Thursday, August 24th, 2023 — The legal landscape has witnessed a surge in nuclear verdicts, or jury awards in civil cases that exceed $10 million.
According to a recent report from the U.S. Chamber of Commerce Institute for Legal Reform, the median reported nuclear verdict increased from $19.3 million in 2010 to $24.6 million in 2019, representing a 27.5% cumulative increase during a period when inflation rose by about 17.2%.
Nuclear verdicts can have a significant impact on businesses, insurance rates, and the overall economy. And things are likely to get worse, with a Clyde & Co 2023 industry predictions report finding the number of nuclear verdicts will continue skyrocketing in 2023.