Whether you are in the process of settling a personal injury lawsuit or you were just awarded a structured settlement, learning how structured settlements work can be a little confusing, especially as you’re just beginning to understand the process. The following structured settlement examples can help to illustrate in more detail how hypothetical cases and settlement awards could be scheduled. Keep in mind that for the purpose of explaining structured settlements, these structured settlement examples are just fictional scenarios with fictitious people, and the specifics of your own structured settlement may vary widely.
Ken Johnson was driving with his beloved wife, Jen, when a drunk driver hit their vehicle at a high speed. While Ken miraculously remained unharmed, Jen tragically lost her life upon impact. Because it was the drunk driver’s negligent actions that caused the death of Ken’s wife, Ken’s attorneys sought monetary compensation in the form of a wrongful death lawsuit. Ken was awarded $3 million, but instead of receiving that money all at once, it was in the form of a structured settlement.
For the next 10 years, Ken receives $25,000 a month until the full settlement of $3,000,000 is paid out in full.
Sarah Swanson was receiving medical treatment for a serious kidney condition and her doctor ultimately determined that her unhealthy kidney needed to be surgically removed. The surgeon, however, mistakenly removed the wrong kidney, leaving Sarah in critical condition and forced to receive extensive dialysis until she received a kidney transplant from a donor. This severe medical mistake resulted in a medical malpractice lawsuit, and Sarah was awarded $2.5 million.
Sarah’s $2.5 million award was distributed in the form of a structured settlement. Over the next 20 years, Sarah will receive a little over $10,000 monthly until her full settlement award is paid out.
Jordan Jackson was driving to work when another driver, distracted and on her cell phone, collided head-on with Jordan’s vehicle. As a result of the other driver’s negligence, Jordan was severely injured. After multiple surgeries and sky-high medical bills, Jordan still had a long road of recovery ahead and was unable to work. It was also determined that he would never have full use of his legs after the tragic accident. Ultimately, Jordan was awarded a $2 million settlement in the form of a structured settlement.
Over the next 20 years, Jordan received his structured settlement payments in the form of approximately $33,333 every quarter until his $2 million settlement was paid in full.
Amanda Benson was grocery shopping one morning when she failed to notice a spilled jug of water on the floor. The grocery store staff was alerted of the spill but still hadn’t gotten around to cleaning it up. Because of their negligence and failure to take care of the wet floor, it posed a serious hazard to customers, including Amanda. Unfortunately, Amanda tripped and fell in the puddle, and fractured her hip as a result. After several treatments, Amanda still doesn’t have full mobility and still suffers from severe pain. Her life was forever changed as a result of that slip and fall incident. After a lengthy legal battle, Amanda was awarded a one-million-dollar settlement in the form of a structured settlement.
Amanda received annual payments of $100,000 for the next 10 years until her one-million-dollar settlement was paid out completely.
Morgan Anderson was excited about his new car purchase. He was a safe driver and always abided by the rules of the road. In fact, it was the car’s safety features that appealed to him most when he made his vehicle selection. Everything was fine for a few years, but what he didn’t realize was that his car was defective. Specifically, the airbags were not properly installed, and one of them suddenly deployed when he braked hard at a stop sign. Because it was so unexpected, Morgan was injured as a result. He wasn’t the only victim, either: other drivers of this same make and model vehicle sustained the same type of injuries. The vehicle was eventually recalled, but by then, it was too late for many and they sustained painful and severe injuries. Morgan was awarded $500,00 in a product liability lawsuit as a result, which was awarded in the form of a structured settlement.
Over the next 10 years, Morgan received annual payments of $50,000.
Do you have questions about the structured settlement examples outlined above? Do you have a similar case or lawsuit, and would like more information about selling structured settlement payments for a lump sum of cash? Contact us today by giving us a call at 877-894-4541. It is important to note that for DRB Capital to offer to purchase some or all of your future settlement payments for a lump sum of cash, your case must be completely settled and you must be receiving payments from the settlement already.