The Hartford Financial Services Group Inc. applauded Thursday’s 72-26 vote in the United States Senate for passage of the Class Action Fairness Act, a bill debated by federal lawmakers for more than six years.
Connecticut’s two Senators, Christopher Dodd and Joseph Lieberman, helped steer the most recent version of this bill through the Senate.
Supporters of the new legislation, including The Hartford, say that
consumers and business win with this reform. The Class Action Fairness Act will significantly limit the certification of dubious class action lawsuits.
Most importantly, the federal law will curb “venue shopping,” a practice in which plaintiffs’ lawyers bring large, national class actions in state courts that have little or no connection to the controversy. Class actions in these courts, typically located in remote counties, often lead to large settlements in which lawyers collect millions of dollars, while consumers receive little or nothing of value.
“Today is an important day for all Americans, for the companies who make products for them and for the insurers whose policies protect those companies,” said Ramani Ayer, chairman and CEO of The
Hartford. “Connecticut’s senators, Christopher Dodd and Joseph Lieberman, deserve thanks from all of their constituents for helping to find a bi- partisan solution to this major problem.”
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