Asbestos Litigation Costs and Compensation: An Interim Report
Stephen J. Carroll
Rand, Institute for Civil Justice, 2002 - Law - 99 pages
The number of asbestos claims filed annually, the number and types of firms named as defendants in asbestos litigation, and the costs of the litigation to those defendants have all risen sharply in recent years. These trends have led many individuals to question whether compensation for asbestos-related injuries is being divided among claimants fairly and in proportion to need, and whether responsibility for paying compensation is being allocated among defendants fairly and in proportion to culpability. In this briefing, the authors examine the dimensions of asbestos litigation today: How many claims have been filed? By whom? Against whom? For what kinds of conditions? At what cost and with what economic effects? If current trends continue, what will be the future costs of the litigation? To answer these questions, the authors describe the dimensions of the litigation through the year 2000, the changing composition of claims, the number of defendants and the spread of litigation across industries, the total costs of the litigation to insurers and defendants, and the potential effects of the litigation on the U.S. economy now and in the future. The briefing concludes by outlining various policy alternatives to the current litigation regime.
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Amchem analysts annual number asbestos claimants asbestos defendants asbestos exposure asbestos fibers asbestos injury asbestos litigation asbestos victims asbestos-related asbestosis award bankruptcy reorganization bankruptcy trusts billion Civil Justice Claiborne Counties Claimants receive claims filed confidential corporations costs of asbestos defendants and insurers defendants and trusts disease dollars exposed exposure to asbestos file claims fraction functional impairment future claimants global settlement Hensler increased injury claims Institute for Civil interviews Irving Selikoff Jack Weinstein Johns-Manville jurisdictions jury Kakalik large numbers liquidated value litigation has spread lung cancer Manville Trust mass tort mesothelioma claims Nicholson nonmalignant claims nontraditional number of claimants number of claims number of defendants number of mesothelioma paid pay future payments percent Perkel & Selikoff plaintiff attorneys plaintiff law firms product liability result Settlement Trust small number tort litigation tort system total costs transaction costs trial type of claim typically U.S. Supreme Court venues workers
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