Cite as: 509 U. S. 443 (1993)
Opinion of Stevens, J.
facts of this case, the court stated that the application of its "reasonable relationship" test required it to consider these three factors:
"(1) the potential harm that TXO's actions could have caused; (2) the maliciousness of TXO's actions; and (3) the penalty necessary to discourage TXO from undertaking such endeavors in the future." 187 W. Va., at 476, 419 S. E. 2d, at 889.
It held that each of those factors supported the award in this case, stating:
"The type of fraudulent action intentionally undertaken by TXO in this case could potentially cause millions of dollars in damages to other victims. As for the reprehensibility of TXO's conduct, we can say no more than we have already said, and we believe the jury's verdict says more than we could say in an opinion twice this length. Just as important, an award of this magnitude is necessary to discourage TXO from continuing its pattern and practice of fraud, trickery and deceit." Ibid. (emphasis in original).
We granted certiorari, 506 U. S. 997 (1992), and now affirm.
II
TXO first argues that a $10 million punitive damages award—an award 526 times greater than the actual damages awarded by the jury—is so excessive that it must be deemed an arbitrary deprivation of property without due process of law.
TXO correctly points out that several of our opinions have stated that the Due Process Clause of the Fourteenth
ing the rights of others appear, or where legislative enactment authorizes, it, the jury may assess exemplary, punitive, or vindictive damages. . . .' " Id., at 484, 419 S. E. 2d, at 895.
453
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