Product Liability Reform Act of 1987

Product Liability Reform Act of 1987 - Title I: Product Liability Reform Act of 1987 - Preempts inconsistent state law within limitations contained in this Act. States that this Act shall not apply to liability relating to certain nuclear incidents governed by the Price-Anderson Act and the Atomic Energy Act of 1954.

Limits liability for damages in a product liability action to instances in which: (1) a person was negligent in the design, production, distribution, or sale of the product; or (2) the product was defective in such a way as to make it unreasonably dangerous, and the technology at the time the product was produced would have permitted discovery and elimination of such defect.

Denies liability in instances when the injury is related to: (1) an unreasonable or unforeseeable use or alteration of the product; or (2) the failure to warn or instruct concerning danger associated with the product if that danger is apparent to a reasonable person or is a matter of common knowledge, or if the product is used in an unreasonable or unforeseeable way.

Prohibits application of the doctrine of joint and several liability to product liability actions, except in cases when persons acting in concert are the proximate cause of the injury.

Limits to $200,000 the amount of noneconomic damages that can be recovered.

Permits structured settlements and periodic payment of damages awarded for future economic losses exceeding $100,000. Requires that damage awards be offset by amounts received as compensation for the same injury from specified collateral sources.

Establishes a contingency fee schedule to govern compensation for plaintiffs' attorneys.

Directs the Attorney General to provide to the Congress recommendations to encourage the creation, adoption, and use of alternative dispute resolution techniques in civil disputes filed in Federal courts.

Title II: Interstate Commerce Commission Sunset Act of 1987 - Interstate Commerce Commission Sunset Act of 1987 - Amends the Interstate Commerce Act to terminate, as of October 1, 1987, the Interstate Commerce Commission (ICC) as an independent executive agency of the U.S. Government.

Transfers to the Secretary of Transportation the functions, powers, and duties of the ICC relating to the regulation of rail transportation and to certain other surface transportation regulation.

Prohibits any State or its political subdivision or any interstate or other political agency of two or more States from enacting or enforcing any law, rule, or standard relating to interstate or intrastate rates, routes, or services of motor carriers, motor private carriers, water carriers, freight forwarders, or transportation brokers.

Authorizes the President to take certain action upon a determination that the government of a contiguous foreign country has engaged in unfair, discriminatory, or restrictive practices having a substantial adverse competitive impact upon certain U.S. transportation companies.

Requires the Secretary of Transportation to submit to the Congress, two years from the effective date of this Act, a status report and evaluation concerning the implementation of the National Governors' Association Consensus Agenda on standards for uniform State regulation of interstate motor carriers.

Transfers to the Federal Trade Commission (FTC) jurisdiction over certain regulation of motor carriers, water carriers, freight forwarders, and railroad passenger carriers. Grants to the FTC the exclusive power to enforce certain regulations governing the transport of household goods. Requires the FTC, within 120 days of this Act's enactment, to review and revise such regulations to eliminate unnecessary regulation and to ensure that shippers of household goods receive adequate protection in their dealings with carriers. Identifies the administrative procedure to govern such FTC rulemaking, including provisions for judicial review. Requires such rule review and revision to be completed within one year following its initiation. Requires that all U.S. departments and agencies conform their rules to those finally promulgated by the FTC within one year after such promulgation.

Repeals statutory limitations on purchases by common carriers in cases of interlocking directorates.

Title III: Motor Vehicle Information and Cost Savings Act of 1987 - Motor Vehicle Information and Cost Savings Act of 1987 - Amends the Motor Vehicle Information and Cost Savings Act of 1987 to repeal, with specified exemptions, the average fuel economy standards for passenger automobiles.

Mandates that fuel economy for any model type shall be measured according to procedures (established by the Administrator of the Environmental Protection Agency (EPA)) which produce results that simulate conditions of actual use. Mandates that such procedures require that fuel economy be conducted in conjunction with specified emission tests conducted under the Clean Air Act.

Directs the EPA Administrator to determine by rule that quantity of diesel oil which is the equivalent of one gallon of gasoline.

Sets forth guidelines under which any manufacturer is authorized to file a petition for judicial review of certain fuel economy or record-keeping rules promulgated by the Administrator.

Repeals the requirement that manufacturers submit certain reports to the Secretary of Transportation. Requires every manufacturer to maintain records and submit reports.

Amends automobile labeling requirements to provide that each automobile manufactured in any model year after the enactment of this Act shall bear a label in a prominent place stating that written information regarding fuel economy comparison among automobiles shall be made available by the EPA Administrator.

Directs the EPA Administrator to compile fuel economy data to be included on such labels. Treats violations of such labeling requirements as violations of: (1) the Automobile Information Disclosure Act; and (2) the Federal Trade Commission Act regarding unfair or deceptive business practices.

Repeals specified sections of the Motor Vehicle Information and Cost Savings Act.

Directs the EPA Administrator to determine average fuel economy for any manufacturer that has a need to determine carryback credits.