Punitive Damages Reform Act of 1992

Punitive Damages Reform Act of 1992 - Prohibits the award of punitive damages for any claim that arises under Federal law or that involves commerce within Federal jurisdiction, with respect to which a punitive fine is sought.

Authorizes a court to assess a punitive fine with respect to a claim for which punitive damages were previously available, subject to the following requirements: (1) the plaintiff must plead that a punitive fine is sought; and (2) a prayer for such a fine shall be stricken prior to trial unless the plaintiff presents to the court, at least 30 days prior to trial, prima facie evidence sufficient to sustain the assessment of such a fine.

Prohibits the assessment of a punitive fine unless: (1) the court finds that punishment and deterrence are warranted by the facts and circumstances of the case; (2) the plaintiff establishes by clear and convincing evidence that, relative to the act or omission on which the claim is based, the defendant (or, under specified circumstances, the defendant's agent) acted with malice; (3) the plaintiff establishes by clear and convincing evidence all other facts necessary to support the assessment of such a fine; and (4) economic damages, noneconomic damages, or a combination thereof, in excess of nominal damages, are awarded with respect to such claim.

Requires: (1) the court to determine the liability of a defendant for a punitive fine unless the question of liability for punitive damages on a claim with respect to which the punitive fine is sought is one that was required to be referred to a jury prior to this Act's enactment, in which case the question shall be decided by a jury; and (2) any such jury to answer a special interrogatory as to whether the plaintiff has shown by clear and convincing evidence that the act or omission of the defendant on which the claim is based was performed with malice rather than being performed through mere negligence or gross negligence.

Sets forth factors to be considered in determining the amount of a punitive fine to be assessed. Directs that the amount of such fine be sufficient to punish the defendant for the defendant's past conduct on which the claim is based and to deter the defendant and others from engaging in similar conduct in the future.

Requires that, at the request of any party, a claim governed by this Act that is tried before a jury be conducted in a bifurcated trial (according to specified guidelines), before the same jury in both phases, unless a party demonstrates that the interest of avoiding the additional time and expense of conducting a bifurcated trial significantly outweighs the benefits of fairness to the requesting party in conducting a bifurcated trial.

Specifies that: (1) when such a claim is brought against more than one defendant, a punitive fine shall be assessed against each defendant specifically, and each defendant shall be liable only for the amount of the assessment made against that defendant; and (2) the amounts of such fines assessed against each defendant shall be based on their relative degrees of culpability.

Provides that nothing in this Act shall be construed to create any claim for punitive damages or a punitive fine for which punitive damages were not available prior to this Act's enactment.