Abstract: Third-party litigation funding has arrived in the United States. A number of world-wide funders, such as Juridica Capital Management and Burford Capital Limited, are using nonrecourse loans to invest in large commercial matters in the U.S. litigation market. These developments have sparked debate between those championing increased access to justice and those fearing an increase in frivolous lawsuits. Swept up in the debate is the American contingency fee, questions of privilege and ethics, and prohibitions on maintenance, champerty, and barratry. This article provides a brief summary of the evolving issues surrounding third-party litigation funding in the United States. It defines third-party litigation funding, provides an overview of the current status of funding in the U.S. market, discusses the current legal regulatory environment, and surveys the main arguments advanced by funding supporters and those who oppose it.