Yes Jeffro, you are correct. It is an oversimplification, but it is still true nevertheless.
The Mosaic Code has greatly influenced our Western legal systems, especially that of criminal law. Concepts from the Mosaic Code, like “strict liability” and proportional punishment, are used in today's modern laws. Holding people accountable for their actions and making sure punishments are fair historically go back to the days of American Puritanism. One can therefore say America's civil and criminal justice systems are grounded on the Mosaic Code.--American Jurispruidence: Influences in Western Societal Systems, Delaware, 1976.
However this is not to say that the Western legal system is based on the Torah or the Bible. It is not. The Torah itself is not the inventor of the ideas and ideals found within its legal system, so one cannot even claim that in the purest sense.
America however did not grow up in a vacuum. It developed in one inspired by and moved due from religious values, Judeo-Christian ones. From the Founding Fathers to the Abolitionist Movement to the Women's Suffrage Movement, the Bible and especially the Mosaic Law shaped Americans and the fight for freedom in the West, not to mention inspire it in other parts of Europe as well. The laws that established the Civil Rights movement were also inspired by Exodus found in the Torah.
But directly, no. I agree with you. It was merely a simplification. The story is far more complex than what I had or have time to express here...
...Or that you give credit to.