personal injury settlement
personal injury settlement
Product Liability and personal injury Settlements
personal injury claims arise because injuries were caused by another entity’s negligent action(s). Although one common example that many people use when describing a personal injury is when an inattentive driver causes a car accident which results in someone else’s injury, that’s just the tip of the iceberg. There are many more injuries where personal injury law may be relevant.
Another huge area of personal injury law is product liability. Product liability which focuses on dangerous and/or defective products. It applies to companies that have manufactured and sold products that are not safe to unwary consumers. In some cases they were negligent in doing their due diligence, while in other cases, unconscionably, it was done knowingly – with malice of forethought.
Unfortunately you can find defective products in an all too wide range of categories. There are potentially dangerous products in virtually every area you can think of. For example, many lawsuits have been filed by people who were injured by defective household appliances, toys, recreational equipment, drugs and medicine (both prescription as well as non-prescription), medical devices, firearms, tobacco, food, toxic substances and chemicals (for example mold, asbestos, and pesticides), cars, trucks, motorcycles, airbags, child car seats, seat belts, tires, clothing and other apparel. The list goes on and on.
personal injury claims may also arise when someone suffers an injury that resulted from someone else’s actions. For example, it could be a sprain or a broken ankle due to slipping on an improperly attended sidewalk or floor, or whiplash that was caused by an automobile accident.
Or it could be from being abused at an institution such as a nursing home, your place of work, or a school.
One of the ancillary benefits of filing and winning a product liability lawsuit is that, in addition to receiving a financial settlement, you may be instrumental in removing the product from the market. Therefore your lawsuit and personal injury settlement may be the reason why even more people are not subject to the pain, suffering and damage that it could cause.
As far as compensation is concerned, a significant personal injury settlement is often awarded by the court for personal injury claims cases that relate to clinical negligence. Doctors and hospitals, in particular must perform to pre-agreed standards established by their peers.
If you believe that a product, an individual, or an institution caused you personal injury then you may want to consult with an attorney to see if you may be entitled to a personal injury settlement.
About the Author
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Do you have to pay taxes on Personal Injury Mental Anguish settlement money?
I am going to be receiving settlement money from a Personal Injury Mental Anguish Claim. I live in Texas. Is this taxable?
Based on the recent conflicting responses: a few more details: This is a suit made for mental damages due to sexual assault. The case is purely mental anguish/suffering. There is not a physical component.
Settlements for physical injury or illness are not taxable. A claim purely for mental anguish does NOT meet the physical injury or illness test and would therefore be taxable. However if the mental anguish portion is stated separately but was based upon a physical injury or illness, the courts have held that it is not taxable and is merely part of the physical injury payout.
Edit: Rape entails a physical injury component even if minimal compared to the mental anguish. I would argue that it would be a settlement for physical injury, not purely mental anguish. If you are in a position to negotiate a settlement on such a matter, I’d strongly suggest that your attorney insist on it being worded for the physical injury resulting from the attack. At that point the mental anguish component is ancillary to the physical injury component and is therefore not taxable. Also, avoid any punitive damage component if at all possible since punitive damages are fully taxable. A smart attorney would fold any “punitive” component into the basic physical injury award to avoid taxation on it.
$15.5 million settlement