Establishes expedited product liability settlement procedures.

Establishes procedures by which any party may serve upon any other party offers to settle claims. Precludes a claimant or defendant from bringing or maintaining a civil action once an offer of settlement has been accepted.

Holds a defendant who rejects a settlement offer and fails to substantially prevail in the action liable for the claimant's attorney's fees and costs.

Limits the recovery of a claimant who has rejected a defendant's settlement offer: (1) for economic loss, to the claimant's net economic loss; and (2) for noneconomic loss, other than punitive damages, to $250,000 (if the court finds that recovery for dignitary loss is appropriate; otherwise two times the economic loss or $50,000, whichever is less).

Allows payment for economic loss to be made by periodic payment or according to a settlement agreement. Requires the court to approve a settlement agreement if the value of the economic loss is $10,000 or more.

Permits any defendant who has entered into a settlement agreement to seek reimbursement, contribution, or subrogation on the basis of comparative responsibility.