Based on an article by Scott Lauck, Senior Reporter, Missouri Lawyers Weekly. To subscribe, please visit Missouri Lawyers Weekly HERE.
Do you ever wonder why Associated Industries of Missouri (AIM) consistently makes "tort reform" a top priority? If so, you will want to read this article by Scott Lauck in the February 2024 edition of Missouri Lawyers Weekly. The publication has granted special permission to distribute this issue to AIM members and we are very grateful.
The article, which you may read in its entirety HERE, is damning:
Missouri had two billion-dollar plus verdicts and seven verdicts of more than $100 million in 2023, more than double the previously recorded high of three verdicts of more than $100 million;
86 verdicts of more than $1 million in 2023, a 20% increase over the previous year; and
The median value of plaintiff wins over $1 million increased to $5 million in 2023, a 66% increase over 2020.
Anecdotally, we recently heard from the CEO of a company lamenting the fact they must put up $4 million in cash this year for claims - despite the fact they had no injuries last year! He said they're one verdict away from going out of business.
Things are getting out of hand with these mega verdicts in Missouri and, in fact, Missouri jury verdicts in general. Companies are losing and the plaintiffs' attorneys have more money than ever before. And guess who provided that money? Missouri businesses, through these verdicts and settlements.
As advocates for your Missouri business, we need to ensure our tort reform efforts will provide fairness to everyone while effectively preventing lawyers from putting every business out of business with these inflated verdicts and settlements. It has never been as important as it is today and that is why tort reform is consistently a top priority for Associated Industries of Missouri.
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