Friday, June 3, 2011

Loser Pays Equals Prosperity for Texas

No wonder the nation’s CEOs list Texas as the best state for business.
The success of ‘loser pays’ is destined to be viewed as a key victory for the Republican legislature over a group that once enjoyed almost limitless influence in the state: the Texas Trial Lawyers Association, which lobbied aggressively against the law. Prior to the reforms instituted in 2003 and 2005, Texas was an ambulance chaser’s paradise. Nowadays, even the $13 million the trial lawyers spent to defeat Perry and other pro-tort-reform Republicans in the 2010 election had little impact. In a stunning rebuke, Lt. Gov. David Dewhurst stared down the trial lawyer lobby and shepherded the measure through to a 31–0 vote in the Senate.
http://www.nationalreview.com/corner/268436/loser-pays-texas-small-business-wins-stephen-demaura

This will be a fascinating social experiment, and I hope it works out just as they think it will.

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