Companies were hit with more than $40bn in damages payments stemming from US lawsuits last year, data from LexisNexis showed, as jury awards against tech groups Microsoft, Amazon and Micron fuelled a phenomenon becoming known as “nuclear verdicts”.

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The price tag for trial awards is growing, data shows. The average award against a corporate defendant in cases brought in the US rose to a record $65.7mn last year, up from $41.7mn in 2023, LexisNexis said.