U.S. civil litigation costs reached a record $260 billion in 2004, an increase of $16 billion over 2003, according to figures released by a consulting firm.
The Stamford, Conn.-based Tillinghast business of Towers Perrin found the cost of the activity grew at a slightly faster pace in 2004 (5.9 percent) compared to 2003 (5.5 percent), but was below the high growth rates seen in 2001 and 2002, which averaged 14 percent each year.
In 2004 the 5.9 percent growth rate in tort costs was below the overall U.S. economic growth of 6.6 percent as measured by the Gross Domestic Product, Tillinghast said.
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