If British Telecommunications Plc wants Electronic Data Systems Corp, it had better hurry up and seal the deal, because the thing may not be available much longer: with that ridiculous $105.2m compensatory and punitive damages award in Atlanta against General Motors Corp over its pickup trucks, it is clear that the company will now face two class action suits, one on behalf of relatives of all the people killed in accidents where the petrol tanks exploded, and another on behalf of anyone that bought a Chevrolet or GM pickup with the saddlebag gas tanks between 1973 and 1987; the settlement is likely to be the biggest in product liability history – perhaps $12,000m, and the way these things go, families that lost a loved one will likely get $100,000 each, all those that bought a truck will get a voucher worth 10% off a new truck, and the lawyers will end up with the rest – and that means they will end up with Electronic Data Systems, the only asset GM has worth anything close to $12,000m (think we’re kidding? In a class action against the airlines over excessive fares documented in the Wall Street Journal, plaintiffs got 10%-off coupons for air tickets, the lawyers shared a cool $29m).
