In The Year 2000 With just over a month left until January 2000 and following the network broadcast of a Y2K scare movie, the federal government is making its final preparations for possible repercussions of the 2000 date change. Federal regulators are reminding banks they need to watch out for computer hackers and other potential threats during the Year 2000 transition period while the Securities and Exchange Commission said last week the nation's brokerage firms all appear ready for the date change. One concern that was settled last spring was the dispute over liability rights should Y2K failures occur. Some fatalists believe it presages the end of the world. Some religious people believe it portends the return of Christ.
Some lawyers believe it promises yet another financial cornucopia.
Hundreds of disputes over the Y2K bug have already been settled out of court and at least 100 lawsuits have been filed. Several are class actions. Moreover, a number of cases in states like California and New York have been dismissed without prejudice, meaning they can be refiled, since no injury has yet occurred. Presumably at least some software makers should be liable for at least some of the expense of fixing the Y2K bug. Yet the issue is complex.