The true tragedy, however, is that some problems will not be fixed because of a fear of litigation or the transfer of resources from actually fixing the problem to defending lawsuits. While business is working to fix the problem, there are those in our society who are planning to exploit it. Unless steps are taken soon, we could experience an explosion in litigation. It will ultimately be consumers. Obviously, this scenario would be a monumental tragedy for American businesses, workers and consumers.
Business has good reason to be concerned.
In addition, at a seminar held at the ABA s convention, a team of lawyers estimated that the amount of legal costs associated with Y2K could exceed all the money spent on asbestos, breast implants, tobacco and Superfund litigation combined. Clearly, America has a choice. It can adopt a legal environment that encourages the sharing of information, the fixing of the problem, and the fast, fair and predictable resolution of legitimate claims for compensation. Or, it can allow a potential litigation explosion that could be very costly to American consumers. Just think of the impact this would have on our economy, job creation and maintenance, and the average American family.