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An American industrial company has managed to mitigate a fall in profits by minimising the effects of product liability compensation claims in the past financial quarter-year.
The forklift-manufacturing company's reported results still claimed a profit - admittedly, a smaller one than at this time last year - despite a group of profit-reducing experiences such as reorganisation costs, the general downturn in the economy, and the increased costs of the metals that it must use in its processes.
However, the report states that "These increases were partially offset by lower product liability expense as a result of better than expected claims experience."
This suggests that personal injury lawyers have brought fewer successful faulty product compensation claims than previous years may have led the company to expect.
If a global economic correction does lead to other US, UK and worldwide companies improving their manufacturing process, leaving themselves less open to product liability compensation claims than would otherwise be the case, this may be considered a positive benefit of the 'credit crunch'.
