Its the whole someone has to pay mentality. None of these companies were negligent. Their only “crime” is having deep pockets. I would fight if I were them. It is terrible these people died, but the travesty of justice here is nearly as terrible.
I really feel for the families that lost loved one’s in this tragedy but I fail to see how the bus company and speaker manufacturer should be liable. Where does it end? With this mentality, shouldn’t the lumber company that supplied the wood to build the nightclub also be held liable for not treating the lumber with flame retardent?
The true crime will be when we find out how much of a cut the lawyers take out of this. The overall settlement amongst all parties involved is likely $100 million or more so that means much LESS than $1 mil per lost life pre-trial attorney fees and factoring in the portion attributable to the surviviors. The lawyers will be the few walking away with the lion’s share of the settlement money yet none of the associated emotional or physical scarring.
Welcome to the “woulda, coulda, shoulda world of casualty underwriting. How do you price for the exposures noted, especially when you don’t inspect all of the boxes being loaded onto the bus. Is it reasonable to expect that the Bus companies knew what was packed? No.
The next out of court settlement will probably be from the tire manufacturer of the tires which were on the bus which brought the band to the night club. When does it end? Did the insurers of these companies honestly think they could not successfully defend their client for a half million in defense costs? I am sorry for the victim’s families, but their loss is not intended to be the lotto jackpot either.
The exposure here is 100 dead folks at, what, 1 mil per each ? While I am appaled at the spearker mnfg and Bus companies being dragged into this, it makes sense to bail as you are ‘betting the Company’ if you do not. I also suspect the defendents sent letters to their carriers demanding they settle within limits ‘or else’ – at least thats what I would do if I were the corporate counsel for the defendents
In 30 years of claims work I’ve learned that there is no “justice” in our legal system. You’ll never get a jury of your “peers”. You’ll never get complete objectivity. Sympathy trumps liability almost everytime. These co-defendants were essentially held hostage by the plaintiff attorneys and were forced to make a “business decision” to mitigate their own losses. If they didn’t, the plaintiffs simply use the legal system to force them to spend millions in defense. Our society has deteriorated into the mindset that regardless of liability….”someone must pay”. The attorneys will take 40% of the settlements since the matters are in suit. Any expenses they have come off the top also. This is the shitty part of working with insurance and the legal system.
The speaker mfgr & bus company attorneys should have dug in their heels & fought it. Yes, they would expose themselve to a much higher award, but (and just delight in the idea) they MAY have won! What a future that may have brought for the defense. Nope, they just caved because of cost effectiveness & no cajones. This industry may never learn.
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Its the whole someone has to pay mentality. None of these companies were negligent. Their only “crime” is having deep pockets. I would fight if I were them. It is terrible these people died, but the travesty of justice here is nearly as terrible.
I really feel for the families that lost loved one’s in this tragedy but I fail to see how the bus company and speaker manufacturer should be liable. Where does it end? With this mentality, shouldn’t the lumber company that supplied the wood to build the nightclub also be held liable for not treating the lumber with flame retardent?
The true crime will be when we find out how much of a cut the lawyers take out of this. The overall settlement amongst all parties involved is likely $100 million or more so that means much LESS than $1 mil per lost life pre-trial attorney fees and factoring in the portion attributable to the surviviors. The lawyers will be the few walking away with the lion’s share of the settlement money yet none of the associated emotional or physical scarring.
Welcome to the “woulda, coulda, shoulda world of casualty underwriting. How do you price for the exposures noted, especially when you don’t inspect all of the boxes being loaded onto the bus. Is it reasonable to expect that the Bus companies knew what was packed? No.
The next out of court settlement will probably be from the tire manufacturer of the tires which were on the bus which brought the band to the night club. When does it end? Did the insurers of these companies honestly think they could not successfully defend their client for a half million in defense costs? I am sorry for the victim’s families, but their loss is not intended to be the lotto jackpot either.
The deceased are rolling in their graves, embarrassed at how greedy their living relatives are!
The exposure here is 100 dead folks at, what, 1 mil per each ? While I am appaled at the spearker mnfg and Bus companies being dragged into this, it makes sense to bail as you are ‘betting the Company’ if you do not. I also suspect the defendents sent letters to their carriers demanding they settle within limits ‘or else’ – at least thats what I would do if I were the corporate counsel for the defendents
In 30 years of claims work I’ve learned that there is no “justice” in our legal system. You’ll never get a jury of your “peers”. You’ll never get complete objectivity. Sympathy trumps liability almost everytime. These co-defendants were essentially held hostage by the plaintiff attorneys and were forced to make a “business decision” to mitigate their own losses. If they didn’t, the plaintiffs simply use the legal system to force them to spend millions in defense. Our society has deteriorated into the mindset that regardless of liability….”someone must pay”. The attorneys will take 40% of the settlements since the matters are in suit. Any expenses they have come off the top also. This is the shitty part of working with insurance and the legal system.
The speaker mfgr & bus company attorneys should have dug in their heels & fought it. Yes, they would expose themselve to a much higher award, but (and just delight in the idea) they MAY have won! What a future that may have brought for the defense. Nope, they just caved because of cost effectiveness & no cajones. This industry may never learn.
The families are steeling money from these companies. And I am a socialist liberal.
BUT THIS IS LEGALIZED THEFT.