What are the damages available for civil fraud?
In New York, civil fraud damages are divided into two categories: compensatory and punitive. Compensatory damages are designed to compensate the victim of fraud for their losses. This includes reimbursement for any money lost due to the fraud as well as other out-of-pocket expenses that may have been incurred as a result of the fraud. Punitive damages are intended to punish the wrongdoer and deter them from committing similar actions in the future. In New York, punitive damages can be awarded in cases of intentional fraud, but they are capped at three times the amount of compensatory damages. In addition to compensatory and punitive damages, a plaintiff in a civil fraud action may also be able to recover interest and attorney’s fees. Interest accrues from the date the fraud was committed until the date the damages are paid. Attorney’s fees may be awarded in cases where the defendant acted in bad faith or with malice. The amount of attorney’s fees is determined by the court, and the plaintiff is not necessarily entitled to recover them. In some cases, a plaintiff may also be able to recover punitive damages. Punitive damages are designed to punish the wrongdoer and deter similar actions in the future. They are not intended to compensate the plaintiff for their loss. In New York, punitive damages can be awarded to a plaintiff in cases of intentional fraud, but the amount is capped at three times the amount of compensatory damages.
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