Resolving the Elephantine Mass
When it comes to asbestos litigation, the trial lawyers have gotten out of control. 600,000 plaintiffs and have been sued in asbestos lawsuits, which are expected to take up to $250 billion in total damages. Many of these suits are frivolous, and they are driving innocent firms into bankruptcy. Indeed, asbestos damage awards continue to skyrocket in spite of the fact that the material has not been used since the 1970s.
The Cato Institute published a study entitled “Resolving the Elephantine Mass” that examines asbestos-related lawsuit abuse. They found that damages are not given to those who have been truly harmed. Crooked attorneys are filing suits in states where they are most likely to win—not where the harm is greatest.
No doubt, asbestos litigation has become a drain on the American economy. The author makes a compelling case for federal-level tort reform that compensates those that really have been injured while protecting innocent businesses.
