I urge you to follow this link and read the article. A jury in Georgia decided to award the adult children of two individuals who died when their 2002 Ford truck rolled over after a tire blew. It was alleged that Ford failed to ensure the vehicle could with stand rollover impacts and prevent death.
The jury awarded punitive damages in excess of One Billion Dollars! Apparently, a jury of the typical American’s peers believes that manufacturers of automobiles should ensure the safety of occupants to a degree that requires punishing the company, the American public and international purchasers of Ford vehicles to an extent that could cause the company to raise its prices significantly or fold the business…thus putting untold numbers of people out of work.
Billion! What had happened to the intellect of the 21st century juror who can, with any sense of competence render such an award!?
Where do these numb skulls think the money comes from? It isn’t from fairy dust. Do you know who pays for these ridiculous verdicts? We do. You do. How? Higher insurance premiums. Higher prices for goods and services. American companies deciding to close manufacturing plants, trucking companies, retail stores, wholesale operations, shipping companies, pharmaceutical research, construction of new buildings, research into new products.
There is risk in everything we do, every step we take, every breath, every transaction. People make mistakes. But most do the best that they can with the knowledge and tools they have at the time. Stop it now!
Do you want to pay $80k for a car? $45 for a roll of toilet paper? $200 for a ladder? Higher maintenance fees at your condo? Higher state taxes? Fine if you do. Otherwise, stop and think.
Who do you think really benefits at the end of the day? For the Ford case, the state of Georgia will get 75% of whatever punitive damages mat be left after years of appeals. The attorneys representing the beneficiaries of the estate will rake in 40% of what is left. Ford will just raise prices to cover the costs. And whatever portion is covered by insurance will result in increased premiums for everybody.
This system is broken. We need tort reform, limits on non economic damages, caps on punitive damages and limits on what plaintiff attorneys can charge. People! Wake up!
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