Want to Save Money Support Legal Reform
Below is a MRR and PLR article in category Finance -> subcategory Other.
Want to Save Money? Support Legal Reform
Summary:
What could you do with an extra $886 each year? Pay off credit cards, fund your child’s braces, or make an extra mortgage payment?
Article
Imagine having an additional $886 each year. Would you pay off credit cards, get braces for your child, or make an extra mortgage payment? For most people, $886 is a significant amount of money. This is the annual cost each American pays due to litigation expenses. A survey by Tillinghast Towers Perrin revealed that in 2004, tort lawsuits?"civil cases involving injury or wrongdoing?"cost Americans a staggering $260 billion, translating to $886 per person.
This alarming statistic rightfully sparks outrage and prompts questions about how such a situation arose and what actions can remedy it.
Over the last decade, some plaintiffs' lawyers have taken advantage of flaws in the legal system, pursuing large settlements by targeting wealthy companies. They seek out jurisdictions with judges likely to rule in their favor, often irrespective of the case's merits. While clients might sometimes receive generous verdicts or settlements, trial lawyers frequently pocket millions.
To combat this, the U.S. Chamber Institute for Legal Reform (ILR) is taking action. One of their strategies is informing the public about which states possess the fairest legal systems. The ILR recently published its fifth survey of state liability systems, conducted by Harris Interactive, where over 1,400 corporate counsels ranked the states.
This year’s top five states are Delaware, Nebraska, Virginia, Iowa, and Connecticut. Conversely, the states with the poorest rankings are West Virginia, Louisiana, Mississippi, Alabama, and Hawaii, with Wisconsin earning a dishonorable mention for dropping 13 places in just two years.
Why are these rankings important? Companies hesitate to operate in states known for lawsuit abuse, which drives away jobs, businesses, and doctors. Ultimately, lawsuit abuse impacts both your financial wellbeing and economic opportunities.
You can find the original non-AI version of this article here: Want to Save Money Support Legal Reform.
You can browse and read all the articles for free. If you want to use them and get PLR and MRR rights, you need to buy the pack. Learn more about this pack of over 100 000 MRR and PLR articles.