How Much Will My Mesothelioma Lawsuit Settlement Amount Be?
Mesothelioma victims seek compensation to pay for medical expenses and to provide financial security for their families. Once victims and their lawyers identify liable asbestos companies, they file a lawsuit and wait for a response.
Many defendants choose to settle in order to avoid costly court trials and get the money into the hands of the victim faster. The amount they settle for varies from case to case.
Factors That Affect the Settlement Amount
Asbestos-related victims typically face high medical costs, lost wages and other financial losses due to their exposure to asbestos. A jury may award compensatory damages that reflect the plaintiff's actual economic losses. Some historic cases have resulted in awards of compensation in the tens of millions of dollars. However, no experienced lawyer can promise a particular settlement amount for each client. There are too many variables to consider.
An experienced lawyer can identify liable asbestos companies and file the correct paperwork to begin an asbestos lawsuit. After the complaint has been filed, a legal timeline begins with strict deadlines for all parties involved.
If a defendant is found to be responsible for a breach of contract, the company will usually resolve the matter outside of court prior to trial. Defendants would like to settle their cases quickly to avoid negative publicity and a long trial. They may also want to avoid the cost of litigation.
Settlements typically include compensation for the plaintiff's financial losses, which includes any unreimbursed medical expenses. It may also include living expenses such as transportation or home health aides. Finally, the settlement will pay for the loss of wages, both those the victim has already lost and those that are expected to disappear in the future.
In addition to these expenses victims also receive compensation for suffering, pain and emotional distress. These damages are caused by the psychological, physical and emotional consequences of asbestos-related diseases. They also consider the loss of enjoyment in life.
In calculating these damages an experienced mesothelioma lawyer will draw upon its knowledge of asbestos companies and their business practices in the past to present a convincing argument for the amount of compensation that a victim is entitled to.
Asbestos lawyers can prepare to present a plaintiff's case before a jury or judge. In states that have joint and several liability, the jury will determine the amount of a case worth and what percentage each defendant is accountable for the plaintiff's damages. Additionally, jurors will look at punitive damages, which are intended to punish the defendant for their wrongful conduct and negligence. In some cases the jury could give tens of million dollars in punitive damages.
Punitive Damages
If an asbestos victim is able to prove that a company engaged in corporate malice or outrageous infractions, the jury may decide to award punitive damages. These damages are intended to punish the defendant and deter others from engaging in similar behavior. The amount of the damages is contingent upon a variety of factors.
A company's size and past record can also factor into the amount of punitive damages. The punitive damages given to larger corporations tend to be greater than the ones awarded to smaller businesses.
While the amount of a settlement highly dependent on the specifics of each case, some general elements can assist victims and their attorneys determine the most appropriate amount of compensation. These include the following:
During the investigation phase, which takes place prior to filing an asbestos lawsuit, your legal team will gather evidence about your exposure and identify any responsible parties. This could include a thorough examination of your medical records, your employment information and any possible places where you were exposed to asbestos. In most instances, your legal team will be able to identify several sources of exposure.
Once the investigation is complete and your legal team is ready to submit your case to the state court system that is the most appropriate to lawyers for asbestos cases your particular case. The asbestos litigation process is long, particularly if you need to appeal or go to trial. In some instances, your legal team will reach an agreement with asbestos and settle the issue earlier in the litigation process.
In recent years, juries have awarded large amounts in mesothelioma and other asbestos cases. Some asbestos companies have sought judicial intervention as a result. They argue that asbestos litigation creates a fearful environment for business.
Despite the arguments of asbestos lawyers the judges have resisted many attempts to limit asbestos litigation. However judges in New York and California have recently supported asbestos defendants by removing punitive damages claims that were not substantiated.
The first step in pursuing an asbestos settlement is to speak with a mesothelioma law firm that is specialized in these kinds of cases. A reputable law firm will give you a free initial consultation and answer your questions about the amount you might receive in an asbestos settlement.
Compensation Damages
The amount of compensation awarded can be influenced by the monetary value of damages. Victims and their families can seek compensation for suffering and pain, medical expenses, lost wages, and more. They can also seek compensation for wrongful death of family members who have died due to asbestos exposure.
A mesothelioma lawyer can determine how to deal with defendants in an agreement. The process begins by collecting evidence of asbestos exposure such as health and work records, and assembling the list of products that were exposed to the patient, as well as the date of the exposure. The attorneys then begin the lawsuit and conduct the discovery.
In mesothelioma lawsuits, defendants are usually willing to settle for the fear of a large verdict or negative publicity if the case goes to trial. This is particularly true when a mesothelioma defendant is a large corporation. It is important to note that various states require that the plaintiff prove a certain amount negligence or wrongdoing by the defendant before they are able to be awarded compensatory damages.
If the evidence is convincing enough, a mesothelioma lawyer may negotiate with defendants in order to get the most favorable settlement possible for their client. An experienced mesothelioma lawyer will consider the severity of the victim's health, the financial loss they have suffered and the likelihood that the victim will not be able to recover.
It can be difficult to prove mesothelioma exposure as it occurs through inhalation and is not always obvious. In addition, it can be up to 50 years before asbestos exposure causes mesothelioma symptoms. Mesothelioma is a rare form of cancer and is caused only by asbestos exposure, so it is essential to have an experienced asbestos attorney on your side.
Based on the circumstances, any or all of a mesothelioma settlement could be non-taxable. The IRS tax income only if it is directly related to injury or death. An experienced mesothelioma attorney will carefully prepare an argument to ensure that the maximum amount of the award is tax-free and includes the compensation for emotional distress as well as the loss of companionship.
Case Valuation Matrix
Asbestos victims should consult an attorney with experience in mesothelioma cases to determine what their case could be worth. Lawyers can also assist asbestos victims file claims within the statute of limitations. If victims wait too long they may not be able to claim on compensation.
Asbestos lawyers understand the complicated legal procedure of filing an asbestos lawsuit and the negotiation of a settlement. Lawyers can also give opinions on whether it is the best option for a victim to accept or deny an asbestos settlement offer. They can also recommend whether to take a case to trial and help asbestos victims gather evidence to support their legal claim.
Mesothelioma lawyers usually request an amount sufficient to cover the victim's medical expenses and provide financial security for their family. When requesting compensation, they will take into account the victim's diagnosis, age, and other factors. On average, mesothelioma victims receive a settlement payout of $1 million to $1.4 million.
Victims may also be awarded punitive damages, in addition to compensatory damages. These damages are designed to punish those who place profits over the security and safety of military personnel and workers. The amount of punitive damages awarded is different according to the specific case.
The majority of asbestos lawsuits include multiple defendants. It is common for a single claim to include many asbestos producers. In many instances the settlement amount will be paid by each manufacturer responsible for the victim's exposure to asbestos. The greater the potential settlement amount for a victim, more companies they will name.