Theories of Asbestos Litigation Costs Why Two Decades of Procedural Reform Have Failed to Reduce Claimants’ Expenses
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Assessing the Merits of Reallocation under Joint and Several Liability, With an Application to Asbestos Litigation
If two defendants share a joint and several liability and the first becomes insolvent, his unpaid liabilities are reallocated to the second. The upside is that the plaintiff is insured against the insolvence of the first defendant. The downside is that, if the second defendant’s assets cannot cover the first defendant’s liabilities, the second defendant may also go bankrupt. We quantify this in...
متن کاملAssessing the Merits of Reallocation under Joint and Several Liability: Evidence from Asbestos Litigation
If two defendants share a joint and several liability and the first becomes insolvent, its unpaid liabilities are reallocated to the second. The upside is that the plaintiff is insured against the insolvency of the first defendant. The downside is that, if the second defendant’s assets cannot cover the first defendant’s liabilities, the second defendant may also go bankrupt. We quantify this in...
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Communities in South Africa, especially those in Limpopo and Northern Cape, have been decimated by the mining operations of Cape Plc. South African victims of asbestos-related disease have only recently begun to be awarded (modest) compensation settlements through litigation, as a result of collective efforts on their behalf. The tortuous case of Cape, which knowingly exposed thousands of innoc...
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Private enforcement, or litigation, has played a historic role in protecting public health in the United States. Litigation is often employed as a means to protect public health when government regulation is absent or ineffectual. Litigation has been successfully employed to control both asbestos and tobacco and is poised for success in combating the obesity epidemic. Litigation is effective be...
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The number of asbestos personal injury claims filed each year is in the hundreds of thousands and has been increasing rather than decreasing over time, even though most uses of asbestos ended in the early 1970’s. Eighty firms have filed for bankruptcy due to asbestos liabilities and the total cost of asbestos compensation is estimated to be more than $200 billion. This paper examines why asbest...
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