The Trucking Litigation Crisis, a Study
Despite improved safety in the U.S. trucking industry, litigation verdicts soar, impacting largely small businesses. Explore the trend and its implications.
The U.S. trucking industry, vital for the nation's economy, is being bombarded with skyrocketing lawsuit verdicts. While trucking safety has improved notably, verdict sizes have soared. This trend threatens not just the large entities but the heart of the industry – small trucking businesses.
- Verdict Surge: Between 2010 and 2018, the average verdict size against trucking firms jumped by a whopping 867%.
- Safety Improvements: Despite this, from 2000-2020, fatal truck crash rates decreased from 2.23 to 1.47 per hundred million truck miles traveled.
- Small Business Impact: Over 90% of trucking firms are small businesses, making them particularly vulnerable to the current litigation environment.
- Settlement Stats: Recent data reveals a mean plaintiff award of $27,507,334 and a median of $759,875.
The U.S. Chamber of Commerce Institute for Legal Reform paper closely examines this worrying trend, unraveling the reasons and providing solutions to ensure a fair justice system for all involved. Want a comprehensive understanding of the challenges and the recommended measures? Click below for more.