Anyone who has served on a jury is familiar with the long waits while attorneys for both sides huddle to reach a last-minute settlement and avoid a trial. It’s a roll of the dice for everyone, balancing the risks of a jury verdict and the costs of the trial itself against the certainty of a payout that doesn’t apportion blame. Settlements can bring closure to the victims, relief to an overburdened court system, and big fees for the lawyers. But do they provide any justice?
Consider the recent spate of billion-dollar settlements designed to close sordid chapters in mortgage lending, environmental disasters, and pharmaceutical misconduct. Earlier this month, 10 of the nation’s largest banks agreed to pay $8.5 billion to settle claims by the US Justice Department that they wrongly foreclosed on millions of homeowners in 2009 and 2010. It sounds like a lot of money, but remember that 3.8 million bank customers were slapped with foreclosure orders during this period. That’s about $2,200 a claim.
Comments
Your analysis is based upon a misconception; the tort system is not a law enforcement tool. If you want punishment, or public disclosure of wrongful comduct, you need criminal prosecution, not a civil lawsuit. The tort system is designed to help injured parties achieve some form of compensation - nothing more. The question you should ask is, "Where are the law enforcement agencies?" On both state and Federal levels, where are the indictments and prosecutions? If major banks were, in effect, defrauding and stealing people's homes, or wrongfully discharging oil, or laundering money, there are criminal remedies available. Why are they not being pursued?
The tort system is designed for attorneys and their pocket books who drag the cases on & on & on and even consult on how to drag the case on & on & on. Further, we live in a corporate dictatorship and the government works for the dictator --the government is not going to criminally charge the dictator!!! THE COURTS ARE THE BIGGEST FREAKING FRAUD THIS NATION HAS EVER SEEN!!!!!
And thank you Renee, that is why corporations are not people, because people accused of the same crime would not be able to "settle". Thanks for pointing out these cases of no justice.