Personal injury lawyers say they’re protecting the little guy, but they keep up to 40% of what they win. Every product you buy has a built in cost to cover what lawyers take.
On tonight’s show (FBN @ 9pm & midnight ET), I’ll feature videos from The US Chamber Institute for Legal Reform, an affiliate of the Chamber of Commerce, which tell the stories of small businesses harassed and sometimes run out of business by dubious lawsuits. Today, the Chamber released a new study that found small businesses paid $105.4 billion just to deal with lawsuits. The study says small buesinesses bore 81% of all tort liability costs in the United States. Also, they find that 61% of small businesses have had to raise prices in response to liability lawsuits.
But higher costs are just the beginning of the harm lawsuits bring. Worse is the fear that stops innovation. Medical companies are scared to research life saving vaccines. Doctors perform unnecessary procedures.
Tonight, I’ll interview trial lawyer Geoffrey Fieger, whose cerebral palsy lawsuits may have led doctors to do more C-sections. C-sections cost more, require a longer hospital stay, and they're riskier for the woman. Did rates of cerebral palsy drop after C- Sections rose from 7% of births to 31%? No.
While these lawyers make their millions, we pay the costs. How do we weed out meritless cases without taking away patient’s rights? Tune in on FOX Business tonight at 9 PM.