Lawsuit awards have gotten entirely out of control. To award anyone an amount that is several times more than their earning potential in a lifetime has become very costly to the American public. Awarding 3 million dollars fro spilled coffee, 300 million because someone chose to smoke, and various other unrealistic awards, cost all of us money. How many more hamburgers would McDonald's have to sell to make up for 3 million dollars? Can they make it up by selling more hamburgers, or would they have more success by raising the price? An insurance company gets ordered to pay 200 million dollars.
Who pays for that 200 million? WE DO! Rates go up, we pay more per month, include that amount in 10 other companies raising prices to cover losses and our paychecks now go only half as far as they did last month. It amazes me how many people think, "they have insurance, it won't hurt them." The actual truth is, YES it does hurt. It hurts us, the consumer, with higher prices that we must pay so that the insurance company can afford to pay these awards.
We, the undersigned, Petition the United States Congress to enact legislation providing for a maximum lawsuit award amount equal to 10 (ten) times the average individual yearly income of the American citizen. In other words, if the average individual income is $65,000, then the maximum award amount would be $650,000.
Lawsuit may include an additional award of an amount equal to the total documented expenses and bills that are associated to the case at hand. Class action lawsuits should be limited to a maximum amount of 25% of a company's or individual's documented net worth and any individuals share of said class action lawsuit should be limited to the maximum amount guidelines for an individual lawsuit.
We further Petition that attorneys fees be limited to a maximum of 10% of the awarded amount and must be paid from the award amount.
The Impose Maximum Award Limits To Lawsuits petition to United States Congress was written by Henry Hart and is in the category Law Reform at GoPetition.