by Structured Settlement Watchdog
The awarded a structured settlement vortex is almost as viral as the "Plantiff" virus. But the former is a fundamental conceptual flaw while the latter is a
careless funny typo.
What is astounding is the volume of people, that should be in the know, that are sucked into making the case for something that is not.
A Head Rattling Baker's Dozen of Awarded a Settlement "Boo Boos"
- Atlanta Journal Constitution has it really twisted with a title that says Georgia rape victim speaks about $1B Verdict and then in the same article says "a rape victim was awarded a $1 billion settlement verdict" May 23, 2018. A settlement verdict?
- NBC News 26 " Florida Man Awarded a Settlement After Police Mistake Doughnut Glaze for Meth October 15, 2017
- Forbes' Tony Nitti takes two steps forward and three steps back with "In general, if you sue somebody and either win the suit or negotiate a settlement, your award is fully taxable under Section 61" May 3, 2016
- Chegg Study " You have been awarded a settlement of $12,000 per year for the next six years.. The fair rate is 9%. I offer to pay you $52000 for it now. Should you sell it?" From A company that provides textbook solutions whose tag line is study smarter not harder.
- Los Angeles personal injury law firm describing how the settlement process works in a personal injury case " When you are awarded a settlement in a personal injury case..." April 23, 2016 still posted on firm's website
- Settlement Planner "A Special Needs Trust may allow a disabled individual who has been awarded a settlement" January 24, 2017
- Same Settlement Planner " For example, if you are awarded a settlement of $350,000, but place it in a structured settlement annuity..." January 26, 2017
- DRB Capital LLC factoring Company " When the claimant is found to have proved their case, they are typically awarded a settlement in cash terms"
- DRB Capital LLC has itself really twisted up here "If you’ve won a structured settlement in a lawsuit against an insurance company, then there are a lot of things that the courts will allow you to do with that money... But in many cases, the money you’re getting from the judgment is more than the amount you need to pay those bills, which means you can use it for other things by getting structured settlement funding" [ Jim, Jason kindly get with the program please. It's on the Pig Crack page]
- Elder law Firm New York "When an individual is awarded a settlement in a medical malpractice or personal injury suit, it is typically for more than just the medical expenses" May 11, 2018
- Tracy CA personal injury law firm " If you have been awarded a settlement after a personal injury cases (sic), you may wonder if you are facing a large tax bill" . The firm published the June 2017 blog in answer to the question are Jury Awards and Settlements Taxable? Question counselors: Do juries award settlements or do they approve settlements?
- Seneca One factoring company in its website "knowledge base" says " When a court decides that a death of a family member was due to a negligent or wrongful act of another individual, the beneficiaries can be awarded a structured settlement on the deceased’s behalf".
- Robin Roberts of Brightpath Financial Corp., misstates as fact "Fact 2: Structured Settlements offer value with restrictions. You have won payments for damages and have been awarded a structured settlement". No you haven't. [ Note: The Baker's Dozen of Settlement Boo Boos were all retrieved and compiled August 18-19, 2018]
Due to the very low bar the structured settlement factoring industry sets itself, such lack of fluency on the fundamentals is unfortunately to be expected (but not tolerated). But, how can a law firm not articulate the difference between a settlement and an award? How can a settlement planner not articulate the difference between a settlement and an award?
The Eley Law Firm of Denver Colorado does an outstanding job of explaining the difference between a settlement and a workers compensation award. They say:
"A settlement is an agreement reached among the parties to a workers' compensation claim. This includes you, your employer and the workers' compensation insurer (unless your employer is self-insured). This is a type of contract, and it may bar you from seeking further compensation for your injury.