Study Tallies Tort Litigation’s Effect on Innovation

the U.S. tort litigation system costs the nation $865 billion/year, including indirect costs of R&D spending and health care, says a recent study conducted by the Pacific Research Institute (PRI; San Francisco), a think tank that promotes free market policies and receives some funding from industry. Direct costs include annual damage awards, plaintiffs and defense attorney fees, and tort-related administrative expenses, PRI says. The chemical sector is one of the hardest hit by litigation-related constraints on R&D, the study says. If tort reform were...

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