House-Senate Conferees Reach Y2K Deal

Jan. 13, 2005
Quick approval by both houses of Congress is expected of compromise legislation, agreed to late Tuesday by a House-Senate conference committee after 24 hours of chaotic negotiations, that would limit liability against companies for Year 2000 (Y2K) ...

Quick approval by both houses of Congress is expected of compromise legislation, agreed to late Tuesday by a House-Senate conference committee after 24 hours of chaotic negotiations, that would limit liability against companies for Year 2000 (Y2K) computer failures. The White House, which was a part of the negotiations, indicated that President Clinton will sign the measure. The House-Senate deal over the long-stalled legislation elates the business community, which has made its enactment a top priority in the current session of Congress. "This is a huge victory that comes in the face of fierce opposition from trial lawyers," declares Thomas J. Donohue, president and CEO of the U.S. Chamber of Commerce, which co-chairs (with the National Assn. of Manufacturers) a business coalition that has lobbied for Y2K legislation. "The Y2K bill will allow businesses to put their money into fixing the problem rather than spending it on paying lawyers to deal with frivolous litigation." The compromise bill among other things caps punitive damages at $250,000 or three times the financial damages, whichever is greater, allows companies 90 days to fix any computer problems before they could be sued, sets up a "proportional liability" formula for assessing blame, and calls for class-action suits to be tried in federal courts if they involve at least $10 million in claims and 100 or more claimants.

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!