Are there any limitations on the amount of punitive damages available in a securities arbitration case?
Yes, there are limitations on the amount of punitive damages available in a securities arbitration case. Washington state securities arbitration law is governed by the Washington Securities Act, which states that in cases involving claims brought under the Washington Securities Act, the maximum amount of punitive damages that can be awarded is twice the amount of the actual damages incurred. This means that if an investor has suffered certain losses, the maximum amount of punitive damages that can be awarded is twice the amount of those losses. Additionally, the amount of punitive damages awarded is determined by the arbitrator based on the nature and severity of the violation and any mitigating factors. The arbitrator must also consider the need to deter any future violations. In addition to this limitation, the Washington Securities Act allows the court to review the amount awarded in punitive damages and to reduce the amount if it finds the amount to be excessive.
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