Jim’s Rant For The Day. Just How Serious Is The Class Action Lawsuit?
Just how serious is the suit to each of the owners of those Social Tech companies? First we have to realize they are all Billionaires today and thus are somewhat immune from most suits. If they are sued for accidentally knocking someone down a staircase the settlement would hurt them as much as one of us being shortchanged by a nickle. So how do you think they are taking this class action suit?
We must appreciate that only some suits can add Punitive Damages. In cases like this there is no standard amount set so the amount is left to a jury. They determine the amount of the award based on how egregious, terrible or disturbing the cause of the action is to them. If it was more of a stupid accident they might award just a small amount. If it was quite brazen and disgusting and should never happen to anyone again, then they can award the maximum amount available to them as a warning to others.
Hold onto your socks here, Sports Fans. The award amount has an upper limit of just One Dollar ($1)! Wait a minute Fans, let me continue; that is it is all the defendant's wealth up to the point of leaving him just one Dollar before he is technically insolvent, bankrupt and broke. Therefore, if the defendant loses big, he could go from being a Billionaire to being homeless with a buck in his pocket. So once he talks to his attorney he will see this as a flip of the coin for a life or death equivalent.
If I were a Billionaire in this particular case I would immediately settle such that I could never be sued again in this matter and pay a half Billion dollars into a settlement fund for all future action. This way I am at least a half a Billionaire. If this should happen you can believe I would cease all questionable activity immediately.
This situation reminds me of a party my family had celebrating one of my wonderful sisters. It was our annual "Bitch Of The Year" contest among my seven sisters. Along with lots of booze flowing were gifts. One gift was a big rat trap with an inch and a half round hole in the base. The trap had a belt on it and was to be worn as a chastity belt.
I say the defendants are terrified now to move a single centimeter!