An opportunity for innovation
The question of how to resolve mass torts is one that occupies the minds of all modern commercial litigators. Whether those mass torts involve personal injury or the mis-selling of financial products, resolution is a subject that crosses many legal specialisms, intersecting virtually every business sector, and appears in both the UK and US legal landscapes.
This resolution can take place at any stage in proceedings: before claims have been issued, during the conduct of proceedings, or after a finding of liability by a court, tribunal or regulator. They are as much part of the life cycle of a systemic financial services dispute as they are a more traditional mass tort (whether personal injury or data protection). Effective settlement of collective actions offers attractions for both claimants and defendants. Claimants are able to access compensation, potentially without the delay or expense of proceedings, by reference to a clear procedure and set of principles. Defendants are able to forestall reputational and regulatory risk, and save the time and cost of full-blown litigation.