No sooner had the American Tort Reform Foundation issued their annual “Judicial Hellhole” report that Tillinghast TowersPerrin issued one with a similar theme. According to Tillinghast, US tort costs reached about $261 billion in 2005. That’s the bad news (you can say that again…) The good news is that these are slightly lower, giving us reason to think that maybe some of the tort reform measures that passed in the 109th Congress may have had an effect, as we’ve said before.
Here’s a link to the Tillinghast study. Keep in mind that even at a slightly leveled-off amount, this number is still larger than the entire GDP of most countries. A GDP of $261 billion would put it somewhere between Denmark and Indonesia and larger than about 160 others. Sad.
Unfortunately, legal reform is one of those issues all the experts think is unlikely to be addressed by the 110th Congress, but we will continue to push and look for opportunities to rein in ridiculous and overreaching lawsuits.
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