Lawsuit Reform - One Loophole at a Time

Anyone who bristles at the effects of predatory lawsuits on businesses and consumers, and anyone who cheers when a victory is scored against abuses of the legal system, will love this.  (Additional background)

It's a perfect example of how consumers were not harmed, yet class action lawyers showed them the way to try to make a buck (many bucks, actually), and how our system of government worked in the end to turn off the spigot of undeserved awards and settlements.

Special thanks should go to Rep. Tim Mahoney (D-FL) and Sen. Charles Schumer (D-NY), the primary sponsors of the House legislation (H.R. 4008) and Senate legislation (S. 2978), respectively, as well as House Financial Services Committee Chairman Barney Frank (D-MA) and Ranking Member Spencer Bachus (R-AL), who worked to bring the measure to the House of Representatives floor.  Thanks to the White House for signing the measure into law.