In 1998, Dow Corning was sued for $4.2 billion by 170,000 customers claiming that their silicone breast implants ruptured, causing bodily harm, scleroderma, or death. Because of the outstanding number of cases against the company, Dow Corning settled for $3.2 billion (CNN Money).
In December of 1998, Owens Corning Corp. had approximately 176,000 product liability lawsuits filed against them by customers claiming that their asbestos building materials caused mesothelioma cancer and death. Though Owens Corning Corp. offered to settle at $1.2 billion, the lawsuits kept coming, and by 2000 they had to file bankruptcy to settle the then more than 200,000 claims. In 2006, the company created the Owens Corning Fibreboard Asbestos Personal Injury Trust, and in 2011, Owens Corning ended up selling over 7,000,000 shares of stock in order to accommodate the growing number of claims (Asbestos.com).
In 2012, Blitz USA – a 46-year old Oklahoma gas can manufacturing company – closed its doors as a result of 62 lawsuits and over $30 million in legal fees since 1994. Many of the injuries for which they were sued were due to obvious misuse of the cans, such as pouring gasoline over an open fire. Though only two cases made it to court, and only one won, the numerous settlements paid out over the years eventually broke them (The New York Times).
Blitz USA is a prime example of how product liability suits can break a company, and the other two are prime examples of just how costly a product mishap can be. Though two of the aforementioned lawsuits dealt with hundreds of thousands of individuals, when you are a small corporation, even one product liability lawsuit can hurt you. At Garcia & Gurney, ALC, our business attorneys understand this better than most, which is why we encourage our clients to avoid product liability suits by instating a comprehensive product liability protection program.
Eliminate Product Liability Risk
At Garcia & Gurney, ALC, our Pleasanton business attorneys help clients safeguard against product liability claims by helping them do the following:
Consult a Pleasanton Business Attorney
At Garcia & Gurney, ALC, our product liability attorneys support our clients by assisting them in the drafting and creation of their asset protection plans. If you are in the business of manufacturing, supplying, or selling products, it would be in your best interest to take proactive measures to protect both your customers and yourself. Contact our Pleasanton business law firm at 924-468-0400 or online to see how our business attorneys can help you begin to reduce your risk today.
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