Mr Llewellyn added: "Reed Smith's strong US practice and clear dedication to further expansion into Europe provides a strong platform to cultivate the product liability
While the legal concepts behind product liability
and consumer protection have been around for ages, the number of lawsuits has skyrocketed in the United States in just the last 10 to 15 years.
Congress has ever come to enacting broad-scope product liability
reform was in 1998.
11) Some readers may reasonably be skeptical, then, that Viscusi provides adequate support for claims such as "juries often regard corporate risk analyses as red flags"(12) or "many of the most well-known cases involving punitive damages are also those in which corporations undertook a risk analysis, or in some cases, a sound benefit-cost analysis,"(13) even if these claims are interpreted to apply only to automotive product liability
The House and Senate have considered product liability
bills since the early 1980s, but they never passed any major legislation.
Bennett-Alexander (1985), "Retailer Inclusion in Product Liability
Actions: Strategic Implications," in Retailing: Theory and Practice for the 21st Century, Robert L.
For the last 12 years, the Product Liability
Coordinating Committee (PLCC) has supported this reform movement.
The NMTBA claims studies show that, for every $6 paid out to claimants by insurance companies for product liability
, another $7 is paid for lawyers and other transaction costs.
For example, the National Association of Manufacturers noted, in a 1984 issue brief, that "virtually all studies concerning product liability
laws have concluded that the problems are
In the product liability
category, the median jury award jumped to $1.
& Risk is described as a "complete product liability
news and information reporting service.