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Limitations on Punitive Damages - Assignment Example

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This paper "Limitations on Punitive Damages" discusses the arguments against this issue that are impossible to easily dismiss, the argument for caps is stronger. The placement of limitations may enforce stricter ethics compliance and incite a heightened sense of social responsibility…
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Limitations on Punitive Damages
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Download file to see previous pages From the business perspective, the issue is important because the absence of limitations on punitive damages has the potential to wreak economic havoc by driving corporation after corporation out of the marketplace and, in so doing, discouraging business investments. From the ethical perspective, the issue is important both as regards corporations and consumers. As far as corporations are concerned, liability laws are intended to regulate corporate behavior and ensure responsibility for their products and towards their customers. The threat of punitive damages arguably contributes to greater ethical compliance where corporations are concerned. Where consumers are concerned, however, the ethics of the issue assumes a very different hue. This is because consumers are becoming increasingly litigation minded and, indeed, more and more are seeking to profit by suing corporations and from punitive damage awards. A cap or limitation on the number of damages that can be rewarded will curtail this tendency and contribute to the re-affirmation of punitive damages as a regulatory mechanism designed to ensure corporate responsibility. Added to the aforementioned, the issue is of particular significance to me since my father and I have corporate business interests in the United States.

Even while recognizing that it is not a credible source that can possibly be included in this study, I commenced the research by accessing the Wikipedia website. The reason for doing so is that the said website provides concise overviews of topics, giving readers a sense of both sides of an argument. Reading through Corporate Liability and Punitive Damages on Wikipedia provided me with a good introduction to the topic and helped me identify possible search terms (Wikipedia, 2008).

Following Wikipedia, I logged onto Google and executed a search for “corporate liability punitive damages.” Close to a quarter of a million results were returned. One of these was an article linked to a website titled Palm Beach Bar (http://plambeachbar.org). An exploration of the website proved that it is relevant and valuable, as was the case with two other websites located via the same method, Overlawyered, and SSRN.   ...Download file to see next pagesRead More
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