FAQ
Bankruptcy claims, litigation claims, class action claims, trade receivables, judgments, locked digital assets, frozen accounts, government refunds including tariff refunds, and other illiquid and distressed assets.
Capital solutions (assignments, participations, litigation financing, advances, contingency arrangements), trading strategies (OTC brokerage, auctions, private pools, structured portfolios), and advisory (claim analysis, price discovery, complex recovery strategies, expert testimony). Advances and litigation financing are institutional products. When Turnpage buys an individual claimant's claim — an author's settlement claim, for example — that is a true sale of the right to receive the proceeds, not a loan, an advance or litigation funding.
Both. We transact as principal when speed and certainty matter, and we broker into our network of 500+ institutional buyers when a competitive process will get you a better price.
No. Turnpage Digital Markets is not employed by, affiliated with, or acting on behalf of any court, debtor, plaintiff's counsel, class counsel, defense counsel, claims agent, or settlement administrator. We buy claims for our own account and broker them to institutional buyers.
Yes. We regularly work with creditors from all parts of the world. KYC/AML requirements are heavier, but the underlying transaction is the same.
We regularly work with law firms, financial advisors, trustees, fiduciaries, and other intermediaries on both one-off introductions and formal master referral arrangements.
We set pricing based on the expected recovery and time to payment, as well as other factors unique to each claim. For a specific quote, register your claim or contact our team.
Any holder of a valid claim in Bartz, et al. v. Anthropic PBC, No. 3:24-cv-05417 (N.D. Cal.) who timely submitted a Claim Form by the March 30, 2026 deadline and has not already sold or assigned that claim. Both authors and publishers are eligible. Because a single book often has more than one rightsholder, you may hold a partial interest in a work alongside a co-author, an estate, or your publisher, and you can sell your share of that work. If you excluded yourself from the class, you are not a class member and have nothing to sell in this settlement. If you never filed a Claim Form, the claim window has closed and cannot be reopened.
No. You keep your copyright. You are selling one thing only: the right to receive the money the Settlement Administrator will distribute on your allowed claim. Turnpage purchases that right in a true sale. It is not a loan, an advance, or litigation funding. You are also not selling any claim the settlement did not release. The Bartz release covers Anthropic's past acquisition and copying of your works, the input side, through August 25, 2025. Claims based on AI outputs were not released, and neither were your claims against any other AI developer. If you are watching the cases against OpenAI, Meta, Microsoft, or Google, selling your Anthropic distribution does not touch those.
The court granted final approval and entered judgment on July 20, 2026. Under the Settlement Agreement, distributions begin one business day after the Effective Date, which is keyed to the expiration of the time to appeal the final judgment. Two notices of appeal to the Ninth Circuit followed, Dkt. 682 on August 18, 2026 and Dkt. 683 on August 19, 2026, and both concern the attorneys' fees awarded in the case rather than the settlement itself. The Settlement Agreement was drafted for exactly that situation: section 1.15(b) excludes an appeal taken solely as to the Fee Award from the events that push back the Effective Date, and section 8.4 provides that such an appeal does not delay it. In a status report filed on September 2, 2026 (Dkt. 688), class counsel told the court that the first distribution is expected to be sent to class members on or before November 15, 2026, with a further payment after Anthropic's final $450 million installment, which is due by September 25, 2027. As of September 15, 2026, two things are genuinely unresolved: an objector's request to appeal or to join the appeals, filed August 31, 2026 (Dkt. 687), has not been decided — and if it is granted, the Effective Date and every distribution that follows it could be postponed indefinitely — and a work whose ownership shares are disputed can be held back from a distribution until the Special Master resolves it. The honest case for selling is therefore narrower than it was earlier in the year. It is not that the money is years away; it is that the settlement pays in stages, that timing and amounts can still move, and that a sale converts that into a fixed amount now, with the buyer carrying the wait and the risk from then on.
