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How Much Will My Mesothelioma Lawsuit Settlement Amount Be? Mesothelioma patients are seeking compensation for medical expenses and to provide financial security for themselves and their families. Once victims and their lawyers find asbestos-related companies that are responsible and file a lawsuit, they file and wait for an answer. Many defendants settle in order to avoid a costly trial and get the funds into the hands of the victim quicker. The amount they settle for can vary from case to case. Factors that Influence the Settlement Amount Asbestos sufferers typically face significant medical costs, lost wages and other financial losses as a result of their exposure to asbestos. A jury may give compensatory damages that reflect the actual economic loss suffered by the plaintiff. Some historic cases have resulted in compensation in the tens of millions of dollars. No lawyer with experience can guarantee a specific settlement amount for clients. There are far too many variables at play. An experienced attorney can identify asbestos-related companies that are liable and file the proper paperwork to initiate an asbestos lawsuit. After the complaint is filed the legal timeline starts, with strict deadlines to be adhered to by all parties involved in the case. If the defendant is found to be liable, the company will typically resolve the matter outside of court prior to trial. They want to settle their claims quickly to avoid negative publicity and a lengthy trial. In addition, they may desire to avoid the cost of litigation. Settlements will pay compensation for unreimbursed expenses, including medical expenses. It could also cover living costs such as transportation or home health aids. The settlement will also pay for lost wages, including those already lost by the victim as well as those that are expected to disappear in the near future. In addition to these expenses, victims also receive damages for suffering, pain and emotional distress. These damages consider the physical psychological, emotional and physical effects of asbestos-related diseases. They also include the loss of enjoyment from life. In calculating the damages, a reputable mesothelioma law firm will draw upon its knowledge of asbestos-related companies and their historical business practices to present a convincing argument for the amount of compensation a victim deserves. Asbestos lawyers can prepare to present the plaintiff's case before a jury or judge. In states with joint and multiple liability juries will determine the total value of a case and the percentage of responsibility for the plaintiff's losses each defendant is responsible for. In addition, jurors will take into consideration punitive damages, which are intended to punish the defendant for their incompetence and wrongdoing. In some cases the jury could decide to award tens of millions of dollars in punitive damages. Punitive Damages A jury may award punitive damage if an asbestos victim can show that a company has committed corporate malice, or a blatant act of misconduct. They are intended to punish the defendant and deter others from engaging in similar conduct. The amount of these damages depends on several factors. The size of the business and its past performance can also impact the amount of punitive damages. The punitive damages given to larger corporations tend to be greater than those awarded to smaller companies. While the amount of a settlement dependent on the particulars of each case, a few general factors can assist victims and their attorneys determine the best compensation possible. These include the following: During the investigation phase, which occurs prior to filing an asbestos lawsuit, your legal team will gather evidence regarding the exposure you suffered and identify all liable parties. This may include a thorough examination of your medical records, employment background and the possible places you were exposed to asbestos. In most cases, the legal team will determine numerous sources of asbestos exposure. Once the investigation is concluded the legal team will file your lawsuit in the state court system that is the most appropriate for your case. The asbestos litigation process is lengthy, particularly if you need to appeal or go to trial. In certain cases, your legal team will agree to a settlement with asbestos and resolve the issue earlier in the litigation process. In recent years, juries awarded large sums of money in mesothelioma cases and other asbestos-related cases. This has led asbestos companies to request an intervention from the courts. They argue that asbestos litigation creates a fearful environment for businesses. Despite the arguments of certain asbestos lawyers, judges have rejected many attempts to curb asbestos litigation. However, judges in New York and California have recently given asbestos defendants a boost by striking punitive damages claims that were unsupported. The first step in pursuing an asbestos settlement is to speak with a mesothelioma law firm that is specialized in these kinds of cases. A reputable law firm will provide a free consultation and address any questions you have regarding the amount you could receive as a settlement for asbestos. Compensatory Damages The monetary value of compensatory damages could be a significant factor in the amount of an asbestos settlement. Victims and their families can seek compensation for suffering and pain, medical expenses, lost wages and more. They can also seek compensation for wrongful death for family members who have died due to exposure to asbestos. A mesothelioma lawyer can decide how to negotiate with defendants for an agreement. The process begins by obtaining evidence of exposure to asbestos, like medical and work records, and assembling an inventory of products that the patient was exposed to. The attorneys initiate the lawsuit and conduct discovery. In mesothelioma lawsuits, defendants are usually willing to settle in fear of a high verdict or negative publicity when the case goes to trial. This is particularly true when a mesothelioma defendant is a large company. It is important to note that different states require the plaintiff to prove a certain amount negligence or wrongdoing by the defendant before they can be awarded compensation. If the evidence is strong enough, a mesothelioma lawyer can negotiate with defendants to obtain the highest amount of compensation for their client. A mesothelioma lawyer who is experienced will take into account the severity of the victim's condition as well as their financial losses and the likelihood that they will not recover from the disease. It can be difficult to prove mesothelioma exposure as it occurs through inhalation and is not always obvious. In addition, it can be up to 50 years before asbestos exposure causes mesothelioma symptoms. Mesothelioma is a rare form of cancer and is caused only by asbestos exposure, so it is essential to have an experienced asbestos attorney on your side. Depending on the circumstances, some or all of a mesothelioma lawsuit could be tax-free. This is due to the fact that the IRS typically taxes income only when it directly correlates with death or injury. A mesothelioma lawyer with experience will carefully craft a case to ensure that the maximum amount of an award is not tax-deductible and includes compensation for emotional distress and the loss of companionship. Case Valuation Matrix Asbestos sufferers should consult an attorney with experience in mesothelioma cases to determine how much their case is worth. Attorneys can also help asbestos victims file claims within the statute of limitations. Waiting too long could mean that victims lose out on any compensation. Asbestos lawyers understand the complicated legal procedure of filing an asbestos lawsuit and negotiating an agreement. Wilmington asbestos lawyers can give their opinions regarding whether or not it is in the victim's interest to accept an asbestos settlement offer. They can also help decide whether to go to trial and assist asbestos victims with gathering evidence to prove their legal rights. Lawyers for mesothelioma patients typically request a sum that will cover the cost of medical treatment for the victim and provide financial security for their families. They will consider a victim's age, diagnosis and other factors when requesting compensation. In general, mesothelioma patients get a payout ranging from $1 million and $1.4 million. Victims can also receive punitive damages along with compensatory damages. These damages are intended to penalize defendants who put profits ahead of the security of employees and military personnel. The amount of punitive damages awarded varies according to the specific case. The majority of asbestos lawsuits name multiple defendants. It is common for a single claim to name several asbestos producers. In many instances, each manufacturer that is responsible for the exposure of a victim will contribute to the settlement amount. The more companies named, the more the potential settlement payout for a victim.