US tort costs reach a record $260bn

US tort costs reached a record $260bn in 2004, or approximately $886 per person, according to a new study “US Tort Costs and Cross-Border Perspectives: 2005 Update” from the Tillinghast business of Towers Perrin. This surpassed the previous record set in 2003 by $16bn. The 2005 Update analyses US tort costs from 1950 through 2004, with projections through 2007.