For Release — Tuesday, March 18, 2003
DANIEL B. WALSH, PRESIDENT AND CEO
ON THE ASSEMBLY REPUBLICANS' TORT-REFORM PROPOSAL
Lawsuit abuse costs New Yorkers and their governments billions of dollars a year. There will never be a better time to rein it in.
In 1998, The Public Policy Institute, The Business Council's research affiliate, outlined the case for tort reform in New York with its landmark report 'An Accident and a Dream.' The report showed that New York's lawsuit industry costs New Yorkers $14 billion a year, almost $800 per person. It also showed that lawsuit abuse adds hundreds of millions of dollars every year to the property-tax burden. That's because runaway lawsuits against municipalities drive up their costs.
It's time to take the focus of our civil justice system off the needs of trial lawyers. Instead we must emphasize fair and reasonable compensation for legitimate victims. The Assembly Republicans' proposal would take critical steps to achieve that goal.
New York's business community applauds this effort.