Average Product Liability Settlement – Lawsuit Case Value
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Factors Used In Determining the Value of A Product Liability Case:
Level of Harm – Injuries Suffered
Perhaps the most important factor in establishing the potential value of your case. There are numerous types of injuries which can be caused by a defective product including severe burns, facial injuries, and brain injury. Injuries can also come way of long term medical complications including cancer, stroke, and heart attacks via the use of defective drugs and medication. Past and future medical costs including hospitalization and rehabilitation expenses will be presented as evidence during settlement negotiations and jury trials. It is important to compile all medical records including hospitalization cost so as to strengthen your case.Lost Wages and Loss of Future Income
Victims of serious injuries resulting in lost wages and salaries are entitled to financial recovery. Pay stubs and past taxes will be used to determine the amount of work time lost. In certain cases injured parties are not able to return to the same line of work due to long term injuries and permanent disabilities. Under these circumstances vocation experts will be used as expert witnesses to determine the future loss or reduction of wages.Pain and Suffering
Generally there are two way juries come up with awards for pain and suffering. (1) Per Diem (2) Elimination of Pain Value.- Per Diem: Under a per diem system a jury places a monetarily recoverable amount on every day a person has suffered and multiplies that amount on the number of days a person is expected to suffer from his ailments
- Elimination of Pain: The other system used by juries is how much a plaintiff would pay to eliminate the pain he is suffering.
Punitive Damages
Punitive damage awards are usually more prevalent in product liability claims than other personal injury causes of action. Punitive damages are available when a manufacturer of a product either knew or should have known of the dangers associated with a products use but decided to sell and distribute it to the consumer. Further Information: Defective Medical Device LawsuitsLike This Article? Get Monthly Updates FREE!
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