Hoping to bring to an end a saga that brought considerable attention to the practice of litigation funding, website Gawker has reached an agreement to settle its lawsuit with former wrestling figure Hulk Hogan.
Insurance Journal this week reported that “Shuttered irreverent news website Gawker Media LLC has reached a $31 million cash settlement with Hulk Hogan, the former professional wrestler who won a $140 million judgment against the site over a leaked sex tape.”
The report, Gawker Reaches $31 Million Settlement with Hulk Hogan (available here), also noted that “Silicon Valley billionaire Peter Thiel said in May he helped fund the invasion of the privacy lawsuit filed by Hogan, whose real name is Terry Bollea.”
The litigation funding arrangement drew attention as well as some criticism.
The agreement is subject to the approval of a bankruptcy court, since Gawker filed for bankruptcy following the judgment against it earlier this year.