New You can now listen to Insurance Journal articles!The Florida Supreme Court has struck down $16 million in punitive damages against R.J. Reynolds Tobacco Co. as “excessive,” a decision that could bode well for insurers and businesses relying on courts to interpret state law strictly as written. “Text matters,” said William Large, president of the Florida Justice Reform Institute, which filed an amicus brief supporting the tobacco company’s side in the case. “This is a victory for textualism. It’s important for all civil justice cases.” Florida law dictates that punitive damages can be no greater than four times the compensatory damages awarded in a lawsuit, in most cases. At the time that... [Read more]