In recent years, product liability class-action lawsuits have been filed against companies in a broad spectrum of industries, including pharmaceuticals, medical devices, asbestos, building products and tobacco, to name a few.
Although recent state and federal legislation–such as the Class Action Fairness Act of 2005–may have put an end to the explosive growth in class actions over the past decade, new industries continue to come under attack every day. Most ultimately are successful in fending off mass-litigation attacks, but defense fees for national coordinating counsel and dozens of local counsel can be staggering.
Because of the crippling costs to defend these suits, it is crucial for risk managers to move quickly to secure a defense cost agreement with primary liability insurers.
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