Funny how when states have 35 different laws requiring breach notifications, banks say it is bad. Then, when they realize that they have a cause of action in one state (MA) that they don't have in others, they're happy about it.

One way to somewhat harmonize those beliefs would be for the banks to lobby hard for model legislation in all 50 states (+DC) that establishes the same cause of action and type of relief available to them in MA.

I think that the tort system is a great system for dealing with externalities. Many people think that damage awards are outrageous - but that is hard to determine. In many of the suits the parties agree to caps and floors before the suit begins and agree not to disclose those amounts. So, when you see that someone got $10,000,000 for spilling hot coffee on their crotch, you actually have no idea how much they got. In this case, the actual damages should be very easy to determine.

As for lawyers making a lot of money, more power to them. There is no shortage of lawyers, so I assume it is an efficient market. And while money may be "wasted" because of all the suits, I think it is far more efficient than, say, government regulations.

So, I say, let the suing begin!