Tort reform supporters are expressing disappointment over the failure of the Florida Legislature to pass a bill that would have shed more light on third-party litigation financing agreements and their potential relationships with foreign entities.

Lawmakers adjourned the 2024 session last week without approving Senate Bill 1276, sponsored by state Sen. Jay Collins (R-Tampa), which would have barred litigation financiers from gaining a larger share of damages awards than what would be collected by plaintiffs. The bill would have also prohibited financiers from paying a referral fee or commission to any party.

Such legal reforms have attracted bipartisan support, according to supporters. U.S. senators, including Republican John Kennedy of Louisiana and Democrat Joe Manchin of West Virginia, have said that litigation financing reforms are needed to keep foreign adversaries from taking part in U.S. civil litigation.