New Jersey Statutes Title 2A. Administration of Civil and Criminal Justice 2A § 15-5.14

a. Before entering judgment for an award of punitive damages, the trial judge shall ascertain that the award is reasonable in its amount and justified in the circumstances of the case, in light of the purpose to punish the defendant and to deter that defendant from repeating such conduct.  If necessary to satisfy the requirements of this section, the judge may reduce the amount of or eliminate the award of punitive damages.

b. No defendant shall be liable for punitive damages in any action in an amount in excess of five times the liability of that defendant for compensatory damages or $350,000, whichever is greater.

c. The provisions of subsection b. of this section shall not apply to causes of action brought pursuant to P.L.1993, c. 137 (C.2A:53A-21 et seq.), P.L.1945, c. 169 (C.10:5-1 et seq.), P.L.1989, c. 303 (C.26:5C-5 et seq.),P.L.1992, c. 109 (C.2A:61B-1) or P.L.1986, c. 105, (C.34:19-1 et seq.), or in cases in which a defendant has been convicted pursuant to N.J.S.2C:11-3, N.J.S.2C:11-4,R.S.39:4-50 or section 2 of P.L.1981, c. 512 (C.39:4-50.4a) or the equivalent under the laws of any other jurisdiction.