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Traders Told: Millennium Law Won't Save Them

Traders Magazine, September 1999

William Hoffman

Liability Lawsuits for Firms That Don't Make Y2K Program ChangesSecurities traders and broker dealers, who think their Millennium computer-bug headaches disappeared once President Clinton threw his weight behind civil liability limits on Y2K lawsuits, have got another thing coming, industry observers say.

The President's action, signing H.R. 775 "The Y2K Act" (P.L., 106-37) which was passed by Congress this summer, limits punitive damages awards to the lesser of $250,000, or three-times compensatory damages for most Y2K-related lawsuits.

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