Leaving aside the issues that scholars and commentators usually raise about third-party funding, it is clear that this business model is a financial transaction in its essence. Its distinctive feature—non-recourse financing—may prompt additional questions when addressing an area that has been overlooked in literature and commentary: that of the disputes that may directly involve a third-party funder. Indeed, what kind of disputes may a funder face, who are the counter-parties in those disputes, and which would be the preferred mechanism to solve those disputes? These are the main questions that this article addresses, with a particular focus on the use of arbitration.