A2473 would limit the amount of appeal bond in civil actions to the total value of the monetary judgment or $50 million, whichever is less.
Mr. O’Brien wrote, “New Jersey’s reputation recently took a hit when a Pacific Research Institute study ranked the state’s as the most worrisome tort system. The study was based on plaintiff awards and settlements, the amount of lawsuits, tort rules and reforms, venue reforms and judicial-selection reforms.”
According to the Index, Mississippi limits bonds in punitive-damage appeals to $100 million and Georgia, on the other hand, caps appeal bonds at $25 million for all civil-case judgments (source:American Tort Reform Association). If legislation passed, New Jersey would fall in between.
Excessive appeal-bond amounts restrict defendants’ access to the justice system and to their due-process rights; they also potentially threaten the survival of businesses that are required to post the bonds.
Read More: https://www.legalnewsline.com/news/227663-appeals-bond-cap-on-the-table-in-new-jersey
Tort Liability Index: https://special.pacificresearch.org/pub/sab/entrep/2010/Tort-Index/