Class Action Lawsuits and Lawyers

They are included here because they help clarify the strengths and weaknesses of the tort system or provide useful comparisons with other options. Replacing Tort Liability with Private Insurance Some academic economists favor the approach of eliminating tort liability, except perhaps for injuries between "strangers" (such as injuries from automobile accidents).(1) Potential victims would rely to a greater extent on their own insurance for protection against injury risks. In cases in which potential injurers could cost-effectively reduce those risks, they would be motivated to do so to the extent that they could gain a marketing advantage--by advertising the safety of their products or by offering injury compensation in a warranty, purchase contract, or the like.
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Attorneys and Legal Information

(5) Of that amount, 46 percent constituted transfer payments to plaintiffs: 22 percent for economic damages and 24 percent for noneconomic damages. The other 54 percent represented true costs: transaction (procedural) costs for plaintiffs' attorneys (19 percent), defense costs (14 percent), and insurance companies' administrative costs (21 percent).
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Class Action Lawsuits and Lawyers

umich.edu/cgi/archive.prl?study=8429. 16.
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