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Legal Commentary

: LawPundit

The Economic Loss Rule as a Bar to Tort Action and the Possible Imposition of Punitive Damages

By Andis Kaulins

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Kirk Jenkins at The Appellate Strategist posted in March 2010 about Keeping Tort Out of a Business Dispute: The Tenth Circuit and the Economic Loss Rule and he has now followed that up with Indiana Supreme Court Reaffirms Economic Loss Rule. As Jenkins writes:
"According to the economic loss rule, where a plaintiff has suffered merely economic loss ? frustrated commercial expectations ? the plaintiff is limited to suing in contract. Tort suits are barred. Once a plaintiff is restricted to contract remedies, limitations on liability provided in the contract will generally be enforced, and punitive damages are unlikely to be available.
This is an important rule, especially when one considers that punitive damages are a legal abberation -- so our opinion here at LawPundit.

Full post as published by LawPundit on July 16, 2010 (boomark / email).

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