An interesting article in the FT on AI. No surprises that worldwide Lawtech patent filings are soaring (from 99 in 2012 to 579 in 2016) led by the US. But one of the latest examples of a US Lawtech patent filing caught my attention. Battea Class Action Services has filed a patent for a program that scours companies' securities investments looking for losses resulting from false disclosures, manipulation and other fraud, assesses if the losses are actionable, finds active or pending cases and identifies the law firms dealing with them.
It will be interesting to see if we ever see that sort of program in action - and even more so whether it would have any significant uptake in the UK as opposed to the US market.
Lawyers of a certain type spend laborious hours looking for bad news — ideally in the form of investors who have suffered losses combined with a reason to sue. How much more efficient would it be, then, for an investor who has lost out because of fraud to have a computer program that does all the work: analysing their portfolio, tracking any related legal cases and providing a list of law firms investigating or pursuing litigation That, put simply, is the aim of Battea Class Action Services, a US company that has filed a patent for a program that scours companies’ securities investments to spot losses resulting from false disclosure, manipulation or other forms of fraud.