15 U.S.C. § 6604 : US Code - Section 6604: Punitive damages limitations

Search 15 U.S.C. § 6604 : US Code - Section 6604: 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 clear 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) of this section, 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 defendant -
(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 plaintiff.
(c) Government entities
Punitive damages in a Y2K action may not be awarded against a
government entity.
(d) Institutions of higher education
(1) In general
Subject to paragraph (2), punitive damages in a Y2K action may
not be awarded against an instituion (!1) of higher education as
defined in section 1001(a) of title 20.
(2) Exception
Paragraph (1) shall not apply to an institution of higher
education if the Y2K failure in the Y2K action occurred in a
computer-based student financial aid system of that institution
of higher education, and the institution -
(A) has passed Y2K data exchange testing with the Department
of Education; or
(B) is not or was not in the process of performing data
exchange testing with the Department of Education at the time
the Department terminates such testing.