Economic Loss Law and Legal Definition

In Georgia, an economic loss rule is defined as follows: "In the absence of an accident, there can be no action in negligence to recover the loss of the economic value of a defective product, unless there is some personal injury or damage to other property." In re Ford Motor Co. Speed Control Deactivation Switch Prods. Liab. Litig., 2009 U.S. Dist. LEXIS 99813 ( E.D. Mich. Oct. 27, 2009)