Accountants and attorneys may be swept into the fray through malpractice allegations in connection with Year 2000 issues. K Problem hits will be affected by legislation. A complete discussion of the various state and federal legislative efforts to date is beyond the scope of this article. Early legislative initiatives attempting to create safe-harbors for Y2K compliance disclosures have been unsuccessful. As with litigation, pressure for a legislative solution seems likely to increase as the Year 2000 draws near.
Problem are likely to fare better than the rest.
Companies should prepare now for potential Y2K litigation in the future. Companies should seek collaborative solutions with vendors and customers to avoid future claims. Companies should also survey their products in the marketplaces to determine which have date-sensitive software or hardware that may be subject to failure after December 1999, and to take steps to communicate with or warn consumers regarding those products. Businesses should review their internal compliance efforts, and ensure that document retention policies preserve helpful paper trails, such as those which track internal compliance efforts or written responses to Y2K questionnaires. These simple steps may avoid costly legal problems later.