In a recent op-ed published in the Tennessean, the U.S. Chamber of Commerce’s own Thurbert Baker kept the drum beat rolling for large insurance group’s attack on the consumer legal funding industry. Within the op-ed, Thurbert continued to mask the truth about the consumer legal funding industry and continued to push for anti-free market price controls and other burdensome government regulations.
The issue for the U.S. Chamber of Commerce and large insurance conglomerates is not about the consumer, as they would like you to believe, but rather about how the consumer legal funding business is impacting the way large insurance companies prefer to deal with automobile claims. The typical strategy for a large insurance company is to utilize long delay tactics against a claim, dragging settlements on as long as possible, in hopes the claimant becomes desperate enough to settle for pennies to what is actually owed, all while driving up an insurance company’s revenue.
On the other hand, consumer legal funding is a service that offers a claimant a counter to the large insurance companies’ delay tactics. With consumer legal funding, a claimant has the opportunity to acquire non-recourse funding to help pay for essential items such as food, rent or other daily necessities. This non-recourse funding can help sustain the needs of a claimant’s everyday expenses while allowing them to pursue a full and fair settlement regarding their injury claim.
The bad news in Tennessee is that the U.S. Chamber of Commerce suspiciously talks about free markets and de-regulation policy when in the public eye, but is actively backing the insurance industries anti-free market price control regulations while masking them as consumer protection policies.
While groups like the U.S. Chamber of Commerce, led by Thurbert Baker, create false stories about the consumer legal funding industry, the consumer legal funding industry stands at the ready to work with Tennessee legislators to enact real policies that truly help protect all consumers just as we’ve done in states like Ohio, Nebraska and Maine.
Unfortunately, the U.S. Chamber of Commerce and large insurance conglomerates have no intention of working out a plan that truly protects the consumer. The only result these two mammoth groups seek is to get rid of the consumer legal funding business altogether in Tennessee. In their minds, getting rid of consumer legal funding gets them back to their old ways of doing business, leaving their pockets full of cash and consumers kicked to the curb.