ARLINGTON, Va. — The American Transportation Research Institute (ATRI) has released a study that focuses on the impact that verdicts and settlements under $1 million have on the trucking industry
During its research on nuclear verdicts, ATRI found that small cases are heavily-impacting the industry as well.
The research used a new ATRI dataset of more than 600 cases resulting in either a settlement or verdict award of less than $1 million. The report provides rich insight into key crash characteristics and litigation factors that contribute to substantial payments to plaintiffs.
This study showed that settlement payments are approximately 37.7 percent larger than verdict awards and 393 percent more likely to occur in incidents involving a fatality.
Additionally, incidents involving a severe injury were 217 percent more likely to settle and 199 percent more likely to result in payments to plaintiffs over $600,000.
The report provides an overview of the small litigation landscape in the trucking industry as well as strategies to assist carriers and attorneys in preventing more costly litigation outcomes.
“This analysis proves a theory that I have always had; there are two markets as to the value of cases – the settlement market and the trial market. There should be one market and that is what a case is objectively worth,” said Doug Marcello, Attorney at Marcello & Kivisto LLC.
To access the full report, click here.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.