That’s what a plaintiff’s lawyer who’s made a fortune filing asbestos claims in Texas announced recently. Could it be that the fifth decade of asbestos litigation in Texas will be its last? It’s starting to look that way especially after a conversation I had over drinks last week.
I was talking with a long time adversary and asked what his firm’s founder was up to and what he thought about tort reform, Borg-Warner v. Flores and the MDL. His response was an epiphany. He said that the old man is and has always been a businessman. He never had anything against the companies. "He just saw back when Texas was a blue state that the courts were going to start redistributing the wealth and that the middleman would get 1/3 of every dollar redistributed. Now that Texas is a red state he owns [several business interests] ’cause that’s where the easy money is being made nowadays."
Whatever their original intent the courts created a huge, unregulated and readily exploitable market in asbestos litigation. The entrepreneurs only played their part. Nothing personal, it was only business.