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Economic Loss & Settlement Credit Law

Jan 7, 2013 — by Jeff Mundy
Tags: Damages

 

One general formulation of the economic loss rule is that a party may not recover in tort for purely economic losses suffered to the subject matter of a contract.  In determining whether the economic loss rule applies, courts must consider "both the source of the defendant's duty to act (whether it arose solely out of the contract or from some common-law duty) and the nature of the remedy sought by the plaintiff." 

A non-settling defendant may only claim credit based on damages for which all joint tortfeasors jointly liable; and, exemplary damages assessed against non-settling defendant may not be offset by amount of common damages paid by settling defendants.


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