U.S. tort system costs totaled $429 billion in 2016, or 2.3 percent of the nation’s gross domestic product, but plaintiffs got just 57 cents on the dollar. That’s according to report released on Wednesday by the U.S. Chamber of Commerce’s Institute for Legal Reform at its annual summit in Washington, D.C.
The report, called “Costs and Compensation of the U.S. Tort System,” gave a state-by-state breakdown of costs that also included insurance payouts and legal fees to both defense and plaintiffs attorneys.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]