NASHVILLE, Tenn. (Legal Newsline) - Tennessee Gov. Bill Haslem on Thursday signed a tort reform package into law that he says was part of his job-creating agenda.
Haslam signed the Tennessee Civil Justice Act at the Old Supreme Court Chamber at the Capitol. He says it offers businesses a measure of predictability.
"Business recruitment is incredibly competitive, and Tennessee is not only competing against other states but against foreign countries as we go out and market ourselves as the best place for business," Haslam said.
"This tort reform legislation will help us attract and retain jobs by offering businesses more predictability and a way to quantify risk."
The package included venue reform and:
-A $750,000 cap on non-economic damages, except in instances of intentional misconduct, records destruction or conduct under the influence of drugs or alcohol;
-Raises the cap on non-economic damages for catastrophic losses to $1 million; and
-Places a cap on punitive damages of two times the compensatory damages or $500,000, whichever is greater, except in the instances included on the $750,000 cap.
From Legal Newsline: Reach John O'Brien by e-mail at email@example.com.