-existent drainage and areas that are seemingly more rubbish than road, you can understand how frustrating it is to live in this World Class African City™. In 2013, Jo’burg resident Steven Haywood lodged a complaint with the Advertising Standards Authority that the city’s long-running marketing campaign contained “[blatant untruths](. Haywood took exception to a radio advert that encouraged listeners to imagine themselves living in a recession-immune, environmentally friendly “world class African city”. The ASA found the City Of Johannesburg’s claims of being a financially stable, “world class African city” to be misleading, and ruled that they should be withdrawn. Once more, yesterday’s events hardly led us to believe otherwise. Until Friday, Kiri Rupiah & Luke Feltham [Subscribe now]( Enjoy The Ampersand? Share it with your friends [Share]( [Share]( [Tweet]( [Tweet]( [Forward]( [Forward]( [Share]( [Share]( Copyright © 2022 Mail & Guardian Media LTD, All rights reserved. You are receiving this email because you opted in to receive communications from the Mail & Guardian either at our website or by taking out a print subscription. 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