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Colorado Sun: Remove emotional distress cap and expect a $2.1 billion loss, says business group

Colorado caps personal injury jury awards at $729,790 while the medical malpractice cap is $300,000. That resulted in cases like a man who was injured while working on a fracking site in northern Colorado to lose half of the $30 million he won in federal court, according to a CBS report. So, Coloradans for Accountability want to remove the cap and proposed Initiative 150 for the state ballot to let voters decide. The Colorado Chamber of Commerce and the American Property Casualty Insurance Association studied the impact and concluded in a new report that by removing the cap on these “noneconomic damages,” the costs could soar, resulting in a $2.1 billion annual loss to the state’s GDP plus 15,000 jobs.

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