The Changing Landscape of Blockbuster Punitive Damages Awards

The Changing Landscape of Blockbuster Punitive Damages Awards

This article investigates the determinants of the blockbuster punitive damages awards of at least $100 million. As of the end of 2008, there had been one hundred such awards with an average value of $3.0 billion. The U.S. Supreme Court decision in State Farm v. Campbell suggested a single-digit uppe...

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Veröffentlicht in:American law and economics review 2010-04, Vol.12 (1), p.116-161
Hauptverfasser: Del Rossi, Alison F., Viscusi, W. Kip
Format: Artikel
Sprache:eng
Schlagworte:
Automotive industries
Chemicals industries
Compensatory damages
Financial investments
Insurance industry
Juries
Pharmaceutical industry
Punitive damages
Statistical significance
Tobacco industry
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Zusammenfassung:This article investigates the determinants of the blockbuster punitive damages awards of at least $100 million. As of the end of 2008, there had been one hundred such awards with an average value of $3.0 billion. The U.S. Supreme Court decision in State Farm v. Campbell suggested a single-digit upper bound on the punitive damages/compensatory damages ratio, which reduced the annual number of blockbuster awards, the total annual value of blockbuster awards, and the punitive damages/compensatory damages ratio. Applying the 1:1 ratio from Exxon Shipping Co. et al. v. Baker et al. broadly would eliminate most of the blockbuster awards.
ISSN:1465-7252
1465-7260
DOI:10.1093/aler/ahp018