There seems to be some above-my-paygrade ambiguity about legal caps on punitive damages in Texas, but in any case we can see that this is what the "tort reform" movement was about. Not about protecting normal people from being sued by someone claiming to have fallen on their sidewalk, or whatever. Protecting bad rich actors from having to make payments they could afford to make.
I always have to explain to Europeans that the reason "everybody" is scared of lawsuits is because of our medical system. It's the medical costs.