HONEST--CROSS MY HEART!
FreeRepublic , LLC
PO BOX 9771
FRESNO, CA 93794
It is in the breaking news sidebar!
Posted on 04/10/2003 5:18:53 PM PDT by sarcasm
WASHINGTON (AP) -- Lawyers in a landmark tobacco lawsuit could be forced to give $9 billion in fees to the states they represented, according to legislation introduced Thursday by two Republican senators.
``We should not unreasonably enrich trial lawyers at the expense of states suffering severe financial crises,'' said Sen. Jon Kyl, R-Ariz.
The proposal would impose a 200 percent tax on payments to lawyers that exceed five times the ``reasonable'' rate, which would vary by jurisdiction. In big cities lawyers still could make more than $2,500 an hour.
The lawyers who won a $246 billion settlement from the nation's big tobacco companies are the primary target, but the tax would apply to lawyers in any case with awards exceeding $100 million.
``This legislation will combat the gross abuse of attorney contingent fee agreements, abuses which we have been witnessing at an increasing rate in recent years,'' said Sen. John Cornyn, R-Texas.
Trial lawyers, including those in the tobacco case, were not pleased. ``Gutter politics,'' declared John Coale, who was involved in early efforts against the tobacco companies and now is suing gun makers. ``Is there any cap on the profits of the tobacco industry?''
Carlton Carl, spokesman for the Association of Trial Lawyers of America, said the money paid to the tobacco lawyers did not reduce the amount going to the states.
The settlement set up a three-member panel to decide what the state's private attorneys would be paid. The tobacco companies are paying $500 million a year toward the total.
``Fundamentally, this is once again a 'Washington-knows-best' kind of philosophy,'' Carl said.
If the bill passes, the two senators say California would get $1 billion, Texas $667 million and New York $607 million, down to Wyoming and its $15 million share.
Tonight, THUR, Apr 10th, 2003 9:00 p.m. - 11:00 p.m. EST / 6:00 p.m. - 8:00 p.m. PST
Aziz Al-Taee
Chairman of the Iraqi-American Council
www.IraqiAmericans.com
and the Unspun Debut of The Chamber-made Brigade's latest single
"Who's Next?"
ALSO... CRBs and Bone-Headed Lie-Beral Quotes ('cause you just can't make this stuff up...)
All this, plus your calls (and possibly more)
HERE to listen LIVE!
Call in! 1-868-RadioFR!
Now we know why he isn't an accountant. This stupid bas^ard doesn't think that grabbing over helf of the profits of those companies has nothing to do with their bottom line. This is most incredibly stupid statement I have ever heard a lawyer make, and I've heard some real boners. The guys is obviously in need of a dose change in his medications.
A White Castle fart smells better than this lawyer.
100% true, These tort lawyers just piss me off
This guy has the *&!@# nerve to compare himself to what he and other bottom feeding scum suckers do to ligitamate companies. Companies that produce products & services that people want and in the process create jobs and make society better, What the hell did this guy ever produce or create besides wealth for himself at the expense of others.
He's a freakin parasite and I only hope the Republicans follow through and give us real tort reform and shut some of these &^@# bloodsuckers down.
No, Coale, you idiot! The tobacco industry doesn't get to sue other people for a living!
I'm also a little bit confused about how they can legislatively alter a contract ex post facto. </ lawyerese>
Yeah, that's WHY I don't like it. Retroactive laws make the whole idea of a legally regulated system laughable.
I don't think the lawyers got all the money at once. I believe the tobacco settlement payments to the states and lawyers are spread out over 25 years and the tobacco companies make a payment to both once a year. So any new taxes applied to the lawyers will be on future payments.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.