Led by President George W. Bush, the call for dramatic reform of the U.S. tort system has become louder in recent months. Within this context, Anup Malani, associate professor of law at the University of Virginia, and Charles H. Mullin, an economist at Bates White, will present their recent study on liability in asbestos-related lawsuits. The authors found that many companies bankrupted by lawsuits have passed their asbestos liabilities to their co-defendants. Malani and Mullin estimate that this insurance system for plaintiffs adds twenty-three to sixty-six cents in bankruptcy costs for every dollar awarded in compensation. Panelists John E. Calfee of AEI and Francis McGovern of the Duke University School of Law will discuss the authors' findings; AEI's Veronique de Rugy will moderate.
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