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- Discover how you can win your lawsuit by taking Three Simple Steps in Kingston, New York
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How do personal injury lawyers exaggerate their case results?
A: This always gets me upset. You read about a phenomenal case result in a newspaper that a lawyer got and you wonder how it was possible to get such a high money recovery in the case. Here's how: the lawyer is exaggerating!
Case in point: today, I read about the "highest personal injury settlement in the history of New York State" (or something like that--you can the gist of it). A lawyer in Long Island settled a case for $14.8 million for a police officer paralyzed in a motor vehicle crash. Pretty impressive, right? Yes, it is...sort of.
When I read the fine print about the case, I discovered that the case did not really settle for $14.8 million. As I'm reading through the fine print, I find out that the case settled for $7 million in addition to monthly payments from a structured settlement annuity that will be pay the balance of the "$14.8" million settlement.
So, what's so misleading about a report that the case settled for $14.8 million? The actual payment made by the defendant is probably in the range of $8 million, or perhaps less. Why, you ask? There is an initial payment of $7 million and the remainder of the settlement is funded with an annuity that will pay a total of $7.8 million in monthly payments that are spread out over the remainder of the life expectancy of the injury victim. The cost of the annuity is probably about $1 million to fund the future payments--this is called the cost of the annuity.
Can you blame the personal injury attorney for reporting a $14.8 million settlement when the actual settlement was probably closer to $9 million? Yeah, actually I can. It is misleading to report a case result that reflects a much higher settlement than the actual figure. Consumers (you!) can be misled by such a report.
Keep in mind: when you read a report about an astronomical settlement, read the fine print. Things aren't always as they seem.
If you have any questions or want more information, I welcome your phone call on my toll-free cell at 866-889-6882.
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John H. Fisher
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John H. Fisher
130 North Front Street
Kingston, New York 12402-3058
Phone: 518.265.9131
Fax: 845-331-2004
Toll Free: 866.889.6882
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- Personal Injury Attorney In New York Is Motivated By The Difference His Case Results Make In Peoples Lives
- How To Know Which Law Firm Is Right For You According To Medical Malpractice Attorney In New York
- Knowing You Are The Victim Of Medical Malpractice Can Be Tricky According To New York Attorney
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