The average mesothelioma settlement ranges from $1 million to $5 million, while trial verdicts range from $5 million to $11.4 million. The ultimate goal for patients and their families is to collect financial compensation from companies that have caused insurmountable pain and suffering.

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 immediateaccess 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.

How Are Settlement Amounts Determined?

One of the leading factors for determining a settlement award is the patient’s ability for gainful employment. In many cases, mesothelioma patients can’t work or earn money because they are focused on treatment. Other factors taken into consideration include:

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 is the Settlement Process?

A mesothelioma settlement is a legally binding financial agreement that provides funds to injured asbestos victims from negligent companies. The initial stages of litigation follow this pattern:

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.

Factors Affecting Settlement Amounts

As a starting point for determining a settlement, attorneys on both sides consider several factors:

Why Companies Agree to Settle?

Many, if not most, companies that used asbestos would rather settle asbestos lawsuits out of court. Some of the reasons include:

Settle or Go to Trial

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:

Are Mesothelioma Settlements Taxable

Like so many other IRS rules, the rules regarding settlements are somewhat complicated. The IRS usually does not tax compensation from personal injury cases, so mesothelioma settlements are not subject to federal or state taxes. However, other types of payouts associated with settlements, like compensation for lost wages or punitive damages, may be subject to taxation.

Attorneys skilled in mesothelioma litigation help asbestos victims and their families understand the complicated process of settlements and taxes. Contact us today for more information.

Notable mesothelioma settlements for asbestos exposure victims

Notable mesothelioma trial verdicts for asbestos exposure victims

Speak With a Financial Navigator

If you are unsure how to proceed through the settlement process or need more information, speak to a patient advocate today. These patient advocates are available to help you understand your options and guide you through the process. The last thing you should be worrying about after a cancer diagnosis is the legal hoops in front of you. Speak with someone today!

What is a mesothelioma settlement?

What is a mesothelioma trial verdict?

What are the differences between asbestos settlements and trial verdicts?

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