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  • 4 years ago
Lawsuits Cost To Society

Lawsuits Cost To Society

Lawsuits cost to society is growing at a rapid rate. In this podcast, I discuss how Australia’s largest class action settlement resulted in a $500 Million payday to be spread among 10,000 Australians. But the only real winners in lawsuits are the lawyers. Even if you win a lawsuit, you don’t win. The Victorian black saturday bushfires of 2009 resulted in the longest trial in Australia’s history and it lead to a whopping $500 million settlement. To put the magnitude of this into perspective, here are 4 of the worlds largest payouts.In 2010, Goldman Sachs paid $550 million because they apparently misled investors into a subprime mortgage product just as the U.S. housing market was starting to collapse.Then in 2011, a subsidiary of Bank of  America coughed up $335 million in the biggest civil rights violation settlement because they offered ‘minority’ customers a different loans than ‘white’ customers, which pushed them into the sub-prime mortgage market. As a result, that business decisi