Plaintiffs’ bar v. Sanity: The fight for effective tort reform
The ongoing debate over tort reform in the United States highlights the significant economic impact of litigation costs. With mass tort claims and third-party litigation funding on the rise, the financial burden on businesses and consumers continues to grow. Despite some legislative efforts to address these issues, comprehensive reform remains a challenge.
- ▪The U.S. Chamber of Commerce reported that mass tort litigation costs amounted to $529 billion in 2022, projected to reach $900 billion by 2026.
- ▪Health insurance costs are estimated to be 2.7% higher due to tort costs, while prescription drugs are over 9% more expensive.
- ▪Legislative proposals like the Litigation Funding Transparency Act aim to increase transparency in third-party litigation funding.
Opening excerpt (first ~120 words) tap to expand
It’s been nearly 35 years since then-Vice President Dan Quayle delivered a speech in which he decried the costs of hyper-litigiousness on the American economy. His speech would not require much surgery to make it as relevant today as it was then, nor to spur the same howls of discontent from the American Bar Association. The costs of litigation are baked into the overhead of doing business in America. Virtually no industry or business type is immune to the ravages of the evolving lawsuit machinery, and the only winners are the trial lawyers who feed its ravenous appetite. Recommended Stories The Bank Secrecy Act is broken.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
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