Kyle Roche, a famous trial lawyer from the Roche Freedman LLP law firm, launched a tech startup called Ryval, which aims to introduce the litigation funding tokenization technique, described as the “stock market of litigation financing.”
Ryval brings a new concept to the judicial system that aims to ensure access to justice in a more convenient way by providing capital to claimants with meritorious claims, irrespective of their financial status. According to this concept, the members of the general public may buy an interest in a lawsuit, just like individuals can buy shares in any company.
Kyle Roche was interviewed by Vice author Maxwell Strachan and explained the purpose of launching the startup. He explained that litigation is a costly business, and clients have to pay court fees and attorney fees, collect evidence and pay for expert witness testimonies. Due to high costs, claimants with meritorious claims are unable to pursue their cases and back off, which is detrimental to the justice system. In order to encourage claimants to pursue their claims, it is imperative to ensure access to justice affordable. Hence, Ryval was conceptualized to fill the gap and remove the hurdles in the administration of justice.
Kyle Roche also explained the business model. According to him, the law firm will examine the merits of lawsuits and tell the stories of the claimants to the general public.
If people are convinced by the facts of any lawsuit, they can invest and provide funding to the claimant to pursue their case. All investors funding these lawsuits will get an interest or share of the proceeding of the respective case. Hence, if a lawsuit is successful, the individual who invested in the case will get their shares.
According to the company, this method will be beneficial for both the funders as well as the claimants. They say it will enable the claimants with convincing claims to pursue their case without worrying about financial restraints, and it will enable the general public to have a share in a lawsuit and contribute to the administration of justice within their jurisdictions.
Kyle Roche’s law firm has been involved in a multi-billion-dollar lawsuit against different crypto and other digital currency exchanges and issuers of certain initial coin offerings (ICO) tokens. His law firm has also successfully won $100M against Craig Wright. With such a tremendously successful track record, he is optimistic about the success of his initiative. Furthermore, Roche has experience handling very expensive lawsuits and has been successful in many, which may likely contribute to his success in the new launch.
In the interview, Roche explained that Ryval will be selective in terms of claims and will only offer shares in potential claims with merits. He also explained the ongoing lawsuit of Apothio, LLC v. Kern County. In this case, hemp producer Apothio has filed a case against Kern County, California, and alleged that the state officials were involved in the wholesale destruction of crops, which are estimated to be worth between $500M to $1B. But the County destroyed the crop without providing any justification or warning to the claimant. All of these plaintiffs were not given the opportunity to be heard, which is a basic fundamental right. Hence, Apothio has filed a case against the County.
Baker Street Funding is not involved in any of the mentioned above investments. This news article is for informational purposes only.