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Can someone explain lawsuit awards to me?
Posted on 5/21/19 at 8:34 pm
Posted on 5/21/19 at 8:34 pm
I don’t have any knowledge in this stuff and the thread the other day about the condo owner got me thinking.
Say a plaintiff gets $10 million awarded. Is this paid out based on defendants salary/assets? A small % paid each month/year? Or can assets be seized to pay the plaintiff off as quickly as possible
I’ve always wondered how these big $ cases are paid especially vs. individuals or a small company
Say a plaintiff gets $10 million awarded. Is this paid out based on defendants salary/assets? A small % paid each month/year? Or can assets be seized to pay the plaintiff off as quickly as possible
I’ve always wondered how these big $ cases are paid especially vs. individuals or a small company
13
Posted on 5/21/19 at 8:35 pm to texag7
Im going to say it depends on a case by case basis.
Not a lawyer though.
Not a lawyer though.
Posted on 5/21/19 at 8:35 pm to texag7
Let me get my legal team on this for you real quick.
Posted on 5/21/19 at 8:36 pm to texag7
quote:often they arent
I’ve always wondered how these big $ cases are paid especially vs. individuals or a small company
quote:depends on the State
Say a plaintiff gets $10 million awarded. Is this paid out based on defendants salary/assets? A small % paid each month/year? Or can assets be seized to pay the plaintiff off as quickly as possible
quote:youve come to the right place
I don’t have any knowledge in this stuff and the thread the other day about the condo owner got me thinking.
Posted on 5/21/19 at 8:36 pm to texag7
Are you saying that it’s your money and you need it now?
Posted on 5/21/19 at 8:37 pm to texag7
quote:
I’ve always wondered how these big $ cases are paid especially vs. individuals or a small company
they aren't...they are appealed down to something reasonable.
Posted on 5/21/19 at 8:38 pm to texag7
You usually get a check from an insurance company. You can also elect to have it paid out in an annuity if you’d like. If there is not insurance money available, you can garnish wages or seize assets. However, personal, non-intentional acts are dischargeable in bankruptcy.
This post was edited on 5/21/19 at 8:40 pm
Posted on 5/21/19 at 8:40 pm to Spankum
quote:
they aren't...they are appealed down to something reasonable.
Or negotiated. Better to get something than nothing. You can't collect a 10 million judgment that the defendant doesn't have
Posted on 5/21/19 at 8:51 pm to wildtigercat93
Normally an entity will only be sued if they have assets or insurance that make the case worth the cost. If it is covered by insurance they normally pay immediately unless they feel an appeal is worth the cost. If the verdict is over the limits of the policy once it is paid they usually have no more responsibility to defend. The remainder of the verdict if not appealed by the defendant becomes a judgment debt. If there is no insurance the total verdict becomes a judgment debt. There are processes to seize assets to satisfy the debt.
Larger companies and insurance pay, low net worth individuals and smaller companies sometimes can't and have to fight seizure if the verdict is worth the trouble for the plaintiff. People with limited assets and income are generally considered judgment proof unless there is insurance.
Larger companies and insurance pay, low net worth individuals and smaller companies sometimes can't and have to fight seizure if the verdict is worth the trouble for the plaintiff. People with limited assets and income are generally considered judgment proof unless there is insurance.
This post was edited on 5/21/19 at 8:53 pm
Posted on 5/21/19 at 8:58 pm to texag7
Most times it isn't worth the paper it's written on
Posted on 5/21/19 at 9:00 pm to texag7
Insurance companies normally pay judgments in injury cases. Getting a judgment against an individual is usually worthless unless they have assets you can seize. Judgments have teeth against companies with assets that’s why they mostly have assists. But some companies have self insured retentions so they can control litigation as opposed to letting the insurance company dictate the litigation defense against companies. There are many different ways awards against companies and individuals are handled.
Posted on 5/21/19 at 9:02 pm to texag7
Aren’t you that guy that said all the racist shite to black recruits on twitter
Posted on 5/21/19 at 9:13 pm to texag7
I was VP of quality in a company who was sued by someone who claimed design flaw. I am unable to discuss the case details, but they won a $2,000,000.00 judgment. No one died and there was no permanent injury. The loss was covered by insurance. Our insurance company offered the family an annuity that guaranteed them a substantial amount of money per year, coverage of all college expenses for their 2 children and a cash payout at 20 years.
In their words, they said, "Hell no. We want our money now." I assume our insurer wrote them a check. Our insurance rep assured me they would be broke in a year or two. I have always assumed they were. I was the company rep during the trial. It was my job to sit at the defendant's table each day. Every time they looked at us, I could see the dollar signs in their eyes.
In their words, they said, "Hell no. We want our money now." I assume our insurer wrote them a check. Our insurance rep assured me they would be broke in a year or two. I have always assumed they were. I was the company rep during the trial. It was my job to sit at the defendant's table each day. Every time they looked at us, I could see the dollar signs in their eyes.
Posted on 5/21/19 at 9:22 pm to MeridianDog
quote:
Our insurance company offered the family an annuity that guaranteed them a substantial amount of money per year, coverage of all college expenses for their 2 children and a cash payout at 20 years.
In their words, they said, "Hell no. We want our money now."
Annuities as a settlement vehicle are poor financial decisions on the part of the plaintiff. If they want an annuity they can take the lump sum and buy one with better terms the next day. Any decent attorney will do everything they can to connect the plaintiff with a financial counselor when a settlement or payout is significantly beyond their normal means.
ETA Annuities also don't prevent them from accessing the money, they can simply sell the annuity if they choose.
This post was edited on 5/21/19 at 9:29 pm
Posted on 5/21/19 at 9:24 pm to MeridianDog
My cousin's husband was killed in an industrial accident. She got a nice annuity but her second husband was bipolar and he blew through it anyway.
Posted on 5/21/19 at 9:27 pm to texag7
quote:
I don’t have any knowledge
We know.
Posted on 5/21/19 at 9:46 pm to texag7
Plaintiff gets a judgement. Sometimes the judgment debtor can afford to pay, often there is insurance coverage, sometimes liens get placed on the judgment debtors property, sometimes assets gets seized and auctioned, sometimes wages get garnished and sometimes the judgement debtor files for bankruptcy.
Posted on 5/21/19 at 9:52 pm to boosiebadazz
quote:
If there is not insurance money available, you can garnish wages or seize assets. However, personal, non-intentional acts are dischargeable in bankruptcy.
Gotta know how to setup that bad faith excess judgment on a minimal policy, breh.
Posted on 5/21/19 at 9:52 pm to Y.A. Tittle
Sometimes the insurance company does it for you 
Posted on 5/21/19 at 9:53 pm to Y.A. Tittle
quote:
Gotta know how to setup that bad faith excess judgment on a minimal policy, breh.
that's a pro move
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