Much is said about punitive damages and how they are used topunish wrongdoers. Plaintiffs dream of large punitive damageawards. Plaintiffs' lawyers who obtain large punitive damage awardsuse them to brag about their ability as tort lawyers and as abludgeon on other defendants to convince them to settle for morethan they owe. What the litigants and litigators seldom considerare the tax consequences of a large punitive damage award. Failureto properly advise a plaintiff seeking punitive damages about thetax consequences of success can result in claims of legalmalpractice.
What is the purpose of punitive damages?
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