This publication contains the written statement of Stephen Carroll delivered on June 24, 1997, to the Judiciary Committee of the United States Senate. The statement is based on a RAND Institute for Civil Justice study of punitive damages in financial injury cases. The author summarizes RAND estimates of the frequency and size of punitive damage awards in financial injury cases. He also presents estimates of what percentage of the financial injury punitive awards in the study’s database would have been affected by caps of various sizes and how the caps would have affected the total amount of punitive damages awarded in such cases.
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