Class action agreements are not divided equally. Some plaintiffs will receive a larger percentage, while others will receive smaller settlements. Any successful lawsuit will entail expenses that must be paid with the final amount of the settlement. This includes the costs associated with filing the lawsuit, as well as the various expenses incurred by the investigation of the case by your legal team. This can range from the cost of making photocopies of medical records and police reports to creating a video animation that helps jurors understand what really happened.
Reaching a successful settlement agreement isn't necessarily the end of the road. You don't leave the negotiating table with a check in your hand and take it to the bank. The insurance company will send a check for the amount of the settlement to your attorney. They will deposit the check and pay the appropriate parties before you receive your money. When necessary, I have significantly reduced my fees to ensure that the injured person takes home more money than my company.
Under the laws that regulate these lawsuits, the presiding judge cannot approve the settlement until he is convinced that each plaintiff is being treated fairly. This is money intended to compensate an injured person for their financial losses, tangible ones, such as medical bills, and intangible losses, such as pain and suffering. In cases involving patterns of deliberate negligence, the settlement may include punitive damages aimed at making negligence costly for businesses and influencing their future behavior and practices. Settlements or court awards for injuries or illnesses are not taxable as long as the plaintiff does not deduct related medical expenses on their tax returns.
I believe that South Carolina personal injury attorneys have a responsibility, right from the start of the case, to explain how the settlement money will be distributed. The time it takes for a plaintiff to receive payment after a pre-trial settlement may vary, but in some cases funds may be available as soon as thirty days after the settlement is reached. In short, while unfortunately, people must pay attorneys for justice to be done in many cases, and while garnishments can detract from their net recovery, without a personal injury attorney and a South Carolina health insurer, you may never receive medical treatment or compensation for your injury. Once the case is resolved by a judgment or agreement, official liability for the accident is determined and the insurance company that covered your medical expenses has the legal right to receive reimbursement.
Between the time an injury occurs and the time a settlement or award is reached, many things can happen that determine what parts of the final financial agreement will go to. Settlements and verdicts in personal injury cases do not fall within the scope of what is considered gross income. Lawyers usually cover the cost of litigation and don't charge any legal fees until they win the case and collect the settlement.