(a) In general
(b) Caps on punitive damages
(1) In generalSubject to the evidentiary standard established by subsection (a), punitive damages permitted under applicable law against a defendant described in paragraph (2) in a Y2K action may not exceed the lesser of—
(2) Defendant describedA defendant described in this paragraph is a defendant—
(3) No cap if injury specifically intended
Paragraph (1) does not apply if the plaintiff establishes by clear and convincing evidence that the defendant acted with specific intent to injure the plaintiff.
(c) Government entities
(d) Institutions of higher education
(1) In general
(2) ExceptionParagraph (1) shall not apply to an institution of higher education if the Y2K failure in the Y2K action occurred in a computer-based student financial aid system of that institution of higher education, and the institution—
is not or was not in the process of performing data exchange testing with the Department of Education at the time the Department terminates such testing.
(Pub. L. 106–37, § 5, July 20, 1999, 113 Stat. 192; Pub. L. 106–113, div. B, § 1000(a)(4) [title III, § 311], Nov. 29, 1999, 113 Stat. 1535, 1501A–265.)