Given the news headlines over the last couple of years, most Americans can agree that corporate greed seems to be worse than ever; and many of us guess that what we’re seeing is just the tip of the iceberg.
As mesothelioma lawyers, we’re more acquainted with corporate wrongdoing than the average citizen. We fight for our clients as they go up against multimillion or even multibillion dollar corporations that have spent a lot of money to cover their tracks.
We’ve also noted that many of the corporations get away with the fraud, environmental pollution, and toxic products they make big bucks on because they’ve been able to get past regulatory organizations that are there to protect us – by many different means, legal and illegal.
Cost Benefit Analyses
One of the most callous tactics done by companies such as some of those that produced asbestos products in the 20th century is the cost benefit analysis. Basically, companies add up the money they think they’ll be able to earn from selling dangerous products over a set period of time, and then compare that against:
How many people will be hurt by their products → the percent of those hurt that will file a lawsuit against them → how much they’ll have to pay in settlement and jury awards.
If, after their analysis, they estimate that they’d still make a significant profit, they proceeded with selling the deadly asbestos product. This tactic is not limited to asbestos companies and is widespread.
Using tort reform, like-minded companies have recently attempted to get very small damage caps, seriously limited statutes of limitations, and nearly impossible causation standards passed to further decrease their lawsuit costs and expect higher profits. If they can expect higher than ever profits because of tort reform, they will show even less hesitation with putting dangerous products on the market.
What Keeps Corporate Wrongdoing in Check?
If regulatory boards and organizations can be bribed and are subject to corruption, and big corporations have and will again sell toxic and dangerous products based on a heartless cost benefit analysis, it is easy to understand why Americans despair.
But there is something that can keep corporate wrongdoing in check. It’s what has always been the most significant deterrent for corporations, and it’s what tort reform is trying to bring to an end: lawsuits that hit the makers of products such as asbestos, benzene, hexavalent chromium, silicone breast implants and the Dalkon Shield where it hurts most: their profits.
Historically, lawsuits and whistleblowers have forced corporations to change their ways: think Erin Brockovich, Karen Silkwood, Sharon Watkins, etc. These companies do not want their dirty deeds brought to the public’s attention and they don’t want to have to pay a large share of their profits for lawsuits.
That’s why we mesothelioma attorneys have joined with other lawyers, consumer advocate groups, grassroots organizations and U.S. citizens to fight tort reform. Corporate greed doesn’t need any encouragement, and that’s exactly what tort reform does—make it easier for them to make big money while hurting more people.
Fight with us to keep the checks and balances in place!
Tags: defense tactics, tort reform
