Florida Statute 768.733 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XLV
TORTS

Chapter 768
NEGLIGENCE

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768.733 Bonds in class actions; limitations.—

(1) In any civil action that is brought as a certified class action, the trial court, upon the posting of a bond or equivalent surety as provided in this section, shall stay the execution of any judgment, or portion thereof, entered on account of punitive damages pending completion of any appellate review of the judgment.

(2) The required bond or equivalent surety acceptable to the court for imposition of the stay shall be the lower of:

(a) The amount of the punitive-damages judgment, plus twice the statutory rate of interest; or

(b) Ten percent of the net worth of the defendant as determined by applying generally accepted accounting principles to the defendant’s financial status as of December 31 of the year prior to the judgment for punitive damages;

provided that in no case shall the amount of the required bond or equivalent surety exceed $100 million, regardless of the amount of punitive damages.

(3) If, at any time after notice and hearing, the court finds that a defendant who has posted a bond or equivalent surety pursuant to subsection (2) is purposefully moving assets with the intent to avoid the punitive-damages judgment, the court shall increase the bond or equivalent surety to the amount determined pursuant to paragraph (2)(a). If the defendant does not post the additional bond required by the court, the stay shall be revoked.

History.—s. 4, ch. 2000-128.

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Amendments to 768.733

Annotations, Discussions, Cases:

Cases Citing Statute 768.733

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R.J. Reynolds Tobacco Co. v. Hall, 67 So. 3d 1084 (Fla. 1st DCA 2011).

Cited 6 times | Published | Florida 1st District Court of Appeal | 2011 Fla. App. LEXIS 10909, 2011 WL 2685609

...ability of the tobacco companies to continue to make the payments required by the FSA. The clear purpose and intent of these statutes was to protect the State's pecuniary interest in the revenue stream under the FSA. In 2000, the Legislature enacted section 768.733, Florida Statutes. This statute established a $100 million cap on the bond or other security required to stay execution of a punitive damage award in a certified class action. See § 768.733(2), Fla....

...ility of participating manufacturers to make the payments were threatened by a requirement that the manufacturers immediately pay massive awards of punitive damages." See Fla. CS for SB 1720 (2000) (First Engrossed) (providing legislative intent for section 768.733 as recognized in Fla. S. Jour. 1442 (Reg. Sess. 2000)); see also Fla. H.R. Comm. on Fin. Servs. CS/HB 1721 [5] Staff Analysis 1, 4 (final July 13, 2000) (on file with comm.) (explaining that section 768.733 was part of a comprehensive bill designed to protect the state's proceeds under the FSA, and noting that "[w]hile the tobacco settlement payments are to be made in perpetuity, there is concern by some that the companies may declare bankruptcy and default on their obligations" because of lawsuits such as Engle )....

...ean "the settlement agreement, as amended, entered into by the state and participating cigarette manufacturers in settlement of State of Florida v. American Tobacco Co., No. 95-1466 AH, 1996 WL 788371 (Fla. 15th Cir. Ct.1996)"). As was the case with section 768.733, the enactment of section 569.23(3) was based on concerns that the FSA signatories might default on their obligations to *1088 the State if they could not afford the bond required to stay an extremely large money judgment pending appeal....

...ay provided by section 569.23(3) extends "during the pendency of all appeals or discretionary appellate reviews of such judgment in Florida courts." § 569.23(3)(a)1., Fla. Stat. [5] CS/HB 1721 became chapter 2000-128, Laws of Florida, which enacted section 768.733....

This Florida statute resource is curated by Graham W. Syfert, Esq., a Jacksonville, Florida personal injury and workers' compensation attorney. Attorney Syfert regularly works with Chapter 768 in the context of negligence and personal injury claims and represents clients throughout Northeast Florida. For legal consultation, call 904-383-7448.