Lexfund Inc. brought a motion seeking to extend a timetable for several actions, extend time to elect to proceed with counterclaims, and to proceed against the estate of Lucio Anthony Ferro.
These actions, primarily debt collection for litigation funding loans, had been administratively dismissed for delay.
The court considered Lexfund's explanations for delay, the lack of prejudice to the defendants regarding the principal debt, and the principles of justice and proportionality.
While acknowledging Lexfund's counsel's "sloppy practice," the court found no deliberate intention to abandon the files and that the litigation should proceed on its merits.
The court granted the extensions and permission to proceed against the estate, but imposed conditions to mitigate prejudice to the individual defendants regarding interest, setting a simple interest rate of 5% per annum and limiting the period for which interest could be charged.