You might not think it, but the U.S. tort system is taking a massive toll on people’s bank accounts.
A new economic study from the U.S. Chamber of Commerce’s Institute for Legal Reform (ILR) shows that the tort system cost Americans $443 billion in 2020, a staggering amount equal to $2,671 per Oklahoma household and a whopping 2.12 percent of the state’s total GDP. This places Oklahoma in thebottom half of national rankings, with tort costs eating up a greater share of Oklahoma’s economy than 26 other states.
Despite the legal system’s heavy costs, the study reveals that these costs do not translate into compensation for injured parties.
Claimant compensation represents just 53 percent of the tort system; theremaining 47 percent covers litigation costs and other expenses.
Read the full study for a complete look at the tort system’s hefty costs:
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