One of the more noteworthy contributions to the recent Business Insurance symposium on tort reform (Feb. 16, not online — see Mar. 15) came from Yale law prof George Priest, who wrote as follows: “The single worst development in modern tort law is that many businesses are now adopting the tactics of the trial lawyers — litigation, including class action litigation — to pursue competitive interests. The recent antitrust class action by Wal-Mart and hundreds of the nation’s retailers against Visa and MasterCard [see Aug. 22 — ed.] was only successful because Wal-Mart convinced the courts to expand class action availability. There are many other examples of businesses seeking an expansion of liability to promote their own interests. Some years ago, MetLife sought an unjustifiable expansion of insurance coverage law in its pursuit of recovery against Aetna. When business pursues a short-term advantage by joining the trial lawyers, the tort reform cause is truly lost.” (& letter to the editor, Apr. 2)

Filed under: antitrust, class actions