Options for Settlement

As a general rule, the settlement you make is considered a full, final and complete settlement of all aspects of your claim. Courts are reluctant to undo a settlement you have made, absent a showing of fraud. If your injury is very extensive or your injury is such that the full extent of your injury is not yet ascertainable, you may be asked to consider a structured settlement, a partial settlement with a reservation of rights, or both. For example, if you are exposed to a toxic substance such as asbestos, you may presently have fibrosis in your lungs but also be at an increased risk for getting cancer. In this type of situation, you may be offered a settlement based on your existing medical condition, the fibrosis, with a reservation of the right to come back at later time and seek additional compensation if you develop cancer. In the case of severe injuries involving extensive and ongoing medical care, you may be asked to consider a settlement that will pay out over a long period of time. In such a situation you may be offered more money if you agree to a longer pay out period.

Settling Products Liability Claims - Getting Legal Help

Settling a products liability claim is more complicated than it might appear at first glance. The companies you are seeking compensation from will have experienced attorneys helping them during the negotiations. Because your settlement will likely be a full, final and complete settlement of your claim, you need to ensure that the settlement you make is appropriate. An experienced attorney can help to guide you through the negotiation and settlement process. Further, an attorney experienced in products liability law can help you identify the companies responsible for manufacturing, distributing and/or selling the product or product components that injured you. If some of those companies have changed identities by virtue of being sold, merged, or spun off, your attorney can identify the successor that would bear the responsibility for the injurious product. If some of the companies have entered bankruptcy or are in dissolution, your attorney can file the appropriate petitions or claims with the court.

Your attorney can also assist you in determining all of the damages arising out of your injury. Where necessary, your attorney can secure testimony or other proof from medical providers and economists to demonstrate the extent of your loss. When the injury results in death or the injury involves a minor, your attorney can draft the papers necessary to have a personal representative or guardian appointed and can also prepare the petition required by most courts for the approval and distribution of settlement proceeds. Your attorney can also determine whether there are any potential subrogation claims in your case, what notices need to be sent to those holding subrogation interests, and how to best settle your case given the subrogation interests in your case. Finally, your attorney can help you determine whether offers of structured and/or partial settlement are appropriate for your situation. To find an experienced attorney, use the "Find a Lawyer" tool on the left side of this page, or click here.