Amends title 28 of the United States Code to enhance transparency and oversight regarding third-party beneficiaries in civil actions.
Requires parties or their counsel to disclose the identity of any third-party beneficiary entitled to receive payments contingent on the outcome of the civil action.
Mandates the production of any agreements related to the contingent rights of third-party beneficiaries for inspection and copying, unless otherwise ordered by the court.
Establishes exceptions for disclosures related to:
Repayment of the principal of a loan.
Repayment of a loan principal plus interest not exceeding specified limits.
Reimbursement of attorney’s fees.
Specifies that disclosures must be made within 10 days of executing relevant agreements or at the time of filing the action.
Imposes a duty on parties or counsel to correct or supplement disclosures if they become incomplete or incorrect.
Applies to all civil actions pending or commenced after the enactment of the legislation.