Every year, scores of asbestos companies settle lawsuits with asbestos-cancer patients because the companies want to avoid the bad publicity that comes with a public trial. A mesothelioma settlement means victims get immediate access to compensation for their injuries. The settlement can be used to pay for medical and household expenses and provides long-term financial stability for the victim and family members.
A mesothelioma settlement is a sum of money that has been accepted by both parties (victims and the at-fault companies) in place of a trial. Settlement amounts vary depending on individual case circumstances. The average settlement could be worth millions of dollars.
More than 80% of all lawsuits end in a settlement and asbestos cases are no different. In some cases, however, mesothelioma victims and their families may opt for going to trial. There are distinct differences between a mesothelioma settlement and an asbestos-cancer trial verdict:
What is a mesothelioma settlement?
- Defined as a private agreement between two parties that provides financial compensation to the injured plaintiffs.
- Typically occurs before or shortly after a trial begins, eliminating the need for time-consuming legal proceedings.
- The final decision about accepting (or rejecting) a settlement is decided by the mesothelioma patient (or surviving family members).
- Settlements are considered a contract between the at-fault company and the injured party. Due to the legally binding agreement, the at-fault company is required to pay the settlement amount.
- Many asbestos companies start settlement negotiations with a low offer. Skilled asbestos attorneys negotiate better settlement deals for victims and their families.
What is a mesothelioma trial verdict?
- When both parties cannot reach an agreement about the financial settlement, a trial could occur.
- In a trial, both parties argue their cases to a judge or a jury. The legally binding decision will determine if a company is responsible for the victim’s injuries.
- If a company is found liable, the judge or jury may award the victim the following: compensatory damages (for lost wages, medical treatments, pain and suffering and loss of consortium) and punitive damages (financial compensation awarded based on negligence and the at-fault company’s willful disregard for safety).
- Mesothelioma victims who are ill may be able to avoid attending the proceedings.
- Trial verdicts typically award higher sums over settlements. However, if the judge or jury decides in favor of the company, the injured victim receives no compensation.
What are the differences between settlements and trial verdicts?
- Settlements, on average, take a shorter amount of time than trials, which can be particularly important for patients needing funds for medical treatment or living expenses.
- Settlements offer a guarantee of compensation, while the results of a jury trial may depend on several factors.
- Trials may offer more lucrative financial compensation for mesothelioma patients with solid evidence of exposure and disease.
A mesothelioma settlement is a legally binding financial agreement that provides funds to injured asbestos victims from at-fault companies.
After a mesothelioma lawsuit is filed, the courts generally fast-track the litigation because patients have urgent medical and financial needs. After the initial stages of the litigation, including discovery and depositions, attorneys from both sides discuss possible settlement terms.
As a starting point for determining a settlement, attorneys on both sides consider several factors:
- Asbestos-disease diagnosis – Patients who are diagnosed with mesothelioma are given more consideration regarding settlement amounts due to the severity of the disease and the long-term impact on the patient’s life and family.
- Treatment costs and medical expenses – Since mesothelioma cancer is such an aggressive illness, most patients must undergo costly treatments that may not be covered by insurance. Attorneys consider treatment costs during settlement negotiations to ensure patients have enough money to pay medical bills.
- Place and duration of asbestos exposure – Dozens of companies ignored warnings from experts about the dangers of asbestos and instead put thousands of workers and their families at risk for exposure. Since the widespread corporate deceit has been uncovered, victims may be eligible for larger settlements.
- Lost income and increased debt – Since mesothelioma treatment can be demanding and strenuous, many patients take sick or unpaid leave from their jobs, which may ultimately end in lost wages that can have a trickle-down effect on household finances. Lost wages and potential lost income are taken into account during settlement negotiations to ensure victims and their families have needed funds.
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In addition to the various factors that contribute to a settlement, the final amount also depends on the amount in the trust. Overall, however, the average mesothelioma compensation amounts can be in the millions of dollars.
In addition to the starting points for settlement negotiations, other factors impact settlement amounts. Since every settlement negotiation is different, some elements may be more relevant than others.
What factors are considered when determining an average mesothelioma settlement amount?
- Work history – Victims must have a history with the company in question or its products. The victim’s work history must be documented (via paycheck stubs or income tax information) and/or corroborated by witnesses (former coworkers.
- State where the case was filed – Each state has distinct rules regarding product liability, negligence and wrongdoing and different requirements for evidence.
- Evidence of negligence – During pre-trial discovery and depositions, the plaintiff’s attorney typically uncovers proof of the defendant company’s negligence. In many cases, companies knew about the dangers of asbestos exposure but chose to hide the information from employees. Many companies decide to settle lawsuits instead of making these facts known to the public.
- Evidence of disease – Mesothelioma patients must undergo a series of medical tests before a diagnosis. Physicians document the test results to provide evidence of the disease.
- Case value matrix – At-fault companies assign a financial valuation to mesothelioma cases as a baseline for compensation. The valuation is adjusted for extenuating factors such as the number of dependents and level of injuries.
- Number of companies involved in lawsuit – Mesothelioma sufferers who file legal claims against several asbestos companies may be able to collect settlements from each.
- Companies involved in the settlement – Asbestos-cancer patients often file claims against several companies involved in asbestos poisoning.
In most cases, negligent companies are eager to reach an agreement that provides an ample financial settlement. But when a settlement amount is lower than expected, mesothelioma victims must decide if they want to pursue a trial. When faced with this decision, consider the following:
- A settlement provides a guaranteed sum that can be used for any expenses.
- A settlement is legally binding, so companies are obligated to pay.
- Trials can be time-consuming, expensive and emotionally draining.
- If a trial outcome finds in favor of the company, victims will not receive any compensation.
- If the trial finds in favor of the victim, the company can appeal the verdict, which can take months or years. During this time, victims will not receive any financial compensation.
What are some recent notable settlements for asbestos exposure victims?
- July 2018: The widow of a former auto mechanic who died as a result of asbestos exposure accepted a financial agreement in a case against multiple defendants, including General Electric, Honeywell International and ABP Induction. Terms of the settlement were not disclosed.
- December 2018: More than 2,000 Texas chemical workers and their families were awarded an additional $140 million settlement to resolve asbestos exposure claims.
- January 2017: A judge approved a $23 million settlement for 1,087 people exposed to asbestos at the W.R. Grace & Co. vermiculite mine in Libby, Montana.
What are the most recent and notable trial verdicts for Mesothelioma victims?
- June 2019: A Florida man and his wife were awarded $70 million after he was exposed to asbestos during his work using biopharmaceutical equipment.
- May 2019: A U.S. District Court in North Carolina upheld a nearly $33 million jury award to the widow of a man who died from asbestos cancer. The case was initially tried in 2018 and appealed to district court.
- February 2019: An Arkansas federal jury handed down an $18.5 million verdict to the family of a man who was exposed to asbestos while employed as a mechanic in the 1970s. The man was diagnosed in 2001 and died in 2012. In the initial trial, the jury found against Honeywell, and the company appealed the case to federal court. After seven years, the company was ultimately found responsible.
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