"Guardian analysis finds fossil-fuel and mining firms have won $92bn of public money from states, with a growing number of cases backed by financial speculators"
"Financial speculators are investing in a growing number of lawsuits against governments over environmental laws and other regulations that affect profits, often generating lucrative awards, the Guardian has found.
For a long time, litigation finance thrived primarily in the realm of car crashes and employment claims. “Had an accident that wasn’t your fault?” was the industry’s billboard catchphrase, offering to finance lawsuits in exchange for a cut of any payout.
Now, however, the sector has found a far larger playground: financing massive arbitration lawsuits launched by companies against governments, where claims can stretch to tens of billions of dollars.
These cases come under a little-known area of international law called investor-state dispute settlement (ISDS), which allows corporations to sue countries for actions that hurt their profits."
Patrick Greenfield and Phoebe Weston report for The Guardian March 5, 2025.
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