In Brief: Product liability reform
This article was originally published in The Gray Sheet
Product liability reform: Compromise worked out by Senate Democrats and The White House reportedly would cap punitive damages for "small" businesses to the lesser of $250,000 or two times compensatory damages. The deal would not amend current joint and several liability provisions, which would have been eliminated in the previous product liability bill vetoed by President Clinton in 1996 ("The Gray Sheet" March 25, 1996, I&W-1). An 18-year statute of repose for durable goods likewise would be established under the agreement, which also contains biomaterials reform language identical to a bill (S 364) introduced by Sen. Joseph Lieberman (D-Conn.) in February ("The Gray Sheet" March 3, I&W-2)...
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