Page:United States Statutes at Large Volume 113 Part 1.djvu/216

 113 STAT. 192 PUBLIC LAW 106-37^JULY 20, 1999 (i) APPLICABILITY TO SECURITIES LITIGATION.—In any Y2K action in which the underlying claim arises under the secmities laws (as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)), the provisions of this Act, other than section 13(b) of this Act, shall not apply. 15 USC 6604. SEC. 5. PUNITIVE DAMAGES LIMITATIONS. (a) IN GENERAL. —In any Y2K action in which punitive damages are permitted by applicable law, the defendant shall not be liable for punitive damages unless the plaintiff proves by clesir and convincing evidence that the applicable standard for awarding damages has been met. (b) CAPS ON PUNITIVE DAMAGES.— (1) IN GENERAL.— Subject to the evidentiary standard established by subsection (a), punitive damages permitted under applicable law against a defendant described in paragraph (2) in a Y2K action may not exceed the lesser of— (A) three times the amount awarded for compensatory damages; or (B) $250,000. (2) DEFENDANT DESCRIBED. — A defendant described in this paragraph is a defendeint— (A) who— (i) is sued in his or her capacity as an individual; and (ii) whose net worth does not exceed $500,000; or (B) that is an unincorporated business, a partnership, corporation, association, or organization, with fewer than 50 full-time employees. (3) No CAP IF INJURY SPECIFICALLY INTENDED. — Paragraph (1) does not apply if the plaintiff establishes by clear and convincing evidence that the defendant acted with specific intent to injure the plsdntiff. (c) GOVERNMENT ENTITIES. —Punitive damages in a Y2K action may not be awarded against a government entity. 15 USC 6605. SEC. 6. PROPORTIONATE LIABILITY. (a) IN GENERAL.—Except in a Y2K action that is a contract action, and except as provided in subsections (b) through (g), a person against whom a final judgment is entered in a Y2K action shall be liable solely for the portion of the judgment that corresponds to the relative and proportionate responsibility of that person. In determining the percentage of responsibility of any defendant, the trier of fact shall determine that percentage as a percentage of the toted fault of all persons, including the plaintiff, who caused or contributed to the total loss incurred by the plaintiff. (b) PROPORTIONATE LIABILITY. — Courts. (1) DETERMINATION OF RESPONSIBILITY.— In any Y2K action that is not a contract action, the court shall instruct the jury to answer special interrogatories, or, if there is no jury, the court shall make findings with respect to each defendeuit, including defendants who have entered into settlements with the plaintiff or plaintiffs, concerning— (A) the percentage of responsibility, if any, of each defendant, measured as a percentage of the total fault of all persons who caused or contributed to the loss incurred by the plaintiff; and

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