The case may not even have to go to trial if a settlement can be reached between the plaintiff and defendant. Settlement negotiations may begin as soon as a claim is filed against the defendant. If the defendant has lost cases in the past, they may want to quickly settle without going through the case process again.
But settling early may not provide ample compensation to cover the costs incurred. The defendant will first present a low amount in comparison to future offers, so it may be advantageous to hold out for another offer.
Offering to settle usually occurs when the defendant fears they cannot win the case. Such apprehension may be induced by the following:
How much can you expect to receive in a settlement situation?
This varies depending on the case. There have been a number of very high settlements, as well as moderate and private settlements. Some of the highest settlements have been several million dollars.
Of course, not all asbestos-related lawsuits end in settlements quite this high. In all likelihood, settlement will coincide with the cost of your medical expenses, lost wages, and other costs incurred fighting asbestos-related illness. However, a multi-million dollar settlement is not out of the question.
Keep in mind that with any settlement, you will have to pay your asbestos attorney a percentage of the money received. This percentage may be different if you negotiate a settlement rather than win in court. When determining the minimum acceptable amount of a settlement, make sure to account for these issues.
Plaintiffs are likely to receive compensation in increments, not all at once, especially if the settlement was quite large. Remember, you can also pay an investment company to award settlement money right away. They will take a cut, but you will have a lump sum to help pay for medical bills. Often, clients prefer the money right away because of a shortened life expectancy.
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