Struggling Under the Weight: America Grapples with Skyrocketing Lawsuit Costs and Economic Impact
WASHINGTON — The burden of litigation costs in the U.S. has risen sharply, placing significant financial strain on both businesses and individuals. Recent data from the U.S. Chamber of Commerce Institute for Legal Reform reveals that in 2022 these costs reached a monumental $529 billion, or 2.1% of the nation’s GDP. This translates to an average of $4,207 per American household, spotlighting the heavy economic impact of America’s tort system. The function of the tort system is critical in ensuring that victims can seek compensation and that there is a deterrent against negligent behavior. Nonetheless, … Read more