NJ Justices Say 'Step-Down' Restrictions Aren't Retroactive

Law360, New York (February 3, 2014, 2:51 PM EST) -- The Supreme Court of New Jersey on Monday ruled that a legislative amendment curtailing the use of “step-down” provisions, which can cap employees' recoveries under commercial auto policies, was intended for prospective application, reversing a ruling that put some claimants in a position to collect higher settlements.

New Jersey’s high court ruled unanimously in favor of New Jersey Manufacturers Insurance Co., saying the legislative amendment that restricted the controversial step-down provisions took effect immediately when it was passed in September 2007. The amendment does not suggest...
To view the full article, register now.