Duncan Faircloth: “I am appalled that the special interests and their Senate retainers triumphed again in their efforts to extend the…”

“I am appalled that the special interests and their Senate retainers triumphed again in their efforts to extend the ``trial lawyer tax'' imposed on the American people. The ultimate Washington special interest--the trial lawyers--will continue to line their pockets at the expense of American consumers and small businesses. As you know, I continue to advocate broad civil justice reform, and this was just a start. I want to recount a recent case that underscores the need for greater reform than the bill that we considered earlier today. A group of trial lawyers filed a class action lawsuit against the Bank of Boston over credits for mortgage escrow balances. This case, however, exposes the outrageous greed that motivates these trial lawyers eager to don the cloaks of the ``consumer advocate.'' The 715,000 depositors each received $2.19 in back interest from the lawsuit, but the current mortgage holders footed the bill for the lawyers to the tune of $91.33 each. That's right, Mr. President, they received $2.19 but their accounts were debited $91.33 for lawyers fees. I also read a 1995 gasoline price-fixing case in which 19 lawyers who won a $1 judgment were actually awarded more than $2 million in lawyers' fees in an Alabama federal court. This is outrageous! Therefore, Mr. President, I remain committed to broad and comprehensive civil justice reform. This was a modest bill, too modest in my opinion, but it was a first step.”