Among the biggest concerns for manufacturers across the globe are potential claims arising from the failure of their products or their noncompliance with standards. Product liability claims can have major repercussions for businesses with large amounts of possible claims for refunds and product replacements. Additional claims may also arise from the losses which can be caused to potential customers from the use of the given product.
The purview of product liability claims go beyond the mere refunds or replacements to customers and can extend to possible class action claims. In addition to this, there might be possible claims of violations by the regulators of the given product giving rise to fines and sanctions.
For large companies with popular products, the product liability claims may extend to millions of dollars which can severely impact the finances of the company. More concerning here is the fact that the potential loss of brand value and investor faith can be immense even from a single major product liability claim.
No designation has been made by the Texas Board of Legal Specialization for a Certificate of Special Competence in this area.