This chapter examines the September 11th Victim Compensation Fund (VCF) created by Congress in the wake of the 2001 terrorist attacks in the USA. The background leading up to the VCF and the rules it promulgated are presented, as is the role of the National Association of Forensic Economics in influencing the final guidelines issued by the Special Master. Partially as a result, VCF rules were modified to permit inclusion of the valuation of services, but that required an economist to quantify their value. The chapter explains how economic calculations were made under VCF rules, and how they differed in some important ways from calculations typically made in tort litigation. The chapter concludes by examining the possibility of applying a VCF-type system to other mass tort litigation.
Terrorist Attack Life Insurance Horizontal Equity Compensation Plan Civil Litigation
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
This is a preview of subscription content, log in to check access.
Expectancy Data. (various). The dollar value of a day. Shawnee Mission, Kansas: Expectancy Data.Google Scholar
Rodgers, J. D., & Weinstein, M. A. (2014, December). An updated history of the National Association of Forensic Economics: 2002–2014. Journal of Forensic Economics, 25(2), 175–202.CrossRefGoogle Scholar
Tinari, F. D., Cahill, K. E., & Grivoyannis, E. (2006, January). Did the 9/11 Victim Compensation Fund accurately assess economic losses? Topics in Economic Analysis and Policy, 6(1), 1–42.CrossRefGoogle Scholar
Trial Lawyers for Public Justice. (2004). Trial lawyers doing public justice 2004. Privately-published.Google Scholar
Ward, J. O., & Thornton, R. (Eds.) (2009). Personal injury and wrongful death damages calculations: Transatlantic dialogue. London: Emerald Books.Google Scholar