Class counsel has estimated a gross allocation of roughly $3,100 per eligible claimed work, before attorneys' fees (the court awarded approximately $101.6 million), expenses, service awards, and administration costs are deducted, and before any split with a co-rightsholder. Under the settlement's default allocation for trade and university press books, an author and publisher each take half of the per-work award, so a single-title author's realistic gross is often closer to half the headline number (~$1,500). We price against that figure and then discount for time value, appeal risk, whether your claimed percentage is agreed or contested, documentation quality, the size of your portfolio, and your jurisdiction. One factor cuts against a large surprise upside on recoveries: about 92.77 percent of the 482,460 works on the Works List were claimed, against a typical class action claim rate near 10 percent, so there is very little unclaimed money left to redistribute.
In an outright sale, the buyer bears the risk. Once the purchase price is paid and the assignment is complete, the buyer owns the payment stream and absorbs the delay, the discount, and the outcome. The exception is the promises you make in the purchase agreement itself: that the claim is yours, that you have not already sold, assigned or pledged it, and that what you have told us about it is accurate.
Yes, but you can only sell your own share. In September 2026 the Settlement Administrator sent claimants a notice, and opened a portal, showing for each work the title, its copyright registration number, the names of the other claimants, and the percentage each has claimed, with 30 days from the date on the notice to respond. Where every claimant's percentage lines up, the administrator can pay out. Where the percentages conflict, the dispute goes to the Special Master appointed by the court; those submissions are confidential and under seal, and the Special Master's decisions are final. An unresolved split will either reduce your price or delay the trade. For this reason we are only purchasing self-published works, works for hire and single author/single publisher works.
Generally, yes. Selling a claim or an interest in a judgment or settlement is a well-established transaction, and institutional buyers have purchased billions of dollars of bankruptcy, class action, and litigation claims for decades. State law varies, and a small number of states have champerty, maintenance, or assignment doctrines that could be read to restrict or invalidate a sale; we are not active in those states. This is general information about how these transactions work, not legal advice about your claim, and reading it does not create an attorney-client relationship. If the answer matters to your decision, ask your own lawyer or class counsel.
We do not provide tax guidance. For tax questions, you should speak with a competent advisor of your choosing. THE TAX CONSEQUENCES OF ANY AGREEMENT YOU SIGN REGARDING YOUR CLAIM MAY VARY DEPENDING ON THE SPECIFIC TERMS OF THAT AGREEMENT. UNDER CERTAIN TRANSACTION STRUCTURES, YOU MAY BE REQUIRED TO PAY INCOME TAX ON THE FULL AMOUNT OF THE PAYMENTS YOU WOULD HAVE BEEN ENTITLED TO RECEIVE UNDER THE SETTLEMENT, EVEN IF THE RESULTING TAX LIABILITY EXCEEDS WHAT YOU ACTUALLY RECEIVED. A TRANSACTION STRUCTURED AS AN OUTRIGHT OR TRUE SALE MAY INSTEAD REMOVE THE FUTURE SETTLEMENT PAYMENTS FROM YOUR GROSS INCOME, IN WHICH CASE YOU WOULD LIKELY BE TAXED ON THE PURCHASE PRICE YOU RECEIVE. AS A RESULT OF A SALE, YOU WOULD ALSO FORFEIT ANY AND ALL RIGHT TO ADDITIONAL OR FUTURE PAYMENTS UNDER THE SETTLEMENT. Also worth raising with your advisor: whether the proceeds are ordinary income or capital gain in your circumstances, how the payment is reported to you and to the IRS, and, if you are a non-U.S. author or publisher, withholding and treaty questions.
Have ready your claim confirmation or claimant ID from JND Legal Administration; the titles at issue and, where available, copyright registration numbers; government-issued photo ID (two forms preferred) and two recent proofs of address; a completed W-9, or W-8BEN or W-8BEN-E if you are outside the United States; formation documents and evidence of signing authority if you are a publisher or other entity; and documentation of your authority over the work if you are an estate, trust, or agent. The process runs in five steps: we verify your claim and your claimed percentage; you receive an offer with no obligation to accept; you review the purchase agreement and assignment; the assignment and payment direction are executed and recorded with the Settlement Administrator; and the purchase price is wired to you.