Law said that a report by the US Chamber of Commerce’s Institute for Legal Reform says that “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.” However, the American Association for Justice “discounted the findings of the chamber’s reports.” AAJ spokesman Peter Knudsen wrote, “The Chamber’s claims on the costs of litigation have no basis in reality and include items tangentially associated with litigation, like insurance companies’ administrative costs and profits.” He added that on the same day the Chamber released the report, they advocated “curbing the ability of shareholders to hold a company accountable if it defrauds its investors. These ‘reports’ serve as more proof that the Chamber will do and say anything to make sure that unscrupulous pharmaceutical companies, big banks, and large corporations are never held accountable in court.”
From the news release of the American Association for Justice.
