ots Ad hoc-Service: FORIS AG FORIS forms FORIS Inc. in the United States and opens office in New York

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    Berlin, Bonn, Munich (ots Ad hoc-Service) - FORIS AG, the market leader in financing legal proceedings in Germany, has expanded and formed with FORIS Inc. a fully-owned subsidiary in the United States. FORIS had already filed a patent application last year to protect the business idea of finances legal proceedings in the U.S.

    In the autumn of 1999, FORIS presented the business concept in the U.S. to attorneys and institutional investors. The positive reactions led to the decision to form a subsidiary with registered office in New York City.

    Although plaintiffs' attorneys are permitted contingent fees in the U.S. in contrast to Germany, U.S. attorneys are normally not in the financial position and are thus not willing to conduct years of litigation exclusively on a contingent fee basis. After all, law firms too must keep their business operations afloat. Attorneys thus frequently work for a combination of hourly and contingent fees.

    Clients are therefore left with substantial cost risks. Many promising cases are thus not conducted in the United States as well. Based on its market size and the high amounts in controversy, the U.S. represents the most attractive high-growth market for FORIS. Given that FORIS itself may agree upon contingent fees with attorneys as part of compensation, U.S. attorneys are pleased to be solicited as partners for cooperation with FORIS.

    FORIS is already financing its first case in the U.S.

    For additional information: FORIS AG, Friedrichallee 9, 53173 Bonn, phone: (+49 228) 957-5050, fax: (+49 228) 957-5050, e-mail:, Internet:

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