Political Quotes

“Mr. Chairman, I yield myself such time as I may consume. I rise today in support of a bill that combines two important reforms, the Fairness in Class Action Litigation Act and the Furthering Asbestos Claim Transparency Act, or the FACT Act. Let me first explain why my colleagues should vote in favor of the Fairness in Class Action Litigation Act. Last year an independent research firm surveyed companies in 26 countries and found that 80 percent of those that were subject to a class action lawsuit were U.S. companies, putting those U.S. companies at a distinct economic disadvantage when competing with companies worldwide. The problem of overbroad class actions doesn't just affect U.S. companies. It affects consumers in the United States who are forced into lawsuits they don't want to be in. How do we know that? We know that because the median rate at which consumer class action members take the compensation offered in a settlement is an incredibly low 0.023 percent. That is right. Only the tiniest fraction of 1 percent of consumer class action members--less than 1 quarter of 1 percent--even bothers to claim the compensation awarded them. That is clear proof that vastly large numbers of class members are satisfied with the products they purchase, don't want compensation, and don't want to be lumped into a gigantic class action lawsuit.…”