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Study: Businesses ramping up efforts to guard against class action lawsuits

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A recent survey conducted by the Carlton Fields law firm found 57 percent of corporate legal departments are expected to create better and more innovative risk management tools to decrease the potential risks of class actions suits.

According to the survey, 38 percent of companies are planning to designate a single individual to be accountable for all of their class action lawsuits, and these companies spend 25 percent fewer hours than other businesses, on average, when dealing with class action lawsuits.

"This cutting-edge national survey is a powerful resource for in-house counsel who want to manage class actions effectively and efficiently," said Chris Coutroulis, chair of the class action team for Carlton Fields. "The findings show how leading corporate legal departments identify and manage class action risk and cost control - information that clients say they want and need."

The survey also found 24 percent of corporate counsel undertake a rigorous case assessment that calculates the potential for financial exposure for each class action lawsuit.

Class action lawsuits can often be a risk faced by businesses, which can cause them serious financial trouble. Another way to protect from these types of lawsuits is to purchase general liability insurance and other necessary business insurance policies, which can provide financial support for companies caught in class action suits.

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