-Caveat Lector- U.S. lawmakers chase deal to curb Y2K lawsuits By Adam Entous WASHINGTON, April 9 (Reuters) - U.S. lawmakers hoped to strike a deal in the coming weeks on legislation limiting lawsuits against companies stemming from the year 2000 computer bug, after influential business groups said they may be willing to drop a demand for caps on punitive damages to win Democratic support. Competing legislation by Senate Judiciary Committee Chairman Orrin Hatch and Senate Commerce Committee Chairman John McCain would delay year 2000 computer bug lawsuits during a 90-day "cooling-off" period, as well as cap punitive damages and limit the liability of company executives. Both Republican-sponsored bills have the support of a politically powerful coalition of businesses, dubbed the "Year 2000 Coalition", representing the nation's leading computer makers and software companies, banks and manufacturers. But the bills have drawn fire from the Clinton Administration and many Democrats, who complain they would give too much protection to companies at the expense of consumers. Aides for Republicans Hatch of Utah and McCain of Arizona said they were working with Democrats on compromise legislation and said progress was being made. A major sticking point has been a provision in both bills capping punitive damages to $250,000 for many businesses, but aides said that might be dropped. The coalition of business groups had sought the caps, but members now say that they would be willing to give up that provision and others to win broader support for a compromise bill. "If that's the price to get support, we have to look at it," an official with the coalition said. To gain Democratic votes, members of the business group said they might also give up a provision limiting the personal liability of corporate officers and directors to $100,000 in many cases. That provision has been criticized for giving too much protection to rich company executives. The coalition is desperate for the Republican-controlled Congress to work out a compromise well in advance of Jan. 1, 2000, when the computer bug would strike. They say lawsuits were already starting to pile up. The millennium bug, often referred to as Y2K for year 2000, arises because many older computers record dates using only the last two digits of the year. If left uncorrected, such systems could treat the year 2000 as the year 1900, generating errors or system crashes next Jan. 1. In a letter this week to Senate Republican Leader Trent Lott of Mississippi, the coalition urged the leadership to bring a compromise to the floor as soon as possible. "Congress must act soon. Every day of delay...will add to the uncertainty and anxiety of business owners all over America and inhibit efforts to be Y2K ready," the letter said. Coalition members include the U.S. Chamber of Commerce, the National Association of Manufacturers, the Securities Industry Association and the American Bankers Association, as well as the Information Technology Association of America, which represents IBM <IBM.N>, Microsoft Corp. <MSFT.O>, AT&T Corp. <T.N> and other high-tech companies. Supporters say legislation was needed to cut down on the number of frivolous Y2K lawsuits, which could cost more than $1 trillion worldwide, according to some experts. The U.S. Justice Department says the McCain and Hatch bills, in their current form, were ripe for abuse and might undermine Y2K readiness by taking pressure off the very companies charged with fixing the problem. Consumer advocacy groups say small businesses and computer users should have every right to sue big companies for Y2K problems. The House Judiciary Committee will consider a similar bill limiting Y2K litigation at an April 13 hearing. DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance�not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
