Day on Torts
Insurance Journal reports this: “There is no credible evidence to link the tort system either to the economic ills its critics claim or to the benefits they argue would be produced by altering it, according to a new study by the Economic Policy Institute.”
The article goes on to say that “the EPI report, The Frivolous Case for Tort Law Change, examines reports prepared by Tillinghast-Towers Perrin, a consulting firm whose clients include many of the world’s largest insurance companies. TTP’s reports are cited by President George Bush and his Council of Economic Advisors in arguing for tort reforms. The insurance consultants have spun a few high-profile but unrepresentative incidents into a horror story that is almost entirely unsupported by the facts,” said Chimerine. “It is cobbled together out of gross exaggerations, shreds of fact plucked out of context, and ‘secret’ data that cannot be examined by anyone but them. The result is a mishmash that bears little resemblance to actual research.”
Read the entire article here.