House Passes Punitive Limits

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The Mississippi House Wednesday passed a bill limiting punitive damage awards against all business and industry.

The bill limits punitive damages to 10 percent of the firm's net worth.

The original bill was directed at small businesses with annual revenues of $100 million and less. However, the House voted to extend the 10 percent cap to all companies.

The Senate's version caps the amount of damages a jury can award to $5 million or three times the total compensatory or actual damages.