JD Supra, May 19, 2016
As I’ve written before, “tort reform” is based on false “facts.” The number of injury lawsuits is low (medical malpractice cases are just 3 percent of all tort cases filed), and the payouts don’t amount to much, relatively speaking. Nader notes that studies by respected, independent researchers like those at the RAND Corp. find that fewer than 2 percent of injured Americans ever file a lawsuit. Figures show that roughly $4.1 billion annually is paid out in settlements in medical malpractice and $1 billion product liability cases. That may sound like a lot. But Nader says keep those sums in context: The Fortune 500 companies reported $12 trillion in annual revenues.