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Business & Economics PRESS ROOM |
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Editorial: True costs of ‘Jackpot Justice’
Submitted on 3.30.2007
WASHINGTON - Next time your doctor orders lots of blood tests and MRIs, you will be experiencing a slice of the estimated $124 billion annually in unnecessary costs imposed on American health care providers through malpractice and other liability suits.
Hidden 'tort tax' exacts big toll
Submitted by George Israel on 3.30.2007
On April 17, millions of Americans will write a check to the Internal Revenue Service. While they have their checkbooks out, they may as well make out another one for $9,827, payable to personal injury lawyers, who annually cost the nation a staggering $865 billion. That's billion with a "b."
Shakedown artists — or defenders of the little guy?
Submitted by Micah Morrison on 3.29.2007
WASHINGTON - Love ’em or loathe ’em, class-action lawyers wield enormous — and controversial — influence in business and politics. Critics charge that class-action lawyers often practice a kind of legal extortion, shaking down large and small businesses with threats of litigation and, more often than not, winning generous settlements without even going to trial.
Study: U.S. legal system eats up $865B
Submitted on 3.28.2007
SAN FRANCISCO, March 28 (UPI) -- The U.S. legal system imposes a cost of $865 billion a year on the U.S. economy, or $9,800 a family, a San Francisco "free-market" think tank reports.
Jackpot Justice video with Lawrence J. McQuillan
Submitted on 3.27.2007
PRI's Lawrence J. McQuillan is interviewed on the findings of the report "Jackpot Justice: The True Cost of America's Tort System."
Litigation Lottery costs America $865 billion per year,
Submitted on 3.27.2007
SAN FRANCISCO — America’s out-of-control legal system imposes a staggering economic cost of over $865 billion every year according to a new scholarly study released today by the Pacific Research Institute (PRI) a free-market think tank based in San Francisco, California.
No fix for housing crunch
Submitted on 3.27.2007
California housing is expensive, scarce and getting more so daily. To fix things, the Legislature is considering more government mandates and more tinkering with market forces.
The Tort Tax
Submitted by Lawrence J. McQuillan, Ph.D, Hovannes Abramyan on 3.27.2007
Economists have long understood that America's tort system acts as a serious drag on our nation's economy. Although many excellent studies have been conducted, no single work has fully captured the true total costs, both static and dynamic, of excessive litigation.
Tort system costs amount to more than 2 percent of GDP
Submitted by Rob Luke on 3.27.2007
SAN FRANCISCO -- The economic cost of lawsuits on the United States economy towers over the amount spent federally on disease prevention and homeland security, according to a study released today.
Tort Tax Hurts Americans Even More Than Previously Thought
Submitted on 3.27.2007
DES PLAINES, Ill. – A new study has found that with a staggering price tag of over $865 billion per year, America’s tort system significantly impacts the cost of liability insurance, increases the cost of goods and services, lowers our standard of living, and makes it harder for U.S. companies to compete in the global marketplace, according to the Property Casualty Insurers Association of America (PCI).
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