Payment of damages following a successful Buffalo personal injury lawsuit is controlled by New York State law. While an injured person who wins a case at trial will receive at least a portion of his or her damages shortly after the verdict, when there is a large verdict part of the payments may be split up over time.
An injured person who wins at trial is entitled to payment of all past damages, attorney’s fees, and other expenses associated with the case in a single payment. This payment will usually be received shortly after the completion of the trial. In cases where the jury has awarded future damages but they total less than $250,000, future damages also are included in this lump sum payment.
When future damages exceed $250,000, however, the injured person only receives the first $250,000 as part of the initial payment. The remainder is paid off over time. The jury will set the number of years of future damages being awarded, and all damages must be paid off during that time period. In determining the exact amount of periodic payments, there is a formula applied that attempts to account for inflation and the fact that the injured person could have invested the remaining money if it had been received in one lump sum.
If a case is settled by the personal injury lawyer without going to trial, whether the payments will be made all at once or over time may be part of negotiation of the settlement. In all but cases involving very high damages, it usually is possible to negotiate a settlement where all damages are paid in one payment.
If you have suffered a personal injury and need an experienced lawyer, we can help you. Call us at 716-631-9999.
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