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Claims for damages in mass torts and product liability cases can be quite varied. Some examples include medical costs, lost wages, pain and suffering; fear of injury; loss of use or loss of consortium; replacement cost; incidental costs of recall; diminution in value; and medical monitoring. In some cases, damage claims are associated entirely with historical losses, in others future losses may also arise. Forecasting techniques (see Claim Forecasting) must be used to estimate the timing and extent of future losses. However, these techniques may also be needed to estimate the size of a representative class or to predict how many more individual claims will be filed before the statute of limitations has run.
NERA employs empirical analysis to estimate damages for large groups of claims whether filed individually or as a class. The empirical basis for such valuation depends on the nature of the claim. However, valuation often depends on developing data on the salient attributes of the claims that are likely to affect losses. These attributes will include characteristics of the claimants and exposure to or use of the products or hazards involved.
For some elements of damage, historical claims experience provides a basis to estimate expected future costs. For example, pain and suffering awards can be estimated from historical verdicts and medical monitoring costs can be estimated with reference to medical monitoring programs established in other cases.
In cases where losses are associated with marketable assets such as real estate (e.g., drywall litigation) or automobiles (e.g., major product recall litigation), it may be possible to quantify damage claims to estimate diminution in value claims. For example, diminution in value of recalled vehicles can be analyzed using data on vehicle demand. Event study and time series analyses are also useful to measure changes in historical blue book prices coincident with a recall. While the immediate impact of a recall may be evident from contemporaneous data, the historical experience of other recalls may provide evidence of a subsequent expected recovery in resale value. Econometric techniques can be used to measure the value to consumers of vehicle attributes, which may be useful to distinguish an effect of a correctable defect from the impact of a recall on corporate reputation or brand value.
Name | Title | Location | Phone | |
---|---|---|---|---|
Lucy P. Allen | Senior Managing Director | New York City | +1 212 345 5913 | lucy.allen@nera.com |
Dr. Christian Dippon |
Senior Managing Director
Chair of NERA's Global Energy, Environment, Communications & Infrastructure Practice |
Washington, DC
New York City |
+1 202 466 9270
+1 212 345 1732 |
christian.dippon@nera.com |
Bradley A. Heys | Senior Managing Director |
Toronto
New York City |
+1 416 868 7312
+1 212 345 3000 |
brad.heys@nera.com |
Dr. Hiroaki Ishigaki | Senior Managing Director | Tokyo | +81 3 6871 7041 | hiroaki.ishigaki@nera.com |
Dr. Vinita Juneja |
Senior Managing Director
Chair of NERA's White Collar, Investigations and Enforcement Practice |
New York City
London Toronto |
+1 212 345 3148
+44 20 7659 8618 +1 416 868 7314 |
vinita.juneja@nera.com |
Dr. Denise Neumann Martin | Senior Managing Director | Miami | +1 305 808 7880 | denise.martin@nera.com |
Dr. Faten Sabry |
Senior Managing Director
Chair of NERA's Global Securities and Finance Practice Bankruptcy Practice Chair |
New York City
London |
+1 212 345 3285
+44 20 7659 8618 |
faten.sabry@nera.com |
Dr. Jordan Milev | Managing Director | New York City | +1 212 345 5516 | jordan.milev@nera.com |
Robert Patton | Managing Director |
Toronto
London New York City |
+1 416 868 7318
+44 20 7659 8620 +1 212 345 3000 |
robert.patton@nera.com |
Dr. Airat Chanyshev | Director | New York City | +1 212 345 7336 | airat.chanyshev@nera.com |
Bryan Ray | Director | White Plains, NY | +1 914 448 4004 | bryan.ray@nera.com |
Mark L. Berenblut | Affiliated Consultant |
Toronto
New York City London |
+1 416 868 7311
+1 917 475 0020 +44 20 3769 1096 |
mark.berenblut.affiliate@nera.com |