Famous Structured Settlement Cases
When you win your personal injury case and receive a large settlement, you might have the option of receiving a structured settlement. The settlement would allow you to receive your compensation in payments over a period of time. Here are a couple of famous cases that ended with recipients agreeing to a structured settlement.
Merck Sharp and Dohme, the manufacturer of Vioxx, agreed to pay $628.3 million to claimants after it was found that the company had made false claims about the safety of the drug. The company also allegedly violated the Food, Drug and Cosmetic Act by selling the drug when it had not yet received approval from the United States Food and Drug Administration. The company had received warnings from the government agency prior to the settlement agreement.
When Congressman Jim Langevin from Rhode Island was 16 years old, he participated in a police cadet program. While in the police locker room one day, he was accidentally shot by a police officer. The shot left him paralyzed. His case served as the framework for structured settlements.
Senator Max Baucus worked with legal experts to help create a structured settlement for Langevin’s compensation received from the accident. As a result, Congressman Langevin credits the work of the senator with helping to ensure that he and his family had the opportunity to cover his medical bills and financial future without worry. He is now a strong advocate for structured settlements and feels that without the benefit of the settlements, he might not have the life he does now.
For some, receiving a lump sum payment after a personal injury case is won is not the best option. If you are concerned about managing your settlement properly, talk to your personal injury attorney. He or she can help you explore your settlement options including a structured settlement